The OCC today announced that Darrin Benhart has been tapped to serve as climate change risk officer at the agency, a newly created position focused on promoting climate change risk management at banks.
A coalition of financial trade groups including ABA today urged Senate Banking Committee members to reject any legislative proposal that would impose a national fee and interest rate cap of 36%, noting that such a cap would create barriers to credit access for consumers.
As more borrowers exit COVID-19 forbearance programs, the Biden administration today announced several new relief measures designed to help mortgage borrowers with loans through the Department of Housing and Urban Development, Department of Veterans Affairs and the Department of Agriculture avoid foreclosure.
Acting Comptroller of the Currency Michael Hsu today announced that his agency will propose to rescind changes to the Community Reinvestment Act regulations that were finalized in May 2020, and signaled the OCC’s intent to work together with the Federal Reserve and the FDIC on a separate joint rulemaking to overhaul the CRA framework.
The FDIC board today approved a proposal to simplify the deposit insurance rules for deposits of trusts and mortgage servicing accounts. Comments on the proposal will be due 60 days after publication in the Federal Register, and the American Bankers Association will file a comment letter.
The Small Business Administration has issued a procedural notice on how lenders can apply for SBA to purchase and charge off Paycheck Protection Program loans for which the borrower has not applied for forgiveness or made payment on the loan.
As consumers increasingly buy, hold and sell digital assets, the American Bankers Association told the FDIC today that these individuals “are best served when they can do so through banks that are subject to rigorous oversight and supervision.”
As the OCC observes the one-year anniversary of Project REACh—an initiative bringing together a broad range of stakeholders to address barriers to financial inclusion—Acting Comptroller of the Currency Michael Hsu announced that the program will expand its regional focus to three new areas: Washington, D.C., Dallas and Detroit.
Testifying before the Senate Banking Committee today, Federal Reserve Chairman Jerome Powell said that he is “legitimately undecided about whether the benefits outweigh the costs” of creating a central bank digital currency.
In a joint statement today, the Commodities Futures Trading Commission’s Market Participants Division and Division of Market Oversight emphasized to market participants and swap execution facilities the importance of an orderly transition away from Libor.