To guard against headwinds in the agricultural sector, the Federal Deposit Insurance Corp. recommended that institutions consider the “overall financial status” of farm loan borrowers.
Comptroller of the Currency Joseph Otting upset some House Democrats when he was a no-show at a previous oversight hearing. They will now get a chance to question him about the future of the Community Reinvestment Act.
An outside paper identifies the statutes, regulations and other bureaucratic realities complicating the banking agencies’ efforts to oversee and benefit from rapidly changing technology.
Community development financial institutions could stand to gain from efforts to modernize the Community Reinvestment Act, but they fear the proposal offered by regulators may end up draining their capital.
The two agencies cited geopolitical tensions in issuing the warning and best practices tips, though they stopped short of referring directly to the recent U.S. clashes with Iran.
The House Financial Services Committee chair asked two regulatory agencies about what steps they've taken to prevent fabricated comment letters as they invite the public to weigh in on Community Reinvestment Act changes.
Lawmakers advanced legislation that would require banking regulators to give annual testimony to lawmakers and would mandate regular reports on cybersecurity efforts.
