Brendan Pedersen

It remains to be seen what the capped price for Russian oil will be or whether the move will stabilize world energy prices.

The 117th Congress has been surprisingly kind to the banking industry as a whole so far. Can the trend last through the fall? 

Rep. Raja Krishnamoorthi, an Illinois Democrat who chairs the House Oversight Committee's consumer protection panel, sent letters to regulators and crypto exchanges demanding more be done to curb crypto fraud.

Banks have long lamented the lack of transparency surrounding the government's use of suspicious activity reports, which are submitted to Fincen and passed along to the department.

First elected to the House in 1992, Rep. Carolyn Maloney has played a key role in passing major financial legislation, including the 2009 "bill of rights" for credit card consumers. Rep. Jerry Nadler, another House veteran, won their intraparty clash forced by redistricting.

The $369 billion directed toward climate preparedness in the Inflation Reduction Act is expected to reverberate through the economy for years to come and could supercharge private investment in the nation's clean energy sector. 

The Federal Deposit Insurance Corp. issued the letters ordering the companies to stop making false or misleading representations of deposit insurance.

The law, signed by President Biden on Tuesday, represents the single largest investment towards climate preparedness in the history of the federal government.

A new bipartisan senate caucus organized around community development financial institutions is just the latest sign that the sector's political influence is reaching new heights. 

Rep. Carolyn Maloney has emerged as a champion of overdraft reform in the House but faces a challenging primary against fellow Democratic Rep. Jerry Nadler next Tuesday.

The three high-profile lawmakers threw their weight behind a push by Sen. Elizabeth Warren, who urged the Office of the Comptroller of the Currency to crack down on crypto activity in the banking sector.

Bank advocates say that stark government scrutiny of bank forays into digital assets has been misplaced and that if the administration would like to see responsible innovation in crypto, the banking system could be the place to do it.

The Inflation Reduction Act of 2022 will funnel nearly $400 billion in tax incentives toward clean energy projects while increasing taxes for large businesses, banks included.

A letter from Democratic senators seeking new details about unauthorized accounts is the latest political headwind for the Minneapolis bank. It comes on the heels of a $37.5 million fine by the Consumer Financial Protection Bureau.

A draft letter obtained by American Banker would ask acting Comptroller Michael Hsu to rescind several interpretive letters issued during and following the Trump administration that gave banks cover to pursue certain crypto activities.  

The effort, spearheaded by Democratic Sen. Mark Warner and Republican Sen. Mike Crapo, is the latest sign of the community development industry’s rising political prominence in Washington.

Democrats and Republicans on the House Financial Services Committee appeared diametrically opposed on the future of overdraft fees, with GOP lawmakers warning that a crackdown would push consumers toward payday loans.

First introduced in 2020, the Fair Access to Financial Services Act would require banks to serve all customers in a manner similar to existing requirements for hotels and restaurants under the Civil Rights Act of 1964.

Rumors of a bipartisan bill to set common standards for stablecoins have been circulating for more than a week, but any legislation will now have to wait until after the August recess.