Comptroller of the Currency Joseph Otting and Federal Deposit Insurance Corp. Chairman Jelena McWilliams acknowledged industry concerns with the proposal meant to improve how banks comply with the trading ban.
U.S. regulators are poised to scrap their proposal for revising Volcker Rule restrictions on banks' trading in favor of a newer version as they respond to a misstep that drew fire from Wall Street lobbyists, according to people familiar with the effort.
Lawmakers on the Senate Banking Committee pushed Federal Reserve Chair Jerome Powell for details about how he plans to review the proposed merger between the two regional banks.
A report identified gaps in documentation and other weaknesses that the watchdog said heighten the risk of agency officials being too cozy with the institutions they supervise.
The OCC said that branches in New York, Los Angeles and Chicago will be required to take certain corrective actions, but it did not hit the Japanese-owned bank with any financial penalties.
The federal banking agencies will not hold a hearing on a proposal to reduce the number of residential real estate transactions that require an appraisal.
The enforcement action from the OCC comes on the heels of a CFPB consent order that said USAA reopened customers' accounts without consent and neglected stop-payment requests.
The comptroller of the currency also addressed, in his role as acting FHFA head, whether Congress or the Trump administration will spearhead GSE reform.
