News Topic: Joseph Otting

The three federal bank regulators often say they want to work together to reform the Community Reinvestment Act. But once again, a senior official has raised the possibility the agencies will move separately. ... Read full article

Executives sent a letter to the federal banking regulators last month expressing concern that an alternative to the London interbank offered rate could limit credit availability. ... Read full article

All of the GOP members on the House Financial Services Committee called on the regulator to consider "administrative decisions" to offset the impact of the 2015 decision. ... Read full article

With no fintech applicant officially seeking the agency’s specialized charter, Judge Dabney Friedrich said claims by the Conference of State Bank Supervisors still were not ripe. ... Read full article

Seeking to expand financial services access, tribal officials and some firms want regulators to award Community Reinvestment Act credit to any bank that funds projects in Native American communities. ... Read full article

Readers react to regulators revamping the Volcker Rule and the U.S. Postal Service getting into banking, criticize HUD's plan to make it harder for consumers to allege discrimination and more. ... Read full article

The agencies had proposed an "accounting prong" as an alternative means to determine which proprietary trades are banned, but their final rule heeded industry concerns that that would be worse than the current approach. ... Read full article

The power couple wants to help turn Acorns Grow from a niche app into a megabank; with many floating-rate loans, regionals’ profits drop as yields slip. ... Read full article

Banks stand to enjoy new flexibility in complying with Dodd-Frank’s proprietary trading ban, but it remains to be seen if regulators will grant them all the relief they have sought. ... Read full article

Banks currently can help their CRA performance with mortgages to anyone in a distressed neighborhood, but Joseph Otting said officials crafting a reform plan are considering limiting that to lower-income borrowers. ... Read full article

Among other things, the letter asked the regulators to ease requirements for a new community bank leverage ratio and analyze the impact of the pending CECL accounting change. ... Read full article

The Department of Housing and Urban Development approved a settlement in favor of the California Reinvestment Coalition against CIT Group's OneWest Bank, which was run by Steven Mnuchin prior to him becoming Treasury secretary. ... Read full article

The agency had decided not to challenge a recent court ruling that its structure violates the separation of powers, but newly confirmed Director Mark Calabria now appears willing to the fight the case. ... Read full article

Intern programs are just one example of an activity that should count for CRA credit and meet Dodd-Frank requirements, says Comptroller of the Currency Joseph Otting. ... Read full article

Dozens of companies, including Google and PayPal, met with OCC officials last year in part to discuss obtaining a new fintech charter, but many ultimately decided not to pursue it, according to sources. Here's why. ... Read full article

The head of the Federal Deposit Insurance Corp. previously had said regulators were weighing numerous options for addressing criticism of their 2018 proposal. ... Read full article

Jelena McWilliams said federal bank regulators could begin "within a week or so" to discuss a draft proposal for reforming the Community Reinvestment Act. ... Read full article

Trump may nominate Judy Shelton, who prefers “market-determined rates”; a software glitch may have prevented flagging of suspicious transactions for a decade. ... Read full article