While the banking industry has applauded regulators’ effort, community groups say the proposal needs to be reworked or it will hurt those the law was meant to help.

The lawmakers sent a letter to the comptroller of the currency requesting his appearance before the Senate Banking Committee after he was unable to attend a hearing last week.

An appeals court on Thursday denied bank groups an en banc hearing from all 11 appellate judges, but bankers said Friday that they're considering taking the case to the Supreme Court.

The plan would increase lending and transparency, the regulators say; the company says the rule unfairly lumps together digital wallets and prepaid cards.

Comptroller of the Currency Joseph Otting explains why his agency and the Federal Deposit Insurance Corp. have moved forward with a proposal to change the 42-year-old CRA.

The National Credit Union Administration board signed off on a controversial budget, and it delayed its risk-based capital rule to buy itself time amid complaints by bankers.

Regulators’ sweeping proposal to reform implementation of the Community Reinvestment Act has drawn strong opinions on both sides.

The regulatory action from the Federal Reserve was one of two U.S. Bank received for its dealings with a payday lender who was later convicted of fraud.

PayPal — which is rarely thought of as a prepaid card company — has filed a lawsuit against the CFPB over its rules on prepaid accounts, underscoring the rapid changes in digital financial services and PayPal’s own expanding financial services ambitions in recent years.

The proposal comes after years of criticism that the current policy stifles innovation and hamstrings banks' ability to raise funds.

PayPal — which is rarely thought of as a prepaid card company — has filed a lawsuit against the CFPB over its rules on prepaid accounts, underscoring the rapid changes in digital financial services and PayPal’s own expanding financial services ambitions in recent years.

The long-awaited proposal by the OCC and FDIC to modernize the Community Reinvestment Act would seek to make grading simpler and more transparent while allowing banks to spread loans and investments across a broader geographic area.

In a rare move, the House Financial Services Committee chairwoman will lead a congressional delegation to a public FDIC board meeting as it considers releasing a proposal to rework the Community Reinvestment Act.

The National Credit Union Administration is widely expected to approve another budget increase during its December board meeting, but that doesn’t mean the industry is happy about it.

The Fed chairman said he has not given up on the central bank agreeing with other regulatory agencies on a plan to modernize the Community Reinvestment Act, but admitted, "I don’t know whether that will be possible or not.”

The supervisory letter had required the company to get Fed approval before issuing debt, paying dividends or making quarterly payments on its trust-preferred securities.

Chairman Jelena McWilliams previewed a proposal to update the agency’s definition of brokered funds, but also suggested steps lawmakers could take to improve the rule’s underlying statute.

Banks are increasingly sharing data and must brace for new regulations protecting that data.

The Rakuten application has piqued interest in reviving legislation aimed at stopping commercial firms from owning banks. Yet Congress previously had the chance to enact such a measure and declined.

The startup Rho argues that small firms still have unmet needs, especially tracking cash flow in real time.