A day after House Democrats urged the banking agencies to unite behind a joint plan to update the Community Reinvestment Act, Senate Democrats worried that an impending proposal from the OCC and FDIC will reduce access to credit.
The Treasury secretary suggested a role for lawmakers in containing any fallout with financial contracts stemming from the transition to a new interest rate benchmark.
CEO Charlie Scharf said in a letter to Congress that a review is underway to determine how many customers were affected by confusion over monthly fees and that the bank will begin issuing refunds next year.
The regulator says the bank needs to address employee complaints and pay controls; the presidential hopeful would make it more difficult for banks to combine.
In search of new sources of revenue now that it has slashed fees on stock trades, the brokerage giant could use the influx of deposits it will get from acquiring its rival to grow its loan portfolio and add new banking services.
A report from the Financial Stability Oversight Council cited a bigger share of originations and servicing by nonbanks as a potential vulnerability in the financial system.
