The central bank chairman said Friday that he would not step down if asked to do so by the president, adding that he has not received any direct communications from the White House about the agency’s interest rate policy.
The SEC and FASB control the process now, but Congress should give banking regulators a more central role in overseeing the creation of accounting rules.
The accounts — which eschew paper checks and overdraft protection — appeal beyond the low-income customers they were intended for; lenders are embracing artificial intelligence systems to analyze more data to determine creditworthiness.
The bank will pay over $15 million in restitution and fines to settle claims that it neglected stop-payment requests and reopened deposit accounts without customers' consent.
Citi wants to attract credit card customers who use its card for staples such as groceries and gas — a pivot from its past of marketing to the social butterflies who would use its cards on dining and entertainment.
The agencies are weighing a plan to reduce the scope of residential real estate transactions requiring an appraisal, but appraisers have warned that the proposal could have consequences.
The Office of the Comptroller of the Currency advanced the ball last year by collecting public feedback on modernizing the law, but all three federal bank regulators will have to reach consensus on a formal proposal.
