A national banking regulator took the first step Tuesday toward rewriting rules for lending in lower-income neighborhoods, an effort that could allow institutions to redirect billions of dollars spent on loans and investments.
On August 28, The Office of the Comptroller of the Currency issued more than 30 questions Tuesday asking the public how it can revamp a 40-year-old law that grades banks on their lending to low-and-moderate income communities.
“Banks have a continuing responsibility to meet the credit needs of their communities, but in recent years banking has seen major changes,” said Richard Hunt, president and CEO of the Consumer Bankers Association, in a statement.
Booker wants to bar banks from charging ‘unfair’ overdraft fees
By Joe Hernandez
August 6, 2018
In a move to end an “unfair” practice he said traps consumers in a “vicious cycle of poverty,” U.S. Sen. Cory Booker of New Jersey has introduced a bill that would prohibit banks from charging customers certain overdraft fees.
On July 9, President Trump announced that U.S. Circuit Court of Appeals for the District of Columbia Judge Brett Kavanaugh would be his nominee to replace Justice Anthony Kennedy on the Supreme Court of the United States (SCOTUS). Ultimately, we expect Judge Kavanaugh to win confirmation and consequently cement a reliably conservative majority on the SCOTUS. We include below four brief observations at this stage of the process.
The private student loan industry may soon get more favorable treatment on the government’s financial-aid website.
Right now, the Department of Education’s Office of Federal Student Aid website presents private student loans as an option students should only consider after loans offered by the government. But the site could soon take a less-biased approach towards private loans, according to reports of a speech given by Wayne Johnson, the head of FSA’s strategy and information office at a lending conference on May 9.
The Office of the Comptroller of the Currency (OCC) on Wednesday pushed U.S. banks to offer short-term loans to customers with troubled credit histories, a practice shunned by the regulator five years ago.
The Senate voted 69-24 Thursday to confirm banking attorney Jelena McWilliams as chairman of the Federal Deposit Insurance Corp.
McWilliams, who was most recently chief legal officer at Fifth Third, previously served as a Senate GOP aide and an attorney at the Federal Reserve Board. The White House announced the nomination in November.
The confirmation of McWilliams largely completes President Trump’s bank regulatory team, giving policymakers the opportunity to re-examine and potentially scale back existing rules, including the Dodd-Frank Act’s Volcker Rule.