No Republicans voted for the package of bills intended to overhaul the credit reporting system, casting doubt on its chances in the GOP-controlled Senate.
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.
The bank raised its return-on-equity goals, based mostly on cost cuts and its core trading business; the Fed did raise the rate it pays on bank reserves.
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.
The Wall Street bank aims to double consumer deposits and triple outstanding consumer loans in five years. A checking account is slated for 2021, and more cobranded credit cards could be coming.
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.
Loans made for Fiat Chrysler represented the largest chunk of Santander Consumer's lending in the fourth quarter, and Mahesh Aditya said their relationship is his top priority.
