Ebrima Santos Sanneh

Banks can now engage in crypto without Federal Deposit Insurance Corp. approval, part of a broader Trump-era deregulatory push to integrate digital assets into traditional finance.

The Treasury will phase out the use of paper checks for most government payments in about six months. The Trump administration says the move will improve efficiency and reduce the cost of payment processing.

Acting Federal Deposit Insurance Corp. Chair Travis Hill said the agency would eliminate reputational risk from all supervision, release more guidance on cryptocurrencies and refocus bank supervision.

Acting Comptroller Rodney Hood discussed using fintech to evaluate self-employed borrowers' creditworthiness, saying alternative credit models could promote financial inclusion.

The OCC will no longer assess reputational risk in bank exams, aligning with President Trump's push to curb debanking, which critics say drove politically motivated account closures.

The issues are hindering the Federal Deposit Insurance Corp.'s ability to meet its regulatory duties, according to the agency's Office of Inspector General. 

House Majority Whip Tom Emmer pledged to pass stablecoin and crypto market structure bills by the August recess, following a request by the president.

Trade groups, citing federal banking conflicts, are asking for summary judgment to permanently block a state law banning interchange fees on taxes and tips.

An executive order issued late Friday cut the Treasury Department Community Development Financial Institution Fund and other federal programs to their legal minimum.

A Maryland judge temporarily halted mass layoffs of probationary employees at multiple agencies, citing legal violations and harm to states' ability to respond to unemployment needs.

A federal judge in Maryland ruled against the City of Baltimore's attempt to block cuts to Consumer Financial Protection Bureau program funding on procedural grounds.

New York Attorney General Letitia James announced new state legislation to ban unfair and abusive business practices, giving state regulators broader authority to crack down on consumer abuses.

New York's top financial regulator Adrienne Harris said the failure of Signature Bank two years ago spurred the agency to change the way it oversees banks, including more scrutiny for those with consistently subpar CAMELS ratings.

The Office of the Comptroller of the Currency reversed policies on crypto banking, withdrawing its guidance on custody, stablecoin reserves and risk management requirements.

Federal Reserve Chair Jerome Powell emphasized the need for patience amid uncertainty over the Trump administration's policies, saying there would be no immediate rate changes but that the Fed would proceed carefully.

Banks have embraced the Federal Deposit Insurance Corp.'s swift reversals on a range of topics, but the regulatory whiplash is complicating long-term business planning.

The Treasury secretary criticized post-crisis bank rules as outdated and burdensome, vowing to streamline financial regulation, revamp supervision and reduce constraints on private enterprise.

Consumer advocates MyPath and the Mississippi Center for Justice have been allowed to intervene in a banking industry lawsuit challenging the CFPB's $5 overdraft fee cap for large financial institutions after the bureau declined to defend the rule.

The Federal Deposit Insurance Corp. board of directors approved a proposal to roll back its 2024 merger policy, reinstating previous guidelines while charting a new policy toward bank combinations.

The Treasury will no longer enforce Corporate Transparency Act reporting rules for U.S. businesses, a move critics say weakens anti-money-laundering efforts.