One of America’s main financial regulators has a new acting director. Treasury Secretary Scott Bessent announced Friday (Feb. 7) his plans to appoint Rodney Hood to serve as the first deputy comptroller for the Office of the Comptroller of the Currency (OCC). In this position,...
Beware the dangers of regulatory “overreach” and a one-size-fits-all approach to community banking oversight, several industry participants testified at a Capitol Hill hearing Wednesday (Feb. 5). The 119th Congress has begun, and with the latest iteration of the House Committee on Financial Services been seated,...
The Federal Deposit Insurance Corporation (FDIC) rated three banks “outstanding” in its latest monthly list of banks examined for Community Reinvestment Act (CRA) compliance. The remainder of the 60 banks included in the monthly list released Tuesday (Feb. 4) were rated “satisfactory.” None of the banks were...
Wells Fargo has announced the termination of its 2022 consent order with the Consumer Financial Protection Bureau (CFPB) related to automobile lending, consumer deposit accounts and mortgage lending. “This is the seventh consent order closed by Wells Fargo’s regulators since 2019,” the bank said in...
Two banking regulators — the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency — are reportedly complying with a federal government-wide hiring freeze announced by President Donald Trump in an executive order last week. For the FDIC, that compliance included...
FinTechs are being effectively shut out of the process through which they can become players and introduce innovation within the traditional banking system — and regulatory headwinds are to blame. A de novo bank (so named for the Latin term for “from the beginning”) holds...
A faster, simpler path to obtaining bank charters would foster innovative financial services, keep this activity within the regulatory perimeter and enhance competition, Klaros Group Partner Michele Alt and seven banking and financial services lawyers said in an open letter published Monday (Jan. 27). The...
Open banking’s roots lie with the United Kingdom, where PSD2, a decade ago, gave a tailwind to banks’ “opening” their data to third-party providers. As noted in a PYMNTS interview with Marion King, chairperson and trustee of the U.K.’s Open Banking Ltd. regulatory and advocacy...
One of America’s newest financial watchdogs wants to conduct a sweeping review of bank regulations. Travis Hill, named acting head of the Federal Deposit Insurance Corporation (FDIC) by President Donald Trump, placed that review at the top of a lengthy list released Tuesday (Jan. 21) of matters he hopes...
