Regulation

Like their counterparts in the U.K., U.S. regulators should be working closely with the private sector to establish principles and guardrails to direct and focus tech advancements in ways that will protect consumers and financial stability.

The 30-day extension comes after the American Bankers Association requested additional time to consider the rule's impact.

A federal watchdog agency determined that Almena State Bank's push into government-backed loans, supported with high-cost wholesale funding, set it up for collapse when significant credit issues arose.

By purchasing additional assets and securities, the Federal Reserve provided the financial markets with enough liquidity to weather the pandemic recession. But with the economy starting to recover, it needs to reduce such funding before it creates dangerous bubbles over the long term, say two former bankers.

For banks that pass this year’s stress tests, the Federal Reserve said it will eliminate the restrictions on dividends and share buybacks while subjecting those institutions instead to the stress capital buffer.

Free investment education and testing for risk tolerance are among the ways financial firms can better reach underserved consumers, former SEC chief Jay Clayton and Operation HOPE’s John Hope Bryant say.

Two banking bills signed by Gov. J.B. Pritzker carry implications for payday lenders, auto title lenders, credit unions and nonbank mortgage lenders. Pritzker, a Democrat, said the bills will address racial-equity gaps in the state.

Changes to CDFI Fund regulations could make it significantly easier to raise the capital required to get a new institution off the ground.

NCUA Chairman Todd Harper has reiterated his call for CUs not to garnish members' econimic impact payments, while the industry's largest PAC has resumed campaign contributions after a brief pause.

A former Federal Reserve employee admitted to illegally taking documents, including bank stress test data, after deciding to leave the board, U.S. prosecutors said Friday.