Regulation

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 Biden administration may finally be close to naming an acting comptroller of the currency. Whoever gets the interim job or is confirmed to run the agency over the longer term will have a lengthy to-do list, from Community Reinvestment Act reform to deciding the fate of divisive Trump-era rules.

The fintech reached an agreement with California regulators to disclose clearly that it’s not a bank and that its services are provided through bank partnerships.

Most executives are comfortable crossing over $1 billion of assets, where more frequent exams are the biggest supervisory change. But few are eager to take on the compliance burdens that accompany the jump above $10 billion.

The industry has raised concerns about nontraditional bank owners, and some lawmakers have backed limits for industrial loan companies and cryptocurrency firms. But members of the House and Senate have been unable to reach a consensus on legislation.

The online lender was not a party to the lawsuit involving the Federal Trade Commission and a payday lender, but it could emerge as one of the big winners from the Supreme Court’s decision.

The head of the Federal Reserve appeared to support Congress’s expanding the scope of the Community Reinvestment Act to unregulated institutions, just as regulators weigh how to modernize the framework for banks.

Without rollbacks of existing anti-money-laundering reporting requirements, a measure designed to make Bank Secrecy Act enforcement more risk-focused would do little to ease banks' regulatory burden.

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.

Titans of finance, already threatened by President Biden’s push for the biggest tax hike on wealthy Americans in decades, face another peril: Progressives are demanding action on a long-stalled requirement that Washington clamp down on Wall Street bonuses.