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 White House's pick for vice chair for supervision, Sarah Bloom Raskin, took the brunt of criticism from Republicans on Thursday. But it seemed to do little to sow doubt among the Senate Banking Committee's moderate Democrats about Raskin or fellow nominees Lisa Cook and Philip Jefferson.
February 3 -
The draft legislation authored by Rep. Josh Gottheimer, D-N.J., would allow "qualified" nonbanks to issue stablecoins and create an insurance fund to offset losses.
February 2 -
Republicans have knocked Sarah Bloom Raskin as too liberal on climate change and Lisa Cook as underqualified ahead of a Senate Banking Committee hearing Thursday. Meanwhile, a Democratic senator's illness threatens to stall nomination votes in the full chamber.
February 2 -
The business lobby has been uncharacteristically critical of some key White House picks like Sarah Bloom Raskin for Fed governor, a sign that banking policy is seen as having a more direct economic impact than in the past.
January 30 -
The Federal Reserve, FDIC, OCC and CFPB — increasingly under the leadership of Democratic appointees — are gearing up to regulate cryptocurrency, modernize the Community Reinvestment Act and give consumers more control of their personal data. Here's a look at the policy changes they're mulling.
January 27 -
A proposal by the Financial Crimes Enforcement Network would create a pilot program allowing banks to do something they've long wanted: share suspicious activity reports with their own units in other countries. But many banks may take a pass if the agency doesn't ease the compliance requirements, experts say.
January 24 -
A long-awaited report from the Federal Reserve is a historic step toward the possible development of a central bank digital currency. But the Fed emphasized it would not create one without a clear directive from Congress and the White House.
January 20 -
Probably, observers say, but the clock is ticking now that the legislation’s author, Rep. Ed Perlmutter, has decided to leave Congress at year-end. And political wrangling could lead to significant alterations.
January 19 -
The Irvine, California, bank has been beset by compliance woes since early 2021, when state regulators issued an order requiring it to bolster its capital and reduce the concentration of its commercial real estate footprint.
January 19 -
The Federal Reserve Board would become far more diverse if Sarah Bloom Raskin, Philip Jefferson and Lisa Cook are confirmed by the Senate. Jefferson and Cook are respected economists seen as likely to get the nod, but Republicans will challenge Raskin's assertions that bank regulators can play a vital role in combating climate change.
January 14
