Regulation

Who was the intended PPP target?

Who were the intended PPP grant recipients? At first, it was any company with fewer than 500 employees but then companies with access to other sources of investment, particularly the capital markets, were deemed ineligible. As news about the program spread, some suggested that profitable companies shouldn’t be eligible for the money. [Continue]

Meet your FDIC Ombudsmen

Daniel Marcotte, veteran ombudsman for the FDIC’s Chicago region, and Brent Klanderud, recently appointed ombudsman for the FDIC’s Kansas City region, spent several days this spring visiting with industry professionals to explain how they advocate for bankers who might be dissatisfied with their examiner processes or the end result. [Continue]

CFPB chief argues against self-interest

Kathleen Kraninger, the Trump-selected director of the Consumer Financial Protection Bureau, is emerging as a very intriguing public official. Criticized early on as inexperienced, Kraninger has turned out to be refreshingly selfless. Confirmed by the Senate last December on a straight-line party vote, Kraninger is attempting to take partisan politics out of the CFPB leadership job. [Continue]

The long, winding DIF road

It has been a slog for the industry to get to this point, and while the credits are appreciated, the environment was still better in the 1990s when many banks paid no premiums at all. But given how much things have changed in the last 25 years, the post-crisis premium structure seems appropriate. [Continue]

Bankers of cannabis industry gain tech tool

Shield Compliance, Seattle, has developed a compliance management system for banking legal marijuana-related businesses. Called Shield Data Hub, the technology sets out to assure compliance with Financial Crimes Enforcement Network guidelines for cannabis banking. Tony Repanich joined Shield Compliance as its COO in 2018. He previously served as executive vice president of the $1.7 billion People’s Bank, Bellingham, Wash. [Continue]

More reg relief possible

Leadership at the regulatory agencies provides hope for additional regulatory relief. Comptroller of the Currency Joseph Otting is focused on updating and clarifying CRA for both consumers and bankers. The new FDIC Chairman, Jelena McWilliams, recently outlined several reg relief priorities. And now most recently, new Federal Reserve Board Governor Michelle Bowman is talking about the importance of reg relief for community banks. [Continue]