House Panel Approves Bill to Require Regulators to Focus on Charter Simplification

The House Financial Services Committee on Wednesday approved legislation which would require federal financial regulators to develop a strategic plan to encourage the chartering of new credit unions and banks. The panel approved H.R 4590 by voice vote. The bill, sponsored by Rep. Jake Auchincloss, D-Mass., would require the regulators to conduct an 18-month study examining the challenges that newly chartered credit unions and banks face. Following that study, the regulators would be required to develop a strategic plan to promote creation of new financial institutions, particularly minority depository institutions and community development financial institutions. In a memo prepared for

House Bill Likely to Retain Postal Banking Pilot

A Republican effort to kill a postal banking pilot program contained in the House version of the FY22 Financial Services spending bill failed Monday.

The decision by the House Rules Committee not to allow Republicans to offer that amendment during floor debate of the measure all but guarantees that the $6 million pilot program will be in the House-passed version of the appropriations measure.

FinCEN to Develop ‘No Action Letter’ Program

The Financial Crimes Enforcement Network intends to develop a program that allows it to issue “no action letters” to financial institutions that request them, agency officials said recently.

Under such a program, a financial institution may submit details of an activity for evaluation by a federal regulator. If a “no action letter” is released, the regulator states that it will not sanction the institution for the activities.