- Large U.S. banks set aside billions in reserves to prepare for potential loan losses, signaling regulatory attention to and expansion on credit servicing and credit quality.
- OCC plans to propose a new rule that would identify whether a bank or another fintech firm is the actual lender on the loan, anticipated to impact bank-fintech partnerships.
Financial services regulatory and policy news
- Outlined in a webcast its COVID-19 response that ranges from issuing education resources to supporting government agencies to deliver Economic Impact Payments
- Launched a pilot program for firms to solicit advisory opinions on uncertain requirements in CFPB regulations
- House Select Subcommittee on the Coronavirus Crisis:
- Capital markets
- Regulators urge big push to ditch Libor by end 2021
- Large banks stockpile $28 billion to cover potential loan losses
- US banks told not to use Covid-19 as cover for branch closures
- Dodd-Frank at 10: How regulation has (and hasn't) changed since law's passage
- Biggest Banks Gain $10 Billion on Fed Moves to Open Debt Markets
- Fed officials warn on 'thick fog' ahead for U.S. economy as recovery concerns deepen
- Shadow bank weaknesses forced Fed's market rescue, Quarles says
- FHFA's challenge: Convincing Supreme Court it's not CFPB
- EU’s Top Court Restricts Personal-Data Transfers to U.S., Citing Surveillance Concerns