Comptroller, Fed supervision leader recommended for confirmation

September 7, 2017 OCC, The Fed 0

Nominations for Comptroller of the Currency and Federal Reserve vice chairman for supervision were recommended for confirmation to the full Senate Thursday by the Senate Banking Committee on split votes. The committee recommended, 13-10, that Joseph Otting be confirmed as comptroller; one Democrat, Sen. Heidi Heitkamp (N.D.) joined all Republicans in voting for the recommendation. The vote for Randal Quarles to be Fed supervision vice chairman was 17-6, with several Democrats joining all Republicans. No date has been set for full Senate consideration of the nominations. Otting, if confirmed, would replace Acting Comptroller Keith Noreika, who has been in office since May. Quarles would be the first to fill the post of supervision vice chairman if confirmed.

False claims about student loan costs, graduate hiring rates lead to action against for-profit school, CEO

April 17, 2024 0

Deceiving students about the cost of loans and making false claims about graduates’ hiring rates have led to a consent order and a civil money penalty (CMP) against a San Francisco-based, for-profit vocational school and its CEO, the federal consumer [...]
‘Cautiously optimistic’ economic outlook noted in latest Beige report

April 17, 2024 0

Mixed results on consumer spending, “roughly flat” bank lending and some increases in residential construction and tourism were noted by the Federal Reserve in its April Beige Book report on economic conditions. The report is based on information collected on [...]
Cross-border resolution planning topic for U.S., European regulators with eye toward GSIBs

April 16, 2024 0

A coordination exercise of cross-border resolution planning among regulators and supervisors from the U.S., the United Kingdom (UK) and the European Banking Union (EBU) is set for Saturday, the federal bank deposit insurance agency said Tuesday. The conference, the Federal [...]
Final, procedural rule aims to streamline process for designations of nonbanks

April 16, 2024 0

Procedures for designating a nonbank for supervision by the federal consumer financial protection agency were updated Tuesday, the agency said, and will streamline the process for both it and the nonbanks. The Consumer Financial Protection Bureau (CFPB) said the final, [...]
FDIC panel on community banking meets May 2

April 16, 2024 0

The federal bank deposit insurer’s Advisory Committee on Community Banking is set to meet publicly May 2 on issues of interest to community banks, according to a notice in Tuesday’s Federal Register. The Federal Deposit Insurance Corp. (FDIC) notice says [...]
CFPB’s community bank panel to meet April 30

April 16, 2024 0

A public meeting of its Community Bank Advisory Council (CBAC) is slated for April 30 from 1-3:30 p.m. Eastern, the Consumer Financial Protection Bureau (CFPB) said in a notice posted online and in Tuesday’s Federal Register. The bureau said the [...]
Rising use of fraud related to counterfeit passport cards impels notice to banks to be on alert

April 15, 2024 0

Fraud schemes related to the use of counterfeit U.S. passport cards has prompted a notice to financial institutions from the Treasury’s financial crimes enforcement unit, the agency said in a notice issued Monday. According to the Financial Crimes Enforcement Network [...]

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