The National Credit Union Administration proposed amendments to its chartering and field of membership rules with the goal of expanding financial services made available to low- and moderate-income communities.
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The Federal Reserve Board, the FDIC and the OCC extended previously issued no-action relief to asset managers and other institutions from regulations that limit extensions of credit to "insiders."
A bank settled parallel SEC and Federal Reserve Board charges for (i) extending lines of credit to affiliates of the bank's CEO without the majority approval of its board, (ii) failing to disclose related party loans in annual reports and proxy statements, and (iii) issuing materially misleading statements.
In a new report, the Congressional Research Service reviewed the federal and state bank charter process and analyzed risks associated with potential charters for FinTech firms and certain issuers of cryptocurrency.
On January 18, 2022, the OCC conditionally approved Social Finance, Inc. applications to charter a full-service national bank.