Wells Fargo engaged in an "extensive and pervasive pattern" of discriminatory and illegal lending practices for years, the OCC said in slashing a key rating of how the bank serves communities.
The Office of the Comptroller of Currency is trying to do its part to address fintech regulation, but the OCC lacks the mandate to solve the broader fintech issues facing the entire financial ecosystem.
Author Rachel Schneider on income volatility problems; Travis Dulaney talks instant payments; American Banker's Mary Wisniewski discusses the OCC's fintech charter, data aggregation battles, and alternative data.
During a panel discussion Tuesday, regulators said they are trying not to crack down too hard on sales incentive programs and fix problems that bankers have identified with the exam system.
Banking regulators on Tuesday called for a raft of regulatory changes, including streamlining capital, reporting and appraisal rules in order to reduce compliance burden.
The Office of the Comptroller of the Currency can give lenders relief from the effects of a recent court decision over interest rate authority, but only if the agency chooses to do so.
U.S. bank regulators have tentatively agreed to ease an appraisal requirement that could help commercial real estate borrowers, said people familiar with talks among the agencies.
