Regulation

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.

The only way for Fincen to assure that banks have the tools to identify illicit shell companies is for the agency to verify the information in its new beneficial ownership database.

Amid the clamor over the agency's new beneficial ownership database, banks want FinCEN to withdraw the rule.

The Federal Deposit Insurance Corp. has lowered the Utah bank's CRA score to "needs to improve," putting other banks that work with high-rate lenders on notice. 

The House of Representatives approved a bill that would amend the Federal Credit Union Act to halve the number of board meetings many credit unions would have to conduct each year.