The Federal Reserve has delayed a same-day payment window for automated clearinghouse transactions, saying there is not enough time to provide notification. The window was to be added in September 2020 but will take six more months to implement.
The Dodd-Frank Act requires a rule on incentive compensation for executives, but regulators have not settled on one, after issuing two proposals in 2011 and 2016, and a third proposal is unlikely. Part of the difficulty is getting the six agencies responsible to come up with a joint decision.
Wells Fargo has failed to reform its risk controls and governance three years after problems with the bank's sales practices were revealed, according to the Office of the Comptroller of the Currency. The bank's efforts are disappointing, the OCC said.
Citigroup is simplifying its organization and making some of its 2019 expense cuts sooner than previously planned, Chief Financial Officer Mark Mason said. He added that the changes include improvements to the bank's internal processes.
The merged BB&T-SunTrust Bank is expected to be regulated by the Federal Deposit Insurance Corp. and the North Carolina Banking Commission, with the Federal Reserve supervising the holding company. BB&T has not indicated whether it will change its status as a state nonmember for the merged bank, which will be chartered in North Carolina.
Members of the Senate banking committee questioned Consumer Financial Protection Bureau Director Kathy Kraninger on military lending protections and student loans in her first appearance before the panel. Democrats on the committee also criticized the CFPB's decision to reconsider a small-dollar lending rule.
Revisions to the Community Reinvestment Act might include separate assessments for retail activity and community development, Federal Reserve Governor Lael Brainard says. Bank size might become a factor in determining requirements, she says.
KeyCorp is not considering another acquisition and is not focused on being a nationwide retail bank, Chief Financial Officer Donald Kimble says. A 2016 acquisition of First Niagara Financial Group was a unique opportunity, Kimble says.
The Consumer Financial Protection Bureau would no longer set its own budget but would need congressional approval under President Donald Trump's budget proposal. The Financial Stability Oversight Council and Office of Financial Research would also need to ask Congress for budget approval.