Ebrima Santos Sanneh

The Office of the Comptroller of the Currency on Friday finalized a rule to preempt state laws that require banks to pay interest on mortgage escrow accounts.

Key insight: The Treasury's general counsel resigned the same day as the Department of Justice said it would open a $1.8 billion fund to "anyone" seeking restitution for "lawfare,"

Key insight: The White House's executive order stops short of requiring banks to verify citizenship, instead directing agencies to issue guidance on indicators of suspicious activity involving undocumented workers.

Comptroller of the Currency Jonathan Gould reiterated his pro-preemption stance Wednesday in response to a question on whether he would move to preempt other state laws — like one passed by the state legislature earlier this month in Colorado — if they come to fruition.

Key Insight: The Federal Deposit Insurance Corp. would need to inform the Treasury's Financial Crimes Enforcement Network a month before it issues

The White House has issued an executive order directing banks and financial regulators to monitor suspicious financial activity tied to undocumented workers under anti-money-laundering rules, while stopping short of requiring banks to verify customers' citizenship status. The order tasks the Treasury Department and regulators with developing guidance on red flags, credit risks and possible updates to Bank Secrecy Act and customer identification rules over the coming months. Banking groups and credit unions expressed cautious relief that stricter citizenship verification was avoided, though analysts warned the measures could still increase compliance burdens and expand financial surveillance tied to immigration enforcement.

Key insight: Banks made $80.5 billion in the first quarter, with the rate of lending at its fastest pace in years.

Key insight: Trust charters offer simpler nationally applicable regulatory structure and preemption, without things like bank capital, deposit insurance or consolidated supervision.

Key insight: A trade group representing retailers says the Office of the Comptroller of the Currency rule wrongfully shields credit card operators and banks from oversight imposed by states.

Reporter Ebrima Santos Sanneh covers the Treasury, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency for American Banker. He is a... Read full bio