Claire Williams

The Federal Reserve and the Federal Deposit Insurance Corp. found shortcomings in the living wills of Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase, although the FDIC deemed Citi's resolution plan as "deficient."

The Senate Banking Committee will consider the nomination of Christy Goldsmith Romero — the administration's pick to take over the Federal Deposit Insurance Corp. — on July 11.

Sen. Elizabeth Warren, D-Mass., an influential progressive member of the Senate Banking Committee, decried reported meetings between Federal Reserve Chairman Jerome Powell and large bank CEOs who want the Basel III endgame proposal weakened.

Senate Banking Committee chair Sen. Sherrod Brown, D-Ohio, is the latest progressive to express some skepticism on the Office of the Comptroller of the Currency's merger review, especially when compared to the relatively stricter Federal Deposit Insurance Corp. version.

Christy Goldsmith Romero — the White House's pick to succeed Martin Gruenberg as chair of the Federal Deposit Insurance Corp. — has generated little pushback from Senate Republicans, though her lack of bank supervisory experience and her record on cryptocurrency are the most likely lines of attack during her confirmation process.

Heightened regulatory scrutiny following Synapse Financial's bankruptcy will likely lead to stricter regulatory oversight of fintech-bank partnerships, potentially putting a damper on those collaborations in general, and Banking-as-a-Service offerings in particular.

Bankers still mostly back Republicans, according to Federal Elections Commission data, but the Biden administration is centering its pitch for support on the economy, regulatory stability and promising higher taxes for the wealthy and corporations.

Consumer Financial Protection Bureau Director Rohit Chopra touted the bureau's work on data privacy and open banking, and asked that lawmakers on both sides of the aisle pursue legislation to further consumer protections.

President Joe Biden also nominated fellow Commodity Futures Trade Commission board member Kristin Johnson to a top bank regulatory post at the Treasury Department.

Consumer Financial Protection Bureau Director Rohit Chopra pushed back against a new argument posed by Senate Republicans that the bureau may only be funded if the Federal Reserve earns a profit.

An interchange provision included in Illinois' budget bill could force banks and payment processors nationwide to revamp their payments infrastructure, lobbying groups for the industry say.

Sen. Elizabeth Warren, D-Mass., a powerful member of the Senate Banking Committee's progressive wing, said that the Federal Home Loan banks have "failed to deliver on their housing and community development mission."

The Consumer Financial Protection Bureau issued a final rule pursuant to its broader open banking proposal Wednesday that would require standard-setting bodies to include public interest consumer groups and others to receive bureau recognition.

A bill to draw crypto's jurisdictional lines between the Securities and Exchange Commission and the Commodity Futures Trading Commission is pitting increasingly crypto-friendly Democrats against consumer protection hawks in the Senate.

The Supreme Court decided to rule narrowly in Cantero v. Bank of America, N.A., sending the case back to the Court of Appeals for the Second Circuit with instructions to perform a more nuanced analysis on whether a New York escrow law unfairly discriminates against national banks.

A federal judge in Texas is locked in a back-and-forth with an appeals court over whether the industry's challenge to a cap on credit card late fees should be moved to Washington, D.C.

The Illinois state legislature, as part of an agreement with retailers to raise state tax revenue, passed a budget bill that would bar the collection of interchange fees on sales taxes, excise taxes and tips for transactions that would be subject to Illinois sales taxes.

House Financial Services Committee Chair Rep. Patrick McHenry, R-N.C., told Federal Deposit Insurance Corp. Chairman Martin Gruenberg to make himself available for a June 12 hearing on the agency's workplace culture.

The bill includes a provision that would codify Republicans' and the banking industry's complaints with a Securities and Exchange Commission measure that banks say would bar them from custodying crypto assets.

The bill spells out how the Securities and Exchange Commission can and can't address crypto custody at banks and is getting a wave of bipartisan traction on Capitol Hill. But some academics and consumer advocates are concerned that the legislation could allow banks to bypass regulations.