The agencies had proposed revisions designed to make compliance less complex, but banks have expressed concern that the plan could have the opposite effect.
Unilateral approaches to bank regulation are risky, but the OCC's plan to seek public comment independent of the other agencies could help shed light on a CRA debate that is now being waged internally.
A huge chunk of the profit increase in the second quarter was due to a lower tax rate, but rising net interest margins and loan growth signal that institutions continue to derive revenue from their loan book.
A top regulator has signaled that the banking agencies are receptive to extending the comment deadline, after banks raised concerns about a proposed revision to the ban on proprietary trading.
The industry’s profit was $60.2 billion, a more than 7% increase from the previous record set in the first quarter and a 25% leap from a year earlier, the agency said in its quarterly report on the industry's health.
Although it’s required to by law, the Federal Deposit Insurance Corp. has not had an independent director with state bank supervisory experience since 2012. It’s time for that to change.
