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The guessing game is over about President Biden’s pick for Federal Reserve chair, but several names are in the mix for three additional vacancies on the board, including vice chair for supervision. → Read More
Michael Hsu, the acting head of the Office of the Comptroller of the Currency, said the agency is considering steps such as urging institutions to choose board members from a diverse candidate pool, “or requiring institutions to either diversify their boards or explain why they have not.” → Read More
The industry opposes expanded IRS reporting and other tax-related provisions that Congress would use to pay for the overhaul. But the bill could also boost funding for small businesses and affordable housing. → Read More
The central bank said the proposed measure governing transactions on FedNow — a real-time service expected to be available in 2023 — would be similar to the framework for the current Fedwire Funds Service. → Read More
Loans and tax-subsidized investments by financial institutions have helped fund food markets and pantries in low-income communities. But there is still more work to do to close the grocery gap. → Read More
The comments by Federal Deposit Insurance Corp. Chair Jelena McWilliams published in Politico reinforce optimism that the banking agencies could settle years of disagreement about modernizing the Community Reinvestment Act. → Read More
Federal Reserve Gov. Lael Brainard said "scenario analysis" is distinct from traditional regulatory tools to assess capital strength, but can measure the long-term impact of weather events and the transition to a greener economy. → Read More
Brian Brooks may be remembered as one of the most controversial interim regulatory chiefs in recent memory, taking positions on the pandemic response, fintechs’ banking ambitions and other issues that won him supporters and critics alike. → Read More
Congress's enactment of the defense spending bill opposed by the White House removes the final hurdle for a key anti-money-laundering provision. → Read More
In 2020, the news in Washington was dominated by the regulatory impact of COVID-19 and presidential politics. There was also a new rule changing how national banks will be examined under the Community Reinvestment Act, and the 10th anniversary of Dodd-Frank. Here is a look back at stories from the past year. → Read More
A moderate pick with financial sector ties could upset progressives, while the likely GOP majority in the Senate could balk at a nominee seen as too liberal. Here are some of the candidates. → Read More
If Republicans keep their majority, the incoming administration will likely have to pick moderates over progressives to have any chance of getting its nominees approved. → Read More
First City Bank of Florida had suffered “longstanding capital and asset quality issues” that were unrelated to the pandemic, the FDIC said. → Read More
The $85 million penalty and the bank's "needs to improve" rating on its Community Reinvestment Act exam were tied to alleged violations of the Military Lending Act and Servicemembers Civil Relief Act. → Read More
The national conversation around systemic racism has compelled large banks to withdraw support from the “disparate impact” proposal. But community banks maintain that the proposed reforms would reduce frivolous claims. → Read More
The final regulation will significantly revise a December proposal, responding to concerns from stakeholders. Meanwhile, in a surprising move, the regulator who had championed the reforms is expected to resign this week. → Read More
Regulators issued a new rule rule that gives banks the okay to dip into capital to help households and businesses cope with the economic impact of the coronavirus. → Read More
Leonard Chanin, a senior official at the Federal Deposit Insurance Corp., has been tapped to serve on a part-time basis as the No. 2 official at the Consumer Financial Protection Bureau, according to a news report. → Read More
Regulators already finalized a rollback of the proprietary trading ban section of the rule but signaled then that their overhaul was not finished. → Read More
Members of the House and Senate gave diverging assessments of regulators’ sweeping proposal to reform implementation of the Community Reinvestment Act. → Read More