OCC

The Senate Banking Committee said it is postponing a hearing on the implementation of regulatory relief for "logistical reasons."

The nation's fifth-largest bank on Monday rolled out a three-month consumer loan that is far less expensive than the typical payday loan. The move comes as regulators are encouraging banks to reach out to the subprime market, which they largely abandoned.

The former head of the agency said the proposed changes to the enhanced supplementary leverage ratio will make banks vulnerable to disruption and failure.

The OCC required the company to raise more capital and complete a CRA plan. Varo Bank still needs FDIC and Fed approval before opening.

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