Financial institutions

Comptroller of the Currency Jonathan Gould said Tuesday that chartering compliant fintechs is "the only way" to level the playing field between banks and nonbanks. His comments come as the Office of the Comptroller of the Currency weighs new trust charters and stablecoin rules.

Financial literacy advocate John Hope Bryant has joined with a Los Angeles-based developer in an effort to raise up to $300 million from banks to preserve and construct low-income housing around the country.

The Consumer Financial Protection Bureau is rescinding two rules issued under former CFPB Director Rohit Chopra that required nonbanks to register court orders, plus terms and conditions of contracts.

The Arkansas-based company spent nearly four years on the M&A sidelines, grappling with asset quality issues and litigation tied to its 2022 acquisition of Texas-based Happy State Bank. Now it's signed a letter of intent to buy an unnamed bank.

Six trade groups warned the administration layoffs and funding freezes could dampen lending, threatening the administration's goal of economic growth.

The Office of Management and Budget issued reduction in force notices to Treasury staff working in the Community Development Financial Institution office Friday, saying that the layoffs are necessary to "implement the abolishment" of the fund.

The CDFI Fund is updating definitions of eligible activity to be considered for the funds, including removing climate-focused financing and references to race and ethnicity.

A proposed rule published Tuesday in the Federal Register would limit the Consumer Financial Protection Bureau's ability to designate nonbank entities for supervision.

The Office of Management and Budget under President Donald Trump has not apportioned any discretionary awards to financial institutions in the fiscal year of 2025, according to new documents released by the agency.

The CDFI Fund has yet to announce and disburse awards for five programs, even though applications closed months ago, the lawmakers said in a letter to Office of Management and Budget Director Russell Vought.