Months after President Trump vowed that Wells Fargo would pay a severe penalty, the CFPB and OCC hit the bank with a $1 billion fine to settle claims it overcharged customers for auto insurance and home loans.
Banking regulatory agencies Thursday announced that they would raise the aggregate loan commitment threshold for syndicated loans to be included in the Shared National Credit program from $20 million to $100 million.
The industry derides the proprietary trading ban as costly, and the Trump administration has heard those concerns. Yet regulators must choose between subtle though expedient pin-prick changes versus a more drastic overhaul.
A GAO determination has effectively nullified a 2013 leveraged lending guidance. But that leaves the future uncertain about what, if anything, regulators will devise to replace it — and how banks should treat such loans in the meantime.