Regulation

Banks have long lamented the lack of transparency surrounding the government's use of suspicious activity reports, which are submitted to Fincen and passed along to the department.

A recent mini-tender offer to shareholders in Truist Financial serves as a cautionary tale. "They're trolling around for investors that aren't paying attention," one lawyer said.

In a joint letter to the Consumer Financial Protection Bureau, three industry groups challenged the legal basis for a recent information request and accused the agency of unfairly disparaging the quality of customer service that banks provide.

On a combined basis, the GSEs performed better under this year's scenario than they did in 2021, but the Federal Housing Finance Agency said changes were still needed.

Trade groups submitted a wide range of complaints to regulators throughout the Community Reinvestment Act's comment period, including concerns about the revamp's timeline and how the proposal would evaluate online banking activity.

The Biden administration is poised to put its stamp on the banking regulatory landscape, but there are few slam-dunk solutions that will satisfy both the industry and a vocal Democratic base.

Robinhood Markets' cryptocurrency arm was fined $30 million by New York's financial regulator after the brokerage was accused of violating anti-money-laundering and cybersecurity rules.

The National Credit Union Administration voted to raise the asset threshold for credit unions falling under its Office of National Examinations and Supervision to $15 billion, making sure that office remains focused on only the biggest institutions.

GOP lawmakers on Thursday accused SEC Chair Gary Gensler of disregarding their recent request for more information about proposed climate risk disclosure rules. The episode offers a preview of the aggressive oversight Biden administration regulators are likely to face next year should Republicans take control of the House or Senate.

The National Credit Union Administration is considering a rule that would bring its cyber incident reporting framework into alignment with those of other regulators, but would still be more permissive than the 36-hour limit imposed on banks.