Banking Committee Chairman Mike Crapo said he is hopeful that a bipartisan deal to roll back certain Dodd-Frank Act regulations will soon have a vote on the Senate floor.
Comptroller of the Currency Joseph Otting said reform of Community Reinvestment Act regulations is a "key element" of how regulators aim to recalibrate rules a decade after the financial crisis.
The bank will spend an additional $1.4 billion on technology in 2018 to gain share and boost efficiency, executives said Tuesday. But they were peppered with questions about whether the big investment will yield a big financial return down the road.
Federal Deposit Insurance Corp. Chairman Martin Gruenberg said Tuesday that he is on the fence about whether to serve on the agency's board for the remainder of the year even after he is replaced as head of the agency.
Federal Reserve Chair Jerome Powell largely hewed close to his predecessor's positions in his first congressional testimony as the top central banker, but also signaled important changes when it came to paying banks interest on reserves and other topics.
The tax reform law passed late last year, which significantly cut the corporate tax rate, has been widely popular among banks, but a one-time hit to the value of their deferred tax assets was felt far and wide.
Acting CFPB Director Mick Mulvaney dismissed concerns by Sen. Elizabeth Warren, D-Mass., about his leadership of the consumer agency while supporting a lighter regulatory touch for credit unions.
Lawmakers should consider taxing large, banklike credit unions that have strayed from their original fields of membership, argues a credit union executive.
