CRA reform; NY Fed Household Debt & Credit Report; FTC expand competition in marketplace inquiries; CA/NJ may establish public banking.
OCC indicated it may propose CRA reform ahead of the other banking agencies and the FRB stated they are working toward a joint rule or “common answer.”
The New York Fed’s Quarterly Report on Household Debt and Credit found that total household debt has increased for 21 consecutive quarters and has reached an all-time high; other related regulatory reports include three FDIC studies on nonbank lending and reports from the CFPB and FINRA on the financial well-being of customers.
FTC is reportedly expanding its inquiries related to competition in the marketplace by reviewing debit card transactions and routing restrictions for certain electronic payments providors and large debit card issuers.
California and New Jersey are taking steps to establish public banking.
Financial services legislative and regulatory news