Brendan Pedersen

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 Carolyn Maloney, D-N.Y., is said to have been withdrawn from consideration by the House Financial Services Committee because it lacked the necessary Democratic votes to pass.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

The letter from House Financial Services Chair Maxine Waters and Rep. Al Green points to laws passed by some state and local legislatures where financial institutions have been required to disclose whether they had ever profited from slavery in order to operate in their jurisdiction.

The Ohio Democrat and chair of the Senate Banking Committee acknowledged banks’ existing privacy obligations under the Gramm-Leach-Bliley Act but argued that the 1999 law did not go far enough to address the privacy landscape of 2022.

A report from the Roosevelt Institute published Monday urges Biden’s bank regulators to address climate risks through supervisory guidance, a move unlikely to garner support from banks. 

In a letter Tuesday to CEO Charlie Scharf, Senate Banking Committee Chair Sherrod Brown pointed to recent media reports and said he expected Wells Fargo to develop a plan addressing “weaknesses that have plagued the bank for almost a decade.”

The Secure and Fair Enforcement Banking Act would take the uncertainty out of banking and payments transactions involving legal cannabis businesses. The bill has languished in the Senate for years, but there's optimism it could finally reach the president's desk. Here are four ways that could happen.

A bipartisan group of senators is calling for a bill allowing banks to serve the legal cannabis industry to be included in the U.S.-China trade bill, ending a yearslong blockade of the popular legislation.

The Michigan State University economist endured a grueling political fight over her nomination and secured a party-line vote in her favor on Tuesday night. 

A bipartisan group of senators Tuesday urged the Treasury Department and the Financial Crimes Enforcement Network to speed up implementation of the Corporate Transparency Act. It's only the latest of several efforts by lawmakers urging regulators to move faster since Fincen missed the statutory implementation deadline in January.

Treasury Secretary Janet Yellen pointed to a recent implosion of the experimental TerraUSD stablecoin — which uses an algorithm rather than fiat currency pegging to maintain its value — as the latest evidence for urgently needed regulation in the sector.