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Posted Date: Friday, February 21, 2020
Last week, LendingClub Corp. made the first move into traditional banking for a fintech company, announcing that it would buy Radius Bank, a Boston-based online bank, for $185 million.
The move comes after failed attempts by fintechs in recent years to secure access to banking through special charters.
Chris Cole of the Independent Community Bankers of America talked with Dodd Frank Update about the announcement and whether the association supports fintechs accessing banking services in this way. Read on for details. Read on »
Posted Date: Tuesday, February 18, 2020
Federal banking regulators said in a recent report that the credit risk associated with leveraged lending in the industry remains elevated.
The findings came in the Shared National Credit Program Review issued by the Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.
Read on for details from the report on the caution bank regulators are urging institutions to take with leveraged lending. Read on »
Posted Date: Friday, February 7, 2020
The American Bankers Association recently took the opportunity to respond to a request from the Federal Deposit Insurance Corp. (FDIC) on a proposed framework the agency is considering to analyze its regulatory effect.
The trade association outlined five general principals in its letter to the FDIC to increase the transparency of the agency’s rulemaking process.
Read on for details from the association’s feedback. Read on »
Posted Date: Friday, January 31, 2020
The efficacy of the Community Reinvestment Act reform plan published by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. was a central theme during Comptroller Joseph Otting’s latest hearing before the House Financial Services Committee.
Otting took the opportunity to attempt to clarify how aspects of the proposal will benefit low-to-moderate-income communities and to dispel misconceptions about the reform plan.
Learn more about the insights that came out of the hearing. Read on »
Posted Date: Tuesday, January 28, 2020
The financial industry is used to coping with uncertainty over when or if change is going to happen. When it comes to revamping Community Reinvestment Act (CRA) requirements, the real question is “how?”
Warren Traiger of Buckley LLP and Lilly Thomas of the Independent Community Bankers of America (ICBA) spoke to Dodd Frank Update about the possible ways the CRA framework could be reformed, based on priorities expressed by the three banking agencies.
Learn more details about the reform possibilities the industry could face in the future. Read on »
Posted Date: Thursday, January 23, 2020
Heightened geopolitical tensions mean financial institutions could be at higher risk of facing a cyberattack, according to the Federal Deposit Insurance Corp. (FDIC) and the Office of the Comptroller of the Currency (OCC).
With that in mind, the agencies issued a joint statement on “Heightened Cybersecurity Risk” urging financial institutions to reevaluate their information security safeguards and make upgrades where necessary.
Get more details about what measures the agencies recommend. Read on »
Posted Date: Friday, January 10, 2020
Having avoided joining with two of its regulatory counterparts in endorsing plans to revamp Community Reinvestment Act (CRA) regulations, the Federal Reserve’s ideas regarding CRA reform became clearer in a recent speech by Fed Governor Lael Brainard.
Amid her nuanced account of what changes the Fed has determined might be appropriate in reforming CRA standards, her main point on the matter was quite succinct, asserting that the focus should be getting it “right” rather than getting it done quickly.
Learn more about the key takeaways from her speech. Read on »
Posted Date: Friday, January 10, 2020
The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. published their proposed rule for modernizing Community Reinvestment Act (CRA) regulations in the Federal Register on Thursday. Interested stakeholders will have 60 days from the proposal’s publication to comment on its provisions.
The proposal includes the two agencies’ recommendations for establishing new assessment areas, new testing parameters and expanding the types of activities that qualify for CRA credit, among other details.
Learn specifics about the comment period on the proposed rule. Read on »
Posted Date: Tuesday, January 7, 2020
In a move intended to stem growing risk of potential market disruptions, federal banking regulators outlined plans to offer relief to banks extending credit to fund complex-controlled portfolio companies.
The agencies stated that they would not take action against banks that lend to such entities that violate Regulation O, provided they meet certain criteria.
Learn more about the new relief measure. Read on »
Posted Date: Friday, January 3, 2020
The financial industry has been afforded the first month of 2020 to weigh in on a mandatory review of the risk retention mortgage (QRM) final rule, finalized in 2014 in accordance with the Dodd-Frank Act.
Stakeholders also are encouraged to suggest potential changes to the Consumer Financial Protection Bureau’s Qualified Mortgages definition, which is aligned with the QRM standard.
Learn more details about what the review will entail. Read on »
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Host State Loan-to-Deposit Ratios 2016The Federal Reserve Board, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. have issued information on the host state loan-to-deposit ratios, which are used to determine compliance under Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Review the ratios in Dodd Frank Update’s Library. Fed, FDIC, OCC, Riegle-Neal |
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