Brendan Pedersen covered Capitol Hill and regulatory politics for American Banker until September 2022. From 2019-2021, he covered the Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency as well as fintech policy. Originally from Chicagoland, he was previously a staff writer for Kiplinger's Personal Finance and covered local business affairs in Denver, Colorado for BusinessDen.
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Saule Omarova supports allowing the Federal Reserve to hold customer deposits and is skeptical of big-bank M&A. While those views are unpopular in the industry, banking critics hailed the choice to lead the Office of the Comptroller of the Currency.
September 23 -
The agency’s enforcement action against Better Future Forward says the nonprofit’s income-share agreements — an alternative education finance product — must follow the Truth in Lending Act just like other forms of student loans.
September 7 -
Sens. Sherrod Brown and Elizabeth Warren criticized Federal Reserve Chair Jerome Powell over reg relief policies instituted by the central bank, signaling that some progressive lawmakers may be reluctant to give him a second term.
July 15 -
Income share agreements, which allow college graduates to repay tuition financing as a percentage of their future income, have come under fire lately from consumer advocates for questionable marketing and other potential legal violations. Some hope a partnership between a Virginia bank and an ISA provider will give the product more legitimacy, while others worry it just masks risks for borrowers.
July 12 -
A congressional resolution that invalidates the regulation issued last fall by the Office of the Comptroller of the Currency would help regulators crack down on so-called rent-a-bank schemes that promote predatory lending, the president said before signing the measure.
July 1 -
Some worry the Senate’s rejection of the OCC rule hampers efforts to clarify legal standards for banks selling loans to fintechs.
May 12 -
Acting Comptroller of the Currency Michael Hsu said he plans to prioritize "solving urgent problems and addressing pressing issues" until the Biden administration selects a permanent head of the agency.
May 10 -
The Treasury Department announced that Michael Hsu, a senior official at the Federal Reserve, would lead the national bank regulator until a Senate-confirmed comptroller is in place.
May 7 -
Critics say the regulation issued by the Office of the Comptroller Currency is a gift to predatory lenders. But the trade organizations warned lawmakers that invalidating it will make it difficult for the agency to create an improved framework in the future.
May 6 -
Three months into President Biden’s term, the White House has yet to select a nominee to run the Office of the Comptroller of the Currency or pick an acting chief. That inaction will make it more difficult for Democrats to unwind Trump-era policies, critics say.
April 23
