Law and regulation

Todd Harper, chairman of the National Credit Union Administration, said new assessments are likely needed because of an influx of deposits, but industry groups and other board members say the agency should wait to see if the reserve ratio recovers on its own.

The nod from the Federal Reserve is seen as a significant step toward eventually freeing the bank from a 2018 order that imposed a cap on its assets.

In a book that was decades in the making, retired law professor Art Wilmarth tells the story of the Glass-Steagall Act — its origins, demise and aftermath. He also makes a case for restoring the separation between banks and securities firms, arguing that erecting such a barrier would reduce systemic risk and weaken the big banks’ political power.

A plan to make expansion easier for credit unions is getting pushback not just from bankers, but also from the regulator's current chairman and a former board member.

The working group's final report is still forthcoming, but the trade association has already begun assembling a new team focused on the industry's digitization efforts in the wake of the pandemic.

The enforcement action, which concerned deficiencies in the auto lender’s compliance risk management program, was the last remaining regulatory matter Santander had to resolve.

Come away better prepared for what’s ahead after hearing Satish Kini and David Sewell of Debevoise & Plimpton and Darin Jarrett, Deputy BSA/AML Officer at American Express, in conversation with Bonnie McGeer, Executive Editor of American Banker, as they explore: •How the new administration might change the BSA/AML Act •Are there easy wins in relieving the burden of suspicious activity reports without undermining effectiveness? •New ways that companies are innovating within AML compliance and risk •What banks are doing to drive next-gen efficiency and effectiveness of risk and compliance

The rule, finalized in the waning days of the Trump administration and scheduled to take effect in April, would have punished banks for denying services to certain firms without documented reasons for doing so.

The companies pledged to share data with regulators, abide by certain restrictions on pricing and submit to regular examinations. But the voluntary pacts stop short of placing restrictions on existing revenue models.

A tax that banks successfully opposed throughout the Obama administration was endorsed by the president on the campaign trail and is supported by many prominent Democrats in Congress as a means of funding government spending.