Many in the space are seeking the creation of a "flexible" supervisory regime that relies on existing authorities and a hands-off approach from state agencies, but such a plan faces an uphill battle.
Why the Toronto bank is focusing on digital features; complaints about credit monitoring plans flood CFPB; the strategies midsize banks are relying on to stimulate growth; and more from this week’s most-read stories.
The Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, Commodity Futures Trading Commission, and the Securities and Exchange Commision announced Thursday they had joined the Global Financial Innovation Network.
A regulatory cloud still follows fintech companies following a judge's decision throwing out the Office of the Comptroller Currency’s special-purpose charter.
The four prudential agencies, which will enforce the new credit loss methodology developed by the Financial Accounting Standards Board, said they want to promote consistency.
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.
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.
Perhaps the biggest test that Charles Scharf will face when he starts next week will be how to control expenses while still trying to make the necessary investments in risk management to satisfy regulators.
