Claire Williams

Bankers face a "critical limitation" due to the vast number of oversight agencies and institutions, like social media companies and telecom institutions, that a fraudster might touch on their way to scam a consumer.

A bill on reciprocal deposits passed the committee unanimously, while another measure on custodial deposits passed by a wide, bipartisan margin.

The Senate voted 48 to 47 to confirm Stephen Miran to the Federal Reserve Board, just ahead of the central bank's rate setting committee meeting.

The Senate Banking Committee voted 13-11 to favorably recommend Stephen Miran's nomination for the Federal Reserve Board to the full Senate.

At a hearing on deposit insurance reform, Republican lawmakers concluded that only the largest banks would oppose a proposal to raise insurance for business accounts to $20 million.

Opposition is building against a bipartisan bill that would raise deposit insurance for business accounts, with increased deposit insurance premiums a chief concern.

The Office of the Comptroller of the Currency is telling financial institutions that they must safeguard customer data even when federal agencies request information in criminal investigations, addressing Republican concerns about debanking that arose after the Jan. 6 Capitol attack.

A Republican-led effort to raise Bank Secrecy Act reporting thresholds gains momentum amid debanking rhetoric as lawmakers eye must-pass defense authorization as vehicle for financial regulatory reform.

Stephen Miran will take unpaid leave from and might seek to return to President Trump's Council of Economic Advisers, he said, raising conflict of interest questions in his nomination hearing for a seat on the Federal Reserve Board.

Stephen Miran, currently serving as chair of the White House Council of Economic Advisers, has been tapped to fill an open seat on the Federal Reserve Board at a time when President Trump is working to secure his hold on the central bank.