Brendan Pedersen

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.

GOP lawmakers on Thursday accused SEC Chair Gary Gensler of disregarding their recent request for more information about proposed climate risk disclosure rules. The episode offers a preview of the aggressive oversight Biden administration regulators are likely to face next year should Republicans take control of the House or Senate.

The senators called for the Consumer Financial Protection Bureau to consider more instant transactions to be categorized as “errors” or “unauthorized,” making them the responsibility of institutions rather than customers. 

Federal Housing Finance Agency Director Sandra L. Thompson told lawmakers on Wednesday that the agency would consider “foundational questions about mission, purpose, and organization” of the Home Loan Bank System.

Lawmakers and regulators alike appear increasingly unlikely to make significant progress in crypto policy before autumn, frustrating analysts and advocates alike.

Led by Rep. French Hill, the group of conservative lawmakers said the agency must do more to ensure appropriate transparency regarding any new products or activities that the enterprises undertake.

A group of congressional Democrats, led by Rep. Carolyn Maloney of New York and Sen. Elizabeth Warren of Massachusetts, are optimistic that an overdraft bill will be taken up in the House later this month. 

Anne Balcer, formerly of Forbright Bank, will take on the role previously held by Karen Thomas, whose retirement was announced last month.

The Department of Justice is prosecuting ex-JPMorgan Chase bankers under federal racketeering law, a move public interest advocates hope could lead to more accountability for financial firms.

A decision narrowing the power of the Environmental Protection Agency could be enough for other industries, banking included, to push back against novel interpretations of regulatory powers.

House Financial Services Committee Chair Maxine Waters is the second top Democratic lawmaker to dress down the megabank in recent weeks. Senate Banking Chair Sherrod Brown wrote a similar letter to Wells Fargo CEO Charlie Scharf in late May.