Regulation

Some progressive lawmakers argue the Federal Reserve’s deregulatory moves under Jerome Powell should disqualify him for a second term as chair. But the Biden administration could let him keep his job because of monetary policies that helped low-income workers.

“As the CEO of one of America’s largest banks, Richard Fairbank repeatedly broke the law,” the acting director of the FTC’s Bureau of Competition said.

The agency proposed reporting standards for any institution that originates 25 or more small-business loans a year. The measure would be especially burdensome for very small lenders and could limit credit access in underserved communities, critics say.

The European Central Bank is stepping up pressure on lenders to prepare for stress tests next year that will show just how vulnerable the industry is to climate change, according to people familiar with the process.

Five years into scandals that have already cost Wells Fargo more than $5 billion in fines and legal settlements, regulators are privately signaling they’re still not satisfied with the bank’s progress in compensating victims and shoring up controls.

The Federal Deposit Insurance Corp. is soliciting feedback on banks' experiences with remote exams during the pandemic. Some welcome the review as a step toward a more modern examination system, while others contend the last year and a half exposed the drawbacks of long-distance oversight.

The Chicago subprime lender had previously warned that regulators were investigating its military lending practices. Its stock price rose by about 9% after the disclosure that the probe has wrapped up.

The Houston company has agreed to pay a $3 million penalty, provide $4 million in loan subsidies to new borrowers and make other investments aimed at improving home buying opportunities for Black and Hispanic households.

Consumer advocates have long wanted to restrict banks' ability to collect overdraft fees. The Empire State's new law represents a small but consequential breakthrough as they push for nationwide reform.

Community banks have played and will continue to play a key role in supporting local economies across the country. Join us in a lively conversation with Dennis E. Nixon, President & CEO of International Bank of Commerce (Laredo, Texas) & Chairman, International Bancshares Corporation and Eddie Aldrete, Senior Vice President at International Bank of Commerce as we discuss: (1) the need for bankers and the business community to become involved in political issues. From minimum wage and issues that affect small businesses to regulatory issues that directly affect the banking industry, banking and business leaders need to be thought leaders in the public conversation and (2) how bankers can play a pivotal advocacy role in the free trade process.