The Massachusetts Bankers Association is voicing support for a lawsuit filed by national bank trade groups earlier this week over stringent and what the national groups call “counterproductive” changes made to Community Reinvestment Act rules.
It was a relatively quiet month for bank branch activity in December, as JPMorgan Chase established one local branch while Bank of America closed an ATM location, according to the latest data from the OCC.
Bank of America is closing three of its branches in Greater Boston while Citizens Bank continues to replace branches in grocery stores with video teller-enabled interactive teller machines.
JPMorgan Chase continued its Massachusetts expansion as it opened three branches in October, while TD Bank and Citizens Bank filed to open Boston branches, according to the latest information from the Office of Comptroller of the Currency.
Local branches of Santander Bank, JPMorgan Chase and First Republic Bank closed down in September, according to OCC’s latest data.
Smaller regional banks like Berkshire, Eastern and Rockland Trust won’t be covered, but their big competitors like M&T and Citizens will.
Bank of America must pay around $150 million to customers for doubling up on some fees, withholding reward bonuses and opening accounts without customer consent.
A top real estate industry trade group got to take a victory lap last week as federal banking regulators announced some rule changes around how banks will be required to deal with a wave of office loans that are maturing just as future demand for office space looks shaky.
The primary objective of financial regulatory authorities generally is to maintain the safety and soundness of banks and the financial system. How, then, do regulators incorporate climate change risks into their work?
Recent actions by the U.S. federal bank regulatory agencies create a decidedly proactive, risk-based approach with respect to the growth of cryptocurrency and other digital assets in the U.S. economy.
The Office of the Comptroller of the Currency has assessed a $250 million civil money penalty against Wells Fargo Bank and issued a new enforcement action with the bank for deficiencies in its home lending program.
The Fed the FDIC and the OCC recently released proposed guidance to help banking organizations manage risks associated with third-party relationships, including relationships with fintechs.
The Biden administration is entirely correct to scrap its predecessor’s controversial revamp of anti-redlining regulations.
The yearslong effort to update the Community Reinvestment Act will continue, this time with the three federal banking regulators working together, a move supported by both banks and community organizations.
Congress on Thursday overturned a set of regulations enacted in the final days of the Trump administration that effectively allowed payday lenders to avoid state laws capping interest rates.
President Joseph R. Biden’s inauguration will usher in a new slate of financial regulators in 2021 with nominate cabinet and financial regulatory agency picks that will likely emphasize a more vigorous investor and consumer protection regulatory posture and tougher enforcement.
The Trump administration continues to commit acts of regulatory vandalism on its way out the door, and this time the banking industry is the victim.
The regulator wants feedback from banks before creating new performance standards for its controversial revamp of the anti-redlining law.
Another attempt to overhaul the Community Reinvestment Act moved forward yesterday as the Federal Reserve released its proposal to modernize the legislation that encourages financial institutions to meet community credit needs.
The Federal Reserve and four other regulatory agencies announced on Thursday that they have finalized a rule that will ease restrictions curtailing the ability of banks to make investments in such areas as hedge funds.
