Ian McKendry

National Credit Union Administration Chairman Mark McWatters has not even been announced as President Trump's pick to run the Consumer Financial Protection Bureau, but his potential nomination already is uniting diverse groups in opposition.

House Republicans are exiting Congress in droves ahead of the 2018 midterm elections and the stakes for the financial services industry could be significant.

House Republicans are exiting Congress in droves ahead of the 2018 midterm elections and the stakes for the financial services industry could be significant.

The Senate Banking Committee is expected to consider the nominations of Jelena McWilliams to be FDIC chair and Marvin Goodfriend as a governor of the Federal Reserve Board.

Housing finance reform proposals could make it challenging for community banks and credit unions to serve rural mortgage markets, according to a report issued Wednesday by Brookings and the Center for Responsible Lending.

The two senators are set to introduce a bill that would force such firms to pay $100 per customer whose personal information was compromised.

The House Financial Services Committee held a hearing on five bills, three of which are included in the deal negotiated between Senate Banking Committee Chairman Mike Crapo, R-Idaho, and moderate Democrats.

Examiners focus too much on how many suspicious activity reports banks file and too little on the true riskiness of their activities, according to lawmakers and industry representatives.

The Senate Banking Committee will have two additional members in 2018: Jerry Moran, R-Kan., and Doug Jones, D-Ala.

Sen. Mark Warner, D-Va., said Tuesday that policymakers need to take a hard look at cryptocurrencies. Senate Banking Chairman Mike Crapo agreed the issue was ripe for a hearing.

The Senate Banking Committee is expected soon to release a bipartisan bill that would significantly reshape the housing finance market, but key issues remain unresolved.

The Dodd-Frank Act gets more attention when it comes to regulatory burden, but the Bank Secrecy Act and other anti-laundering statutes arguably present even more of a compliance challenge for bankers.

Twenty-two trade groups, including seven financial trade groups, sent a letter to House lawmakers calling for new data security standards that would preempt state law.

The Senate Banking Committee's first hearing of 2018 will focus on anti-money-laundering efforts and counter terrorist financing, which could be a precursor to legislative reforms.

Rep. Emanuel Cleaver, D-Mo., has emerged as one of the most outspoken members of Congress when it comes to fintech, both embracing its potential and calling for regulatory guardrails.

The announcement Tuesday by Sen. Orrin Hatch that he will retire at the end of the year could have a ripple effect throughout the Senate, including the leadership of the Banking Committee.

The banks announced bonuses, wage hikes and charitable contributions resulting from the lower corporate tax rate enacted by Congress.

In his current position as chair of the National Credit Union Administration, J. Mark McWatters has publicly advocated for cutting back the CFPB’s oversight of the credit union industry.

A regulatory relief package is likely to come out of the Senate in the new year, and lawmakers could follow it up with a housing finance reform push. But the midterm elections could cause some reform initiatives to grind to a halt.

The announcement Thursday that Treasury Secretary Steven Mnuchin and Federal Housing Finance Agency Director Mel Watt agreed to let Fannie Mae and Freddie Mac each build a $3 billion capital buffer avoided a potential crisis.