Brendan Pedersen

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.

Rep. Ed Perlmutter, the bill’s chief sponsor, said the decision would allow people to “continue to be killed” as cannabis companies’ cash is targeted by crime.

Lawmakers on the Senate Banking Committee voiced some scattered support for changes to improve the finances of the National Flood Insurance Program, but comprehensive reform appears out of reach. 

The legislation, sponsored by Rep. Carolyn Maloney, D-N.Y., is said to have been withdrawn from consideration by the House Financial Services Committee because it lacked the necessary Democratic votes to pass.

Several Democratic bills to support down-payment assistance for mortgage borrowers and other housing programs met with protests from Republicans, who said the legislation would further fuel inflation. The GOP maneuvers failed, but they highlighted the parties’ differing priorities ahead of the midterm elections.

The Bank Policy Institute and the Financial Services Forum argue that the agency’s proposal could conflict with bank regulators’ efforts to address climate change. They are also criticizing the SEC’s proposed treatment of so-called Scope 3 emissions.

Michelle Bond, CEO of the Association for Digital Asset Markets, says she will compete as a Republican in a bid to succeed House Financial Services Committee member Lee Zeldin after he leaves Congress in 2023.

Wells Fargo, U.S. Bancorp, Truist Financial and PNC Financial were among the banks that said they are raising their prime lending rates from 4.0% to 4.75%.

The hearing would have featured debate on a number of housing bills, along with a measure to block commercial firms from owning industrial banks and new limits on overdraft fees. House Financial Services Committee Chair Maxine Waters has tested positive twice since April.

The legislation, due for a House floor vote soon, would require the Federal Reserve to promote economic opportunity and fair access to credit for racial, ethnic and other groups that have long been targets of discrimination.

A long-running conservative push to undercut federal regulatory authority could shake the foundations of U.S. banking law, for better and worse.