OCC

As the nation struggles with the coronavirus, now is not the time to make major revisions to the Community Reinvestment Act.

Lenders and community groups say it's a mistake for the banking agencies to move forward during a national crisis. But Comptroller of the Currency Joseph Otting says updated Community Reinvestment Act rules would speed relief to neighborhoods and small businesses.

Accommodations for borrowers affected by the coronavirus pandemic, such as payment delays and fee waivers, are "positive and proactive actions that can manage or mitigate adverse impacts," the regulators said.

The agencies were up and running Monday but have taken steps to allow employees to work from home.

State and federal officials committed to providing “appropriate regulatory assistance” to banks whose customers may be hurt by the coronavirus outbreak and said prudent measures would not be subject to criticism by examiners.

Sen. Mark Warner led a group of Democratic senators in calling on bank, credit union and GSE regulators to give detailed instructions on helping consumer and commercial borrowers hurt by the COVID-19 outbreak.

Temporary disruptions from the coronavirus shouldn't lead to consumers having lower credit scores because of missed payments, Democrats on the Senate Banking Committee are telling banking trade groups and regulators in two separate letters.

The company disclosed that an internal review of a now-discontinued loan program found that employees engaged in misconduct tied to income verification and requirements, among other things.

Citibank is on the hook for just under $18 million in flood insurance violations, according to the Office of the Comptroller of the Currency.

Though she stopped short of mentioning the FDIC and OCC by name, Fed Gov. Lael Brainard objected to several key elements of those agencies' proposal.

The proposed changes laid out by banking regulators would clear up confusion about what qualifies for CRA credit within so-called Opportunity Zones. But not all community development advocates are convinced that the changes are for the better.

The agency’s director previewed a policy for companies under enforcement action to have their orders terminated if they comply ahead of schedule.

The agency’s director previewed a policy for companies under enforcement action to have their orders terminated if they comply ahead of schedule.

In recent months federal regulators have been speaking out on the risks that extreme weather events pose to the financial system, something their European counterparts have been doing for some time.

The 2015 decision posed new legal challenges for institutions trying to sell loans to third parties, but the federal regulatory agency proposed steps Monday for banks and debt parties to evade state interest rate caps.

The financial policy views of progressive candidates atop the presidential field are sure to worry bankers, but it would be difficult for any new president to implement sweeping regulatory changes.

JPMorgan Chase may be leading the next trend for banks seeking to shift risk away from their mortgage portfolios — if regulators give Wall Street the green light.

The four prudential agencies, which will enforce the new credit loss methodology developed by the Financial Accounting Standards Board, said they want to promote consistency.

Executives sent a letter to the federal banking regulators last month expressing concern that an alternative to the London interbank offered rate could limit credit availability.

The Office of the Comptroller of the Currency found deficiencies related to the bank's holding period for "other real estate owned."