Neil Haggerty

Democrats’ latest proposal to back debt collectors, enable loans for nonprofits and provide other relief could help steer negotiations with the Senate on more stimulus.

At a Senate hearing with all the bank regulators, Joseph Otting got an earful over his agency’s decision to move forward with Community Reinvestment Act reform during the pandemic. Lawmakers also urged the Fed to speed up the rollout of coronavirus relief programs.

Millions of Americans have yet to receive their stimulus checks, leading progressives to demand reforms improving underbanked consumers’ access to the financial system.

The industry dodged a bullet after the former vice president outlasted more progressive rivals for the Democratic presidential nomination. But some worry the presumptive nominee will have to consider calls for tougher regulation from his party's liberal wing.

As banks accept new applications for the paycheck program, they are dogged by complaints that they prioritized wealthy borrowers. But lenders likely fast-tracked clients they knew best under difficult circumstances, observers say.

The central bank and other agencies have come under pressure to be transparent about their use of funds authorized by the recent pandemic rescue law.

Financial institutions could testify before the bipartisan commission overseeing the unprecedented economic aid for industries hit by the COVID-19 pandemic. But without subpoena authority, the panel’s impact may be limited.

The House is expected to vote later this week on the bill expanding emergency relief for small businesses reeling from the effects of the coronavirus.

The House is expected to vote later this week on the bill expanding emergency relief for small businesses reeling from the effects of the coronavirus.

The Senate Banking Committee chair will work with the heads of other panels in overseeing the $2 trillion stimulus package that Congress passed last month.