Bankers have long complained that anti-money-laundering regulations impose an extra burden without really stopping major crime. D.C. is finally listening.
Japan's biggest bank has been accused by New York officials of dodging tough oversight by swapping its state license for a federal one, putting itself under a U.S. agency on the front lines of President Donald Trump's push to ease financial rules.
The Office of the Comptroller of the Currency has been leading the charge on revamping the Community Reinvestment Act, but a big unknown is whether the other two regulators charged with carrying out the law are committed to moving ahead as swiftly on a reform plan.
Comptroller of the Currency Joseph Otting took office only late last year, but he is wasting little time in tackling a series of hot-button topics, including easing anti-money laundering regulations and lowering national bank fees.
The comptroller said he is looking to capitalize on the industry's strong profits and high capital reserves to reduce costs and lower exam fees next year.
Bank regulators have not even proposed a plan yet for revamping the Community Reinvestment Act, but stakeholders likely to weigh in on the plan are already establishing battle lines.
