Neil Haggerty

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.