GAO Says Banking Agencies Struggle to Remove Outdated Rules
Legis1 Editorial Team
Federal banking regulators have been conducting reviews of their own rulebooks for nearly three decades without the basic infrastructure to know whether those reviews actually work.
A new Government Accountability Office report found that the three major banking agencies lack documented procedures for identifying outdated regulations or determining whether to act on problems they find. This has resulted in a regulatory system where banks face requirements that may be unnecessary, and no one can reliably say whether the review process designed to fix this is doing its job…
Read moreEx-Credit Union CEO Asks Supreme Court to Decide Constitutional Questions Over NCUA Enforcement Authority
Peter Strozniak, Credit Union Times
Former credit union CEO Jeffrey Moats asked the U.S. Supreme Court to review a federal appeals court decision that prevented him from challenging the constitutionality of the NCUA’s administrative enforcement system.
Moats’s petition for a writ of certiorari was placed on the Supreme Court’s docket on July 8 as case No. 26-45. The justices will decide whether to hear his case after reviewing the petition and any response from the NCUA…
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For Examiner Eyes Only: The Safest Ways for Financial Institutions to Share Sensitive Information
Tara Payne, Bank Policy Institute
Regulators require banks and other financial institutions to share certain sensitive information as part of the examination process.
This information can include roadmaps to the institution’s cybersecurity defenses, CEO succession plans and M&A proposals. Given the sensitivity of such data and the rise in sophisticated cyber threats, it’s critical that financial firms can keep their information secure — including when examiners need to access it…
Read moreUpstart Nabs Conditional Bank Charter
Gabrielle Saulsbery, Banking Dive
“We’ve been challenged extensively throughout the process, and that’s exactly what should happen when an institution is seeking the privilege of becoming a national bank,” an Upstart executive said.
Upstart Holdings received conditional regulatory approval to start its own bank, the artificial intelligence marketplace said Thursday. The Office of the Comptroller of the Currency conditionally approved Upstart’s charter application about four-and-a-half months after it was submitted…
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