In an open letter, industry veteran Thomas Vartanian outlines the steps the administration can take to encourage innovation, better detect cyber threats and modernize regulation.
The hurdles faced by Black professionals who break into the financial services belie the notion that their small numbers at the industry’s top ranks are a pipeline problem.
The hurdles faced by Black professionals who break into the financial services belie the notion that their small numbers at the industry’s top ranks are a pipeline problem.
The regulator said banks must make loans to the oil industry based on risk, not politics; three big banks say they will offer advantageous terms on supply-chain finance.
The annual survey from the National Credit Union Administration shows credit unions making gains in some of their inclusion efforts, but the industry still has much it can do to improve.
Participation in the Paycheck Protection Program and other emergency lending during the pandemic has swelled many small banks’ balance sheets. Federal regulators are giving them a temporary pass on supervisory requirements tied to their size.
The move comes a day after the Federal Reserve had balked at the Treasury Department's demand that it return funds meant for pandemic relief that have so far gone unused.
The former chairman butted heads with colleagues over the agency’s budget this week, and the Senate is expected to vote to confirm a successor early next month.
Some large banks have come under fire from the GOP for curbing services to firms in controversial industries, such as firearms and fossil fuels. A proposal by the Office of the Comptroller of the Currency aims to block banks from taking such stances.
