Neil Haggerty

The president's working group on financial markets met in advance of a report expected within months on growth in digital currencies pegged to the U.S. dollar.

Rep. Patrick McHenry, the ranking GOP member of the House Financial Services Committee, requested a hearing with Dave Uejio to address policy actions “traditionally ... reserved for a Senate-confirmed Director.”

The Federal Housing Finance Agency recently became the third agency along with the Office of the Comptroller of the Currency and Consumer Financial Protection Bureau without a Senate-confirmed leader. But analysts say the appointment of interim chiefs gives the administration even more control over regulatory initiatives.

All public companies could be on the hook for detailing climate-related risks — including those of clients. The data-gathering burden might be especially heavy for banks, industry officials say, because they lend to and invest in so many companies across so many industries.

Rep. Carolyn Maloney of New York, the No. 2 Democrat on the House Financial Services Committee, is trying again to bar banks from charging customers more than once per month for overdrawing, and to set other limits.

Democrats are pushing for a public-sector alternative to the three main credit bureaus, but Republicans argue that the government is ill-equipped to safely handle consumer data and produce accurate reports.

The House has passed legislation that would make financial institutions report credit application data relating to LGBTQ-owned businesses to the Consumer Financial Protection Bureau for the purposes of enforcing fair lending laws.

The House Financial Services Committee passed a bill along party lines to require global systemically important banks to submit new annual reports on activities to the Fed.

No-fee digital bank accounts subsidized by the Federal Reserve would help community banks draw in new customers and pay for technology upgrades, proponents of the idea say. But it's a hard sell to executives skeptical of government involvement in retail banking.

The Biden administration wants financial institutions to tell the government more about their customers to help the IRS thwart wealthy tax evaders. But critics say the plan could threaten account data security and the privacy of even low-income consumers.

The largest financial institutions say the agency’s proposal to require public companies to disclose their contributions and vulnerability to climate change is consistent with investor demand. Community banks say it would create an unnecessary regulatory burden.

The president had campaigned on a 28% corporate tax rate — threatening to undo much of the Trump-era cuts — and banks were seen as more vulnerable than other industries. But the administration appears open to a lower rate as part of broader legislative talks.

Amid GOP criticism about the Federal Reserve’s focus on climate change issues, Chair Jerome Powell said the central bank is striking the right balance by educating the public about risks to the financial system while not taking actions he says are better left to elected officials.

Sen. Pat Toomey of Pennsylvania, the Banking Committee's top Republican, is talking up the prospects of a bipartisan deal to overhaul Fannie Mae and Freddie Mac. But Democratic leaders sound less motivated to change the status quo for the government-sponsored enterprises.

The heads of the six largest banks endured a second day of testimony as House members quizzed them on overdraft fees, investments in minority businesses and other issues. Meanwhile, the executives pushed back on Democrats’ proposal to raise the corporate tax rate.

The heads of the six largest banks aimed to promote their COVID-19 relief in testimony to the Banking Committee. Democrats said their efforts were insufficient while Republicans criticized the executives for taking public stances on issues like climate change and voting rights.

Despite concerns about the scope of information that companies would have to provide about risks linked to climate change, some of the largest institutions are seeking to collaborate with the agency as it develops a framework for informing investors.

During a House Financial Services Committee hearing, Democrats largely praised the policy decisions of acting regulators named by the Biden administration and knocked their predecessors. But Republicans warned that moves to reverse Trump-era policies would leave financial institutions without a clear road map.

In letters to regulators and lawmakers, bankers and their trade groups argued that deals like Vystar Credit Union's proposed acquisition of a small Georgia bank could result in less community development lending and declines in federal tax receipts.

The legislation, which the chamber passed Thursday, would ban collectors from making threatening statements to military service members and prevent credit bureaus from including debt arising from certain medical procedures.