OCC’s Hsu Encourages Banks to ‘Explore Opportunities’ of SPCPs
Acting Comptroller of the Currency Michael Hsu today encouraged banks to “explore the opportunities available through special purpose credit programs.”
Acting Comptroller of the Currency Michael Hsu today encouraged banks to “explore the opportunities available through special purpose credit programs.”
By an overwhelming bipartisan vote of 415-9 today, the House passed H.R. 4616, the Adjustable Interest Rate (Libor) Act, an ABA-advocated bill that would address “tough legacy” contracts that currently reference Libor, which will cease to be published by June 2023.
The OCC identified principles for banks to implement what it calls “responsible overdraft programs that benefit financially vulnerable consumers,” while continuing to encourage banks to offer other options for short-term, small-dollar credit, Acting Comptroller of the Currency Michael Hsu said in a speech today.
The digital banking product changes triggered by the Paycheck Protection Program and pandemic-related digital banking needs have pushed banks to innovate like never before, says Accenture’s Bina Rajput. “It’s pushed a lot of these institutions to say ‘What’s next? How can I make this process better, and better, and better?”
The American Bankers Association and 51 state bankers associations expressed support today for H.R. 6145, which would direct the federal banking agencies to fix the community bank leverage ratio at a level between 8% and 8.5%, between Jan. 1, 2022, and Dec. 31, 2024.
Ahead of a House Financial Services Committee hearing on digital assets today—at which the heads of several cryptocurrency firms will testify—the American Bankers Association submitted a statement for the record emphasizing the need for bank-like regulations for companies offering digital assets to consumers.
Saule Omarova—President Biden’s nominee to serve as the next comptroller of the currency—today announced that she would withdraw her name from consideration after several Democratic senators signaled their opposition to her nomination.
The Department of Housing and Urban Development today issued guidance that for-profit companies’ special-purpose credit programs designed and implemented with the Equal Credit Opportunity Act do not generally violate the Fair Housing Act.
In a letter to the CFPB today, the American Bankers Association and the Consumer Bankers Association emphasized the need for consistent consumer protection and a level playing field for payments products offered by banks and big tech firms.
Attempts by the U.S. Postal Service to expand its offerings to include financial services at a time when improvements to its existing services are needed is “irresponsible,” Sen. John Boozman (R-Ark.) wrote in an op-ed published in The Hill this week.