The agency finalized a policy allowing companies to submit formal requests for clarification on a regulatory issue. The bureau said it will publish the advisory rulings in the Federal Register. ... Read full article
The forthcoming measure could override staff opinions that helped certain deposit-gathering companies partner with banks. ... Read full article
The proposed regulation would codify a 2018 pronouncement by regulators that guidance does not carry the force of law. ... Read full article
The rule, which will go up for a 60-day comment period, codifies existing NCUA policies and is not expected to change how the agency operates. ... Read full article
The credit union regulator will meet for a second time this month when the board holds an open meeting on Wednesday. ... Read full article
Regulators said they will allow banks to deduct Treasury securities — a source of market volatility in the pandemic — from the net stable funding ratio on the same day they provided relief from auditing requirements. ... Read full article
In July, the OCC issued a letter clarifying that federally chartered banks can store cryptocurrency assets for their clients. A recent global survey finds that many are wary of the risks. ... Read full article
The agency issued an interpretive letter on stablecoins two months after permitting institutions to provide wallet services for cryptocurrency holdings. ... Read full article
Responding to an unnamed bank that had sought the opinion, the regulatory agency issued an interpretive letter clarifying that an institution's custody services can be used for cryptographic keys and other digital currency-related assets. ... Read full article
The agency has proposed letting firms seek specific guidance, which can be applied to other institutions. But consumer groups worry the plan circumvents formal rulemaking. ... Read full article
A lawsuit filed Tuesday argues that the bureau's establishment of the panel looking into regulatory changes violated the Federal Advisory Committee Act. ... Read full article
Banks would be wise to dust off their Great Recession playbook and shed nonperforming loans while growing through M&A. ... Read full article
The regulator's extension for first-quarter documents applies to BHCs with less than $5 billion in assets. ... Read full article
Sen. Mark Warner led a group of Democratic senators in calling on bank, credit union and GSE regulators to give detailed instructions on helping consumer and commercial borrowers hurt by the COVID-19 outbreak. ... Read full article
The agencies recommend steps banks should take to proactively prevent disruption of operations, minimize contact between staff and customers, and plan for how affected employees reenter the workplace, among other things. ... Read full article
Federal Reserve Chairman Jerome Powell told senators that the central bank is willing to explore a credit-sensitive interest benchmark in addition to the secured overnight financing rate, which some banks say could cause problems during economic stress. ... Read full article
The central bank’s top regulatory official laid out a comprehensive set of proposals to update how the agency supervises banks — particularly large institutions — with an eye toward improving transparency. ... Read full article
Todd Zywicki, a law professor who has sharply criticized the CFPB as an unaccountable bureaucracy, has been named chair of an agency task force identifying potential conflicts and inconsistencies in consumer finance law. ... Read full article
The two agencies have delayed the deadline for the public to respond to a request for information on the rating system used to score banks' overall health. ... Read full article
The two Democratic senators said the bureau's policy could allow companies to circumvent consumer finance laws. ... Read full article
