The Federal Reserve’s top banking regulator on Tuesday released new guidelines for the agency’s supervision of the financial system, earning praise from industry trade groups and criticism from her predecessor.

The pending merger between Capital One and Discover Financial services received approval from several regulators Friday, bringing the $35 billion tie-up closer to completion.

The U.S. Office of the Comptroller of the Currency hit USAA with a cease-and-desist order on Dec. 18 regarding what the national bank regulator describes as “new or continuing violations” by USAA Federal Savings Bank.

The Biden administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals.

Key financial regulators having approved U.S. Bank’s $8 billion acquisition of Japanese financial titan MUFG’s Union Bank franchise.

President Joe Biden nominated Saule Omarova to be the nation’s next comptroller of the currency in September.

The Justice Department has announced a cross-government effort to investigate and prosecute redlining, the practice of banks discriminating against racial minorities or certain neighborhoods.

Congress has overturned a set of regulations enacted in the final days of the Trump administration that effectively allowed payday lenders to avoid state laws capping interest rates.

The Biden administration is repealing changes made by the Trump administration to an important law aimed at stopping banks from discriminating against racial minorities and the poor.

SAN ANTONIO – Editor’s note: This story was published through a partnership between the San Antonio Business Journal and KSAT. The Office of the Comptroller of the Currency issued an $85 million civil penalty against San Antonio-based USAA Federal Savings Bank on Wednesday, citing failures with the bank’s risk management and compliance, according to a news release. The OCC said these issues led to violations of the Servicemembers Civil Relief Act and the Military Lending Act, and that the bank is working to remedy the violations under a 2019 consent order. “The bank has failed to implement and maintain an effective compliance risk management program and an effective [information technology] risk governance program commensurate with the bank’s size, complexity and risk profile,” according to the OCC’s latest consent order. Read more on USAA’s previous violations at the San Antonio Business Journal.

SAN ANTONIO – The federal government has ordered USAA to pay an $85 million civil penalty. The Office of the Comptroller of the Currency said deficiencies led to violations of the Military Lending Act and the Service Members Civil Relief Act. Among the deficiencies the OCC found were:USAA failed to implement, maintain an effective compliance risk management program and an effective IT risk governance program commensurate with the bank’s size, complexity, and risk profile. USAA has deficiencies in all three lines of defense (first-line business units, independent risk management, and internal audit) in its compliance risk management program. The Office of the Comptroller of the Currency said USAA Federal Savings Bank is working to fix its violations.