Neil Haggerty

Five Republican senators want to cut off deposit insurance for banks that have stopped offering financial services to firms that operate detention facilities and private prisons on behalf of the federal government.

Both Democrats and Republicans aired concerns about controversial statements made by Judy Shelton on monetary policy, deposit insurance and other issues, raising doubts about her confirmation.

A study by the House Financial Services Committee on the industry’s efforts to hire and promote more women and minorities has sparked a dispute over whether banks should have to be more transparent about those efforts.

Federal Reserve Chair Jerome Powell reaffirmed his agency’s skepticism of a Community Reinvestment Act plan proposed by other regulators, and said the Fed has an important role to ensure banks “are resilient against the longer-term risks from climate change.”

An intraparty rift went public Wednesday over legislation that would impose a 36% rate limit on all consumer loans. Critics are concerned it would cut off minority borrowers’ access to small-dollar loans and hurt some community banks.

The window to change beneficial-ownership rules or pass other measures will be narrow, but some legislative efforts from 2019 will carry over and House Democrats will resume inquiries of certain industry CEOs and Trump-appointed regulators.

The community bank lobby has said the recent deals are another reason to rein in the credit union sector. Some House members are beginning to take notice.

Impeachment continues to dominate Congress, but legislation the industry seeks is still pending and the bank regulators have a full agenda. Here are the figures who will drive the policy debate.

House Financial Services Committee Chairwoman Maxine Waters said oversight of the bank will be a focus for the panel next year.

After Senate Banking Committee Chairman Mike Crapo poured cold water on legislation enabling banks and credit unions to serve the marijuana industry, several key supporters of the effort are pushing back.

The Senate Banking Committee chairman said he opposed a House bill that would give financial institutions legal cover to serve cannabis businesses.

The lawmakers say they need more information about the administration’s plans in order to conduct proper oversight.

The lawmakers sent a letter to the comptroller of the currency requesting his appearance before the Senate Banking Committee after he was unable to attend a hearing last week.

The proposal comes after years of criticism that the current policy stifles innovation and hamstrings banks' ability to raise funds.

In a rare move, the House Financial Services Committee chairwoman will lead a congressional delegation to a public FDIC board meeting as it considers releasing a proposal to rework the Community Reinvestment Act.

The Rakuten application has piqued interest in reviving legislation aimed at stopping commercial firms from owning banks. Yet Congress previously had the chance to enact such a measure and declined.

Moderates on the Financial Services Committee are attempting to block legislation that would extend the 36% interest rate cap on loans to military personnel to all consumers.

A day after House Democrats urged the banking agencies to unite behind a joint plan to update the Community Reinvestment Act, Senate Democrats worried that an impending proposal from the OCC and FDIC will reduce access to credit.

Sen. Elizabeth Warren introduced a bill to require CFPB approval for certain bank merger applications in the wake of regulators' approval of a deal between BB&T and SunTrust.

Lawmakers blasted an apparent decision by the OCC and FDIC to move forward with a proposal to reform the Community Reinvestment Act without the support of the Fed.