May 22 — Stress-testing requirements for many community banks would be eased by legislation introduced by Sen. Jon Tester, D-Mont. The bipartisan legislation co-sponsored by Sen. Jerry Moran, R-Kan., aims at more flexibility for community and mid-sized banks to meet the needs of Main Street businesses and working families.
May 16 – The Consumer Financial Protection Bureau is looking into ways to gather and use new and existing information to identify the financing needs of small businesses, especially those owned by women and minorities. (more…)
April 28 – The Consumer Financial Protection Bureau has filed suit against four online lenders that it claims improperly collected on debts. (more…)
April 17 – On the heels of a burdensome fourth quarter in 2016, U.S. financial institutions encountered fewer regulatory changes in Q1 2017 than any quarter in the nearly five-year history of the Banking Compliance Index. Simultaneously, regulatory agencies issued just 57 enforcement actions against financial institutions in the quarter, an unprecedented cooling 64 percent below the average number of EAs per quarter dating back to Q1 2013 when there were 157 EAs. (more…)
April 17 – The two major banking trade groups have weighed in with feedback to the Office of the Comptroller of the Currency on the issue of the proposed special-purpose charter for unregulated financial technology companies. The OCC published a draft supplement in March to its original whitepaper of December 2016, and accepted comments through April 14.
April 11 – A modern version of the Glass-Steagall Act was reintroduced by Sens. Elizabeth Warren, D-Mass., John McCain, R-Ariz., Maria Cantwell, D-Wash., and Angus King, I-Maine. The 21st Century Glass-Steagall Act, like the Banking Act of 1933, protects American taxpayers, helps community banks and credit unions compete and decreases the likelihood of future financial crises, the senators said in a news release. (more…)
April 6 – In remarks at the New York Fed’s Community Banking Conference, Kansas City Fed President Esther George said that the evidence indicates that community banks are extremely important to our economy. (more…)
April 4 – Wells Fargo Bank N.A. has been ordered to compensate and immediately reinstate a former bank manager who lost his job after reporting suspected fraudulent behavior to superiors and a bank ethics hotline. (more…)
March 24 – Trade groups representing banks and credit unions had mixed reactions to a joint report to Congress by member agencies of the Federal Financial Institutions Examination Council about their efforts to reduce regulatory burden. The mandatory review was conducted as part of the Economic Growth and Regulatory Paperwork Reduction Act by the Federal Reserve System Board, the Office of the Comptroller of the Currency and the FDIC, and in conjunction with the National Credit Union Administration. (more…)
By Toni Lapp
March 9 – Despite recent headlines about health-care reform, immigration bans, the CIA and Wikileaks, regulatory relief remains on President Trump’s agenda, evidenced by his meeting with community bankers from across the country. He later described the meeting in a tweet as a “great listening session.”
The president said he was concerned with the impact of banking regulations on access to credit, and he noted that community banks provide about half of all loans to small businesses.