Biden Administration

Interagency breakthrough on CRA looks to be in reach

03/01/21

During the Trump era, the bank regulators couldn’t see eye to eye on how to modernize the Community Reinvestment Act. But a looming leadership change atop the Office of the Comptroller of the Currency is boosting optimism that they can harmonize their approaches.

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Looming risk for borrowers, renters when relief ends, CFPB says

03/01/21

In an analysis of the pandemic's impact on the housing market, the agency said nearly 10% of households could be at risk of eviction or foreclosure despite government programs to enable homeowners to delay their payments.

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CFPB pick’s past statements set stage for testy confirmation hearing

02/26/21

Rohit Chopra, President Biden’s nominee to lead the Consumer Financial Protection Bureau, has not minced words in calling out private companies for wrongdoing. He could get a grilling from Banking Committee Republicans and some opposition on the Senate floor.

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Streamline bank rules for spotting sanctions violators

02/26/21

Detecting business dealings with banned parties means screening a maze of transactions, and Treasury’s Office of Foreign Assets Control supports calls for the industry to take a risk-based approach. But regulators effectively require banks to track everything, which is unproductive.

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Biden plan to help smallest PPP applicants has downsides, banks warn

02/22/21

It would ignore technical glitches plaguing the entire Paycheck Protection Program and could end up delaying loans to larger borrowers who also need relief, bank executives and their trade groups say.

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Senate panel to question CFPB, SEC nominees next month

02/22/21

The Banking Committee will hold a confirmation hearing on March 2 for Rohit Chopra and Gary Gensler. They are the administration's picks, respectively, to lead the Consumer Financial Protection Bureau and the Securities and Exchange Commission.

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In this crisis, White House and banks are on same team

02/22/21

More than a decade after the near collapse of the financial system and the bruising fight over Dodd-Frank put the industry and a Democratic administration in conflict, President Biden and the financial services sector are allied over the COVID-19 relief plan.

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White House will give small firms two-week exclusive PPP access

02/22/21

Only businesses with 20 or fewer employees will be eligible to apply for forgivable loans from the Small Business Administration's Paycheck Protection Program.

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CFPB goes on hiring spree as it looks to ramp up enforcement

02/21/21

The agency is recruiting more attorneys and shuffling personnel under new Democratic leadership as it prepares to toughen oversight of the financial services industry.

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Biden extends mortgage forbearance and foreclosure protections

02/16/21

While the Mortgage Bankers Association hailed the move, some experts say it could negatively impact housing inventory.

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