Warren Wades Into CRA Reform Fight
Massachusetts’ senior senator wants the interim head of the Office of the Comptroller of the Currency to rescind his predecessor’s efforts to update the agency’s Community Reinvestment Act regulations.
OCC CRA Changes Could Complicate Housing Finance
As banks have sought opportunities to satisfy Community Reinvestment Act requirements by lending in low- and moderate-income communities, affordable housing organizations have found willing partners for their projects.
Fannie Doesn’t Shift on Appraiser Rules for Refis
New guidance from federal bank regulators and Fannie Mae includes no changes on a key issue bedeviling the state’s real estate appraisers and mortgage lenders.
Wells Fargo to Pay $3B to Resolve Probes into Fake Accounts
Wells Fargo agreed Friday to pay $3 billion to settle criminal and civil investigations into a long-running practice whereby company employees opened millions of unauthorized bank accounts in order to meet unrealistic sales goals.
FDIC’s Approval of First Fintech Application Has Significant Implications
Recent developments highlight the FDIC’s support of financial innovation given the embrace of innovation by other federal regulators like the OCC, CFPB and Federal Reserve, and lay the groundwork for increased regulatory cooperation among the major federal financial regulators.
The Benefits (and Risks) of Using Alternative Data in Credit Underwriting
When compared to traditional credit scores and attributes, cashflow-based metrics appear to predict creditworthiness within the subpopulations at least as well as the traditional metrics.
OCC: Ex-Wells Fargo CEO Barred from Working in Banking Again
Federal regulators have slapped former Wells Fargo Chief Executive John Stumpf with a $17.5 million fine for his role in the bank’s sales practices scandal. Stumpf also accepted a lifetime ban from the banking industry.
OCC, FDIC Release Proposed CRA Changes
If adopted, the rules would clarify what qualifies for credit under the CRA and where it qualifies. CRA regulations were adopted in 1977, and the last substantive changes were in 1995.
As Regulatory Sandboxes Expand, the OCC Takes a Different Approach to Innovation
A new pilot program is designed to allow OCC-regulated entities a voluntary opportunity to engage in developing innovative products or services where there is significant regulatory uncertainty.
Debate Over New Regulations Could Give Fintechs Options
The national debate surrounding the regulation of financial technology companies, also known as fintechs, continues to grow almost as quickly as the industry itself.
Nutter Partners Make Case for Dual Fintech Regulatory System
Two partners from the Boston-based law firm Nutter penned an opinion piece yesterday in American Banker, saying it is a mistake to block the U.S. Office of the Comptroller of the Currency from issuing a fintech charter.
US Regulator: Phony Bank Accounts Not a ‘Systemic’ Issue
A U.S. bank regulator said on Thursday that an industry-wide review prompted by Wells Fargo & Co.’s sales practices scandal had uncovered some instances of phony accounts at other lenders but little evidence of a “systemic” problem.
Feds Encourage Banks to Compete with Payday Lenders
With millions of U.S. consumers borrowing nearly $90 billion every year from payday lenders, U.S. Comptroller of the Currency Joseph Otting is encouraging traditional financial institutions to offer responsible short-term, small-dollar installment loans.
US Watchdog Seeks Record Fine Against Wells Fargo for Abuses
The top U.S. watchdog for consumer finance is seeking a record fine against Wells Fargo & Co. that could exceed several hundred million dollars for auto insurance and mortgage lending abuses, according to three sources with knowledge of the plans.
Federal Reserve, OCC, FDIC Issue Final Rule on CRE Transactions Requiring Appraisal
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency issued a final rule that increases the threshold for commercial real estate transactions requiring an appraisal from $250,000 to $500,000.
OCC’s Curry Talks Tech At Harvard
The Office of the Comptroller of the Currency could...
