In another rollback of the bank trading ban, the federal agencies unveiled a plan to allow financial institutions to invest in multiple companies through certain fund structures.
Federal Reserve Chair Jerome Powell said he was “comfortable” with a recent speech by Gov. Lael Brainard objecting to significant aspects of the Community Reinvestment Act plan proposed by the OCC and FDIC.
Most stakeholders agree that the Community Reinvestment Act needs to be updated, but a congressional hearing featuring the regulator leading the overhaul effort showed just how contentious the process has become.
An outside paper identifies the statutes, regulations and other bureaucratic realities complicating the banking agencies’ efforts to oversee and benefit from rapidly changing technology.
In the past, the agency cited the legal term in enforcement actions without stating what it meant, but Director Kathy Kraninger has sought to give the industry clearer guidance.
The comptroller of the currency stood firm in defense of his agency's proposal, saying skeptics of various parts of the draft framework do not have their facts straight.
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.
In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry.
