Neil Haggerty

After years of largely standing on the sidelines, lawmakers are taking a closer look at whether algorithms used by banks and fintechs to make lending decisions could make discrimination worse instead of better.

Democratic lawmakers argue that Paul Watkins' former employment at a "homophobic hate group" makes him unfit to lead the agency's innovation office. Watkins says he did no advocacy work for that organization.

The number of minority depository institution charters is declining even as their financial performance is going up, according to a new study by the FDIC.

House Financial Services Committee Chairwoman Maxine Waters wants to examine the merger of BB&T and SunTrust, as well as Facebook's cryptocurrency plans.

Sen. Elizabeth Warren said Eric Blankenstein's past writings disqualify him from working at the Department of Housing and Urban Development.

The watchdog and three Democratic lawmakers urged the agencies to stop using knowledge-based verification methods to grant access to their online portals.

Bills to fix the National Flood Insurance Program and combat the money-laundering risks from shell companies enjoyed bipartisan support during a House Financial Services Committee debate.

Sens. Elizabeth Warren, D-Mass., and Doug Jones, D-Ala., cited research that found algorithmic lending can lead to higher interest rates for minority borrowers.

Recent legislation zeros in on letting financial institutions serve cannabis businesses in states where the substance is legal, but banks may stay on the sidelines if the federal ban on pot remains in place.

The bipartisan House effort to delay the Current Expected Credit Loss standard comes less than a month after Republican senators introduced a similar bill.

The top Democrat on the Banking Committee suggested the absence of data brokers at a hearing on privacy legislation was "cowardice."

The good news for financial firms is Congress has moved closer to reforming anti-money-laundering rules. But left behind in the effort is the reform most coveted by the industry.

The legislation includes a beneficial owner requirement and steps to study the utility of industry reporting, but avoids relieving banks’ burden to file data on suspicious transactions.

Options include legislation to study the risk of leveraged loans, more aggressive action by the Financial Stability Oversight Council and additional capital buffers. Policymakers may also choose to do nothing.

Nominated for a full term at the central bank, Michelle Bowman told senators that bankers should not fear repercussions for servicing hemp growers after the crop was legalized.

Lawmakers waded into a growing debate about the threat posed by corporate credit risk.

Although Libor will will not be phased out until at least 2021, Randal Quarles said making the switch early is "consistent with prudent risk management."

The industry continues to push for an overhaul of the bureau’s leadership structure, but both parties seem uninterested.

All Democrats supported the bill focused on the decisions of former acting CFPB Director Mick Mulvaney, while all Republicans opposed it.

The effort to delay CECL comes a week after a House panel mounted a bipartisan attack on the new FASB standard.