Federal Reserve Board Gov. Lael Brainard said public comments demonstrate a desire among stakeholders for reforms to be implemented consistently across the Fed, OCC and CRA.
The agency is exploring how to reopen small-dollar lending options for banks, but consumer groups are urging the agency to maintain pricing limits and other controls.
Banks say regulatory relief efforts should go even further, while public interest groups — and even one of the Fed’s regional offices — say the proposals to roll back supervisory standards go too far.
As suspense builds over which firm will be the first to seek the special-purpose charter, a side discussion has emerged over which financial services sector has the most to gain — or lose — from the new option.
Despite a generally positive picture in the Shared National Credit report, regulators warned that underperforming loans in the the portfolio remain elevated.
Morris Morgan, previously one of the top large bank supervisors at the OCC, was tapped as senior deputy comptroller and chief operating officer amid a multimillion-dollar effort to revamp the agency.
Federal regulators should consider applying guidance that is nearly two decades old to end uncertainty about the legality of particular bank partnerships.
