Claire Williams

Luke Pettit could have an expanded role compared to previous assistant secretaries for financial institutions as President Donald Trump eyes Treasury lead for deregulatory agenda.

While Republicans and Democrats found some agreement that consumers of all stripes should be included in the banking system, they differed wildly on who is to blame for banks dropping customers.

Sen. Tim Scott, R-S.C., the chairman of the Senate Banking Committee, said they would try to pass crypto and stablecoin bills in the first 100 days of the Trump administration.

A bill offered by Rep. Roger Williams, R-Texas, would repeal Dodd-Frank Section 1071 and eliminate any data-collection requirements for the Consumer Financial Protection Bureau.

The Consumer Financial Protection Bureau's Rohit Chopra in a letter to President Donald Trump confirmed that his "term as CFPB Director has concluded."

State banking associations across the country said that Michelle Bowman should be the Federal Reserve vice chair for supervision, not least because she already sits on the Fed board and could start immediately.

Federal Reserve Gov. Michelle Bowman is widely seen as the president's most likely choice for vice chair for supervision, a position soon to be vacated by Michael Barr. But while Bowman is the administration's most straightforward option, it's not the only one being considered.

Russell Vought, should he be confirmed by the full Senate, would join a short list of those able to lead the CFPB, as his predecessor Mick Mulvaney did, per the requirements of the Vacancies Act.

The chair of the Senate Banking Committee said the Trump administration will soon address the future of the Consumer Financial Protection Bureau director. "I think we're going to be happy with the answer they give us and the person they give us as well," the Republican from South Carolina said.

The final vote was 68-29 in favor of Senate the confirmation of the billionaire hedge fund manager.

The Michigan-based institution lowered overdraft and nonsufficient fund fees to 99 cents amid a torrent of regulatory rulemaking and action related to overdraft.

The Senate Banking Committee and House Oversight Committee will hold hearings next week on banks dropping customers, an issue that has gained currency from crypto enthusiasts in recent months.

Bankers applauded the news, which means that it's possible for crypto-custody efforts at depository institutions to scale.

A document circulated by the House Ways and Means Committee makes a number of suggestions for cutting federal spending, including revoking the federal tax exemption for credit unions and eliminating the Federal Deposit Insurance Corp.'s orderly liquidation authority.

Scott Turner, President Trump's pick to head the U.S. Department of Housing and Urban Development, faced opposition from Democrats on the Senate Banking Committee, but his nomination was nonetheless approved by a vote of 13-11.

The hedge fund manager and Trump advisor also lent support to the idea of reconsidering deposit insurance limits for some kinds of accounts, such as those used for payrolls.

Hedge fund manager Scott Bessent, President-elect Donald Trump's pick for Treasury Secretary, will appear before the Senate Finance Committee for his confirmation hearing Thursday morning starting at 10:30 am.

The chairman of the financial institutions panel of the House Financial Services Committee said his newly reintroduced bill has a considerable chance of passing with Republicans in control of both chambers of Congress and the White House.

The Supreme Court heard oral arguments in Thompson v. United States, which could decide whether the federal government can prosecute "misleading" in addition to "false" statements to the Federal Deposit Insurance Corp.

Leadership appointments and an influx of new crypto-friendly lawmakers suggest the 119th Congress could be the most fintech and crypto-friendly in years.