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.
In a long-awaited move, the OCC today issued a proposal establishing a “clear test” to determine when a bank making a loan is considered the “true lender” in the context of a partnership between a bank and a third party.
The Financial Stability Board will undertake a holistic review of the market volatility that followed the initial outbreak of COVID-19 earlier this year, according to a report released today.
When COVID-19 accelerated customer movement into mobile and online banking solutions, and triggered consumers to push their funds into bank accounts, banks that had made investments in the digital customer experience were positioned to capitalize.
Regulatory reforms adopted by the world’s largest banks have bolstered the financial system’s ability to absorb the sudden economic shocks of the coronavirus pandemic, Federal Reserve Vice Chairman for Supervision Randal Quarles, who also chairs the Financial Stability Board, said in a speech today.
The OCC is planning to unveil what Acting Comptroller Brian Brooks called “payments charter 1.0” as soon as this fall, Brooks said on the latest episode of the ABA Banking Journal Podcast.