Though details of a potential pact with China aren't clear, bankers are hoping it could convince leery customers to finally go through with delayed investments.
Comptroller of the Currency Joseph Otting explains why his agency and the Federal Deposit Insurance Corp. have moved forward with a proposal to change the 42-year-old CRA.
The bank, whose 7(a) originations have plummeted in recent years, is developing a portal that will let applicants upload documents, complete forms and track application progress.
The supervisory letter had required the company to get Fed approval before issuing debt, paying dividends or making quarterly payments on its trust-preferred securities.
The Rakuten application has piqued interest in reviving legislation aimed at stopping commercial firms from owning banks. Yet Congress previously had the chance to enact such a measure and declined.
Several banks abandoned their BHCs two years ago to cut costs and reduce regulatory burden. But the strategy never really took hold as most bankers determined there were more benefits to having holding companies than eliminating them.
