Regulatory reform

Critics say the regulation issued by the Office of the Comptroller Currency is a gift to predatory lenders. But the trade organizations warned lawmakers that invalidating it will make it difficult for the agency to create an improved framework in the future.

Organizations representing banks and other financial services firms said implementing the Office of the Comptroller of the Currency's overhaul of the Community Reinvestment Act could be wasteful as regulators discuss a new interagency plan to modernize the law.

The state's Department of Financial and Professional Regulation will reduce assessments by 61% this year because of overpayments in 2020, helping state-chartered credit unions deal with economic fallout from the pandemic.

Three months into President Biden’s term, the White House has yet to select a nominee to run the Office of the Comptroller of the Currency or pick an acting chief. That inaction will make it more difficult for Democrats to unwind Trump-era policies, critics say.

Rep. Andy Barr, R-Ky., has introduced legislation to make it easier for new community banks to open in areas that are underserved by the banking system.

As Fincen implements an anti-money-laundering law requiring businesses to add their beneficial owners to a new database, bankers worry they'll still be on the hook to provide that information on behalf of customers for some time.

The agency first sought feedback in February 2020 on how it could update its logo, but the process was suspended two months later amid the COVID-19 pandemic.

The Department of Justice in the Trump administration hatched a plan to consider reforming its bank-merger review process, raising industry hopes about overhauling the outdated regime. But progressives want the agency to give more thought to the harm bank combinations cause consumers, including further branch closings.

Regulators are likely to scrap the Office of the Comptroller of the Currency’s divisive rule and instead pursue an interagency framework. But stakeholders commenting on a Federal Reserve draft plan say several aspects of the OCC regulation are worth keeping.

The agency announced it was rescinding seven policy statements issued last year meant to help companies combat fallout from COVID-19 but that the bureau's current chief said came at the expense of consumers.