The U.S. Government Accountability Office (GAO) recently issued a report recommending that the federal banking agencies adopt a more rigorous and transparent process for identifying and eliminating outdated, unnecessary, or unduly burdensome banking regulations. Although the report focuses on improving the agencies’ review process rather than recommending the repeal of any specific regulations, its conclusions align closely with the Trump Administration’s broader effort to reduce regulatory burdens throughout the federal government.… Continue Reading
banking agencies
Federal Banking Agencies Issue Joint Guidance on Lending to Individuals Not Legally Authorized to Work in the United States
On July 13, 2026, the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and National Credit Union Administration (NCUA) issued interagency guidance reminding the financial institutions they supervise of their existing safety and soundness obligations when extending credit to individuals who are not legally authorized to work in the United States.… Continue Reading
Federal banking agencies issue policy statement on interagency notification of enforcement actions
By Alan S. Kaplinsky on
The federal banking agencies (the Federal Reserve Board, OCC, and FDIC (FBAs)), recently issued a “Policy Statement on Interagency Notification of Formal Enforcement Actions” that is intended “to promote notification of, and coordination on, formal enforcement actions among the FBAs at the earliest practicable date.” The issuance of the policy statement follows the DOJ’s announcement last month of a new policy to encourage coordination among the DOJ and other enforcement agencies when imposing multiple penalties for the same conduct to discourage “piling on.”… Continue Reading