Testifying before the Senate Banking Committee today, Saule Omarova—President Biden’s nominee to serve as the next comptroller of the currency—faced tough questions from lawmakers on both sides of the aisle about her views on banking, including her opposition to the bipartisan S. 2155 regulatory reform law that was championed by the American Banking Association.
A Tennessee court today issued a temporary injunction blocking the sale of Memphis-based Financial Federal Bank, a subsidiary of FedCorp, to Orion Federal Credit Union.
In prepared testimony submitted ahead of her nomination hearing tomorrow, Saule Omarova, President Biden’s nominee for comptroller of the currency, said her top priority if confirmed “will be to guarantee a fair and competitive market where small and mid-size banks that invest in their neighbors’ homes and small businesses can thrive, and where every community—regardless of wealth, geography, or history—has access to safe and affordable financial services.”
Challenging a recent report from the President’s Working Group on Financial Markets, Federal Reserve Governor…
In a joint letter with the Independent Community Bankers of America and the National Community Reinvestment Coalition today, the American Bankers Association urged lawmakers to schedule an oversight hearing for the National Credit Union Administration, in light of several recent NCUA rulemakings that the groups said “would undermine important statutory guardrails designed to protect low-income consumers.”
The American Bankers Association and a coalition of financial trade groups expressed opposition to a proposed Small Business Administration direct lending program that has been included in the Biden administration’s “Build Back Better” legislation.
Credit unions fell behind banks in terms of customer satisfaction, according to the 2021 American Consumer Satisfaction Index released this week.
The FDIC, OCC and Federal Reserve today issued an annual report outlining differences among the accounting and capital standards used by the agencies for insured depository institutions, as required by the Federal Deposit Insurance Act.
The Sixth Circuit Court of Appeals was chosen to hear the complaints filed by several governors and private entities challenging the emergency temporary standard that would require all employers with 100 or more employees to be fully vaccinated or tested weekly for COVID-19.
The Basel Committee on Banking Supervision today released outlined principles for the effective management and supervision of climate-related financial risks.