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.
Noting the rapid technological transformation of financial services, the Justice Department’s Antitrust Division today requested public comments on whether and how it should revise its guidelines—virtually unchanged since 1995—for reviewing the competitive effects of bank mergers.
The Community Reinvestment Act should be expanded to cover credit unions, other nonbank lenders and insurers, according to the National Community Reinvestment Coalition.