Regulation

Having a single set of generally accepted c​ybersecurity incident rules would reduce costs to banks, but software industry leaders say this would serve their interests, too.

Rep. Nydia Velazquez, D-N.Y., the House Small Business Committee's ranking Democrat, said she'd like to see the Small Business Administration delay opening its flagship loan guarantee program to more nondepository lenders until it sorted out growing concerns about Paycheck Protection Program fraud.

Credit unions' provision for loan and lease losses rose by 337% in 2022. Industry observers cite forecasted economic weakness and current expected credit loss implementation as the primary reasons.

Properly executed, the new anti-money-laundering program has the potential to cripple laundering networks by altering the landscape for financial services professionals.

The National Credit Union Administration unanimously approved modifications to its 2020 rule that raise maturity ceilings on offerings and simplifies redundant language.

Advocacy groups want the Federal Deposit Insurance Corp. to downgrade the Community Reinvestment Act rating of FinWise Bank, which partners with nonbanks to offer high-cost consumer loans. The FDIC downgraded the rating of a second Utah-based bank following a similar campaign by consumer organizations.

The Philadelphia bank's new CEO says a planned infusion would let it update its branch footprint, technology and other resources as part of a turnaround.

The agency's blueprint calls for giving lenders added underwriting flexibility, as well as upping the number of for-profit nondepository small-business lending companies, which has been capped at 14 since the early 1980s

Fifty congressional Democrats urged regulators to propose "strong" climate disclosure regulations in finalized rules that are expected to be released in the coming weeks.

The small businesses said in a lawsuit that the bank used "misleading marketing and business practices" to rake in processing fees from oversized Paycheck Protection Program loans. A bank spokesperson placed responsibility on PPP borrowers for the representations they made in loan applications.