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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The committee's top Republican warned that banks that prove too deferential to left-leaning social causes could face consequences the next time the GOP controls Congress.
September 22 -
The bank leaders were grilled on their long- and short-term expectations for the U.S. economy, the potential impact of capital reform under the Biden administration, banks' investments in Chinese markets, and the future of oil and gas lending.
September 21 -
The product of bipartisan negotiations reviewed by American Banker gives nonbanks the all-clear to issue stablecoins, but keeps the licensing powers with the Federal Reserve and bars algorithmic stablecoins for two years.
September 20 -
Three large regional bank CEOs will join their megabank counterparts delivering testimony to Congress for the first time this week.
September 20 -
"The SEC may not want to answer to Congress on its climate disclosure rule, but ultimately, the SEC will have to answer to the courts — which should make it nervous," the Senate Banking Committee's Pat Toomey warned the agency's chairman, Gary Gensler.
September 15 -
Many leading bank trade associations have called industrial loan companies a regulatory "loophole" that must be closed, but a bipartisan group of senators has their back.
September 15 -
Senate Banking Committee Chair Sherrod Brown, D-Ohio, called for rules to protect buy now/pay later and earned wage access users and harshly criticized training repayment agreements. But Sen Pat Toomey, R-Pa., and industry advocates defended financial innovation.
September 13 -
In an exclusive interview, the moderate Virginia Democrat and co-chair of the Community Development Financial Institution Caucus touched on the future of community development, cybersecurity and nonbank regulation.
September 9 -
Republican Sen. Pat Toomey criticized the degree of "opacity" surrounding some community benefit agreements, or written deals between banks and community groups ahead of a merger that often involve billions of dollars of commitments.
September 8 -
The new Federal Reserve vice chair for supervision called for capital requirements that target higher-risk activities and more complex organizations; merger decisions that factor in a deal's impact on accessibility of financial services; and better tests for evaluating banks' preparedness for climate change.
September 7