On the latest episode of the ABA Banking Journal Podcast, Rob Morgan and Matthew Daigler join to provide quick-fire updates on a variety of fintech-related policy issues.
Following significant liquidity strains—particularly among money market mutual funds—at the outset of the COVID-19 pandemic last March, the Financial Stability Board will publish a report in July outlining “consequential policy proposals” to improve MMF resilience.
In this episode, podcast co-hosts Evan Sparks and Monica C. Meinert review highlights from the ABA’s just-concluded virtual Washington Summit. If you missed the Summit, tune in for insight and analysis on the past few days, and if you watched the virtual event, revisit all the highlights in just 20 minutes.
Two firms—Thrivent Financial and Brex—have submitted applications in recent days to the Utah Department of Financial Institutions and the FDIC to operate industrial loan company subsidiaries.
The American Bankers Association joined the Independent Community Bankers of America and the Credit Union National Association yesterday asked Acting Comptroller of the Currency Blake Paulson to withdraw an interpretive letter and the conditional approval for two recent trust charters, in accordance with a Jan. 20 White House memo calling for a regulatory freeze.
The American Bankers Association submitted comments to the Conference of State Bank Supervisors last week urging that state regulators align prudential standards for nonbank mortgage servicers with those of the federal banking agencies.
The share of U.S. households that are unbanked continued falling in 2019, reaching 5.4%, the lowest rate yet recorded in a biennial FDIC report.
Noting that banks have performed well and been a “source of strength” in the U.S. economy during the coronavirus crisis, “the same cannot be said for important parts of the system of nonbank financial intermediation,” Federal Reserve Vice Chairman for Supervision Randal Quarles said today.
While welcoming the OCC’s efforts to clarify factors that identify the “true lender” of a loan made through bank partnerships with nonbank fintech firms, ABA today expressed concern that the OCC’s proposed rule is overly broad.