Regulatory reform

The banking industry could finally have answers soon on the degree of agreement between regulators reforming the Community Reinvestment Act, how they envision CRA zones of the future and other key matters.

The two Democratic senators said the bureau's policy could allow companies to circumvent consumer finance laws.

The meeting scheduled for Dec. 12 will also include discussion of a proposal on the agency's definition of brokered deposits.

Sen. Elizabeth Warren introduced a bill to require CFPB approval for certain bank merger applications in the wake of regulators' approval of a deal between BB&T and SunTrust.

Lawmakers blasted an apparent decision by the OCC and FDIC to move forward with a proposal to reform the Community Reinvestment Act without the support of the Fed.

Her comments signaled cooperation between the two agencies on a coming proposal to revamp the Community Reinvestment Act, but she raised questions about CRA assessment areas and developing a single compliance metric.

The agency said it plans to make its cost-benefit process “more structured” and incorporate “a number of analytical practices identified in standard references.”

The agency announced changes meant to reduce compliance costs and allow some institutions to provide estimates rather than disclose exact prices for international money transfers.

The Financial Crimes Enforcement Network and other regulatory agencies confirmed that the recent legalization of the substance eases banks' anti-money-laundering requirements.

The agency’s director previewed a policy for companies under enforcement action to have their orders terminated if they comply ahead of schedule.