Mass. Bank Regulator: Credit-Loss Provisions Up 39 Percent
The Massachusetts Commissioner of Banks Mary Gallagher’s annual report noted that banks and credit unions could face some challenges in 2025.
Healey Pulls Red Tape Off Regulatory Codes
Massachusetts banks are just some of the firms benefiting from the Healey administration’s new cuts to business regulations announced Wednesday.
Nearly 90 Percent of CFPB Cut as Trump Tries to Eliminate Agency
President Donald Trump is drastically shrinking the workforce and mission of the Consumer Financial Protection Bureau, eviscerating an agency created after the Great Recession with the goal of protecting Americans from fraud, abuse and deceptive practices.
Banking Laws Lag as Money Transfers Surge
Massachusetts residents used mobile payment platforms like Venmo or CashApp to send or receive more than $31 billion last year and financial regulators at the Division of Banks fear that the public is under the false impression that the activity is regulated.
As Margins Shrink, Mass. Banks Wait for Clarity on Section 1071 Rule
A proposed bank regulation intended to highlight any existing racial discrimination in small business lending is being met with resistance by local and national banks who say their finances are under pressure.
Big Banks Will Need to Hold More Capital Under New Fed Proposal
The nation’s biggest and most complex banks will need to hold additional capital on their balance sheets under an initial proposal by the Federal Reserve and FDIC.
Fed Faults Silicon Valley Bank Execs, Itself in Bank Failure
Silicon Valley Bank failed due to a combination of extremely poor bank management, weakened regulations and lax government supervision, the Federal Reserve said Friday, in a highly-anticipated review of how the central bank failed to properly supervise the bank before it collapsed early last month.
Dimon: Bank Rules Should Change After Silicon Valley Bank Failure
JPMorgan CEO Jamie Dimon said the U.S. and the banking industry should amend regulations following the collapse of Silicon Valley Bank and Signature Bank last month, saying that the financial system needs to be adjusted so that one bank’s failure does not “cause undue panic and financial harm.”
Bankers Trek to Beacon Hill to Highlight ARMs, Homeownership Concerns.
With 188 bills on the group’s radar and 24 of them before the committee that he co-chairs, Sen. Paul Feeney joked Tuesday that the Massachusetts Mortgage Bankers Association and Executive Director Deborah Sousa have season tickets to hearings of the Joint Committee on Financial Services.
Letter to the Editor: Community Banks Distinct from Silicon Valley Speculators
Given our cautious approach, Washington lawmakers should ensure that regulations resulting from the Silicon Valley Bank and Signature Bank closures do not harm community banks like ours.
Biden Calls to Revive Bank Regulations Trump Weakened
Weeks after the failure of two banks, President Joe Biden called Thursday for independent regulatory agencies to impose tighter rules on the financial system, telling them that they can act under current law without additional steps taken by Congress.
Bank Rules Under Review in Wake of SVB Failure
Michael Barr, the nation’s top banking regulator, said during a Senate Banking Committee hearing that the Fed is considering whether stronger bank rules are needed to prevent a similar failure in the future.
Fed’s Barr: SVB Execs Main Cause of Bank’s Failure
The nation’s top financial regulator is asserting that Silicon Valley Bank’s own management was largely to blame for the bank’s failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse.
Anger in Congress on Bank Failures, but Division on What to Do
While President Joe Biden called Monday on Congress to strengthen the rules for banks to prevent future failures, lawmakers are divided on whether any legislation is needed. And some congressional leaders are skeptical that a closely divided Congress will act at all.
Banks, Experts Look for Ways to Prevent Next Crisis
None of the warning signs before Silicon Valley Bank’s collapse were secret. Yet bank supervisors at the Federal Reserve Bank of San Francisco and the state of California did nothing as the bank rolled over the cliff.
Fed Criticized for Missing SVB Red Flags
The Federal Reserve is facing stinging criticism for missing what observers say were clear signs that Silicon Valley Bank was at high risk of collapsing into the second-largest bank failure in U.S. history.
Cannabis Reform Should Be Bipartisan Priority
A Republican majority in the U.S. House of Representatives doesn’t have to – and shouldn’t – be an obstacle to ending harmful laws that hobble legitimate marijuana businesses in Massachusetts, and the banks and credit unions that serve them.
There’s a Better Way to Regulate Climate-Related Risk
Regulators and politicians must recognize the complex nature of climate-related risk and develop rules as a series of steps, not aim for perfect regulations from day one.
CFPB Head: Bad Actors Should Face More than Fines
Rohit Chopra said fines haven’t been enough of a deterrent and his agency could limit the ability of a bank or financial firm to conduct business if they violate the law.
FDIC Seeks Comments on Bank Mergers
The Federal Deposit Insurance Corp. has moved forward with plans to review bank merger policies, the next step in a move that led to controversy for the FDIC board late last year.
