Neil Haggerty

The backing from the Emergency Capital Investment Fund is meant to help financial institutions direct aid to lower-income communities struggling in the pandemic.

As the Federal Reserve continues to explore issuing a digital U.S. dollar, the Biden administration and key congressional leaders are endorsing the idea as a way to expand banking access for underserved consumers.

Rohit Chopra, President Biden's pick to lead the Consumer Financial Protection Bureau, told a Senate panel he would do more to protect veterans from foreclosure, empower consumers to dispute data on their credit records and crack down on student loan servicers that aren't helping troubled borrowers.

The Banking Committee will hold a confirmation hearing on March 2 for Rohit Chopra and Gary Gensler. They are the administration's picks, respectively, to lead the Consumer Financial Protection Bureau and the Securities and Exchange Commission.

Election-reform advocates say the American Bankers Association and other organizations should take into account candidates’ commitment to democracy, not just their stances on issues, in directing donations.

Transportation and clean-energy upgrades could create significant new lending opportunities, but some observers fear the government will foot the bill through a special tax on banks and other financial firms.

House Financial Services Committee members were at odds over whether to have support for homeowners and the State Small Business Credit Initiative, both included the $1.9 trillion stimulus plan, expire when the pandemic ends or later.

Sen. Richard Shelby. R-Ala., served two stints as head of the committee. He announced Monday that he will not run for reelection when his term expires.

Banks weren't involved in the trading frenzy, but some observers say the regulatory response should address risks to all financial institutions.

The Senate’s confirmation of Treasury Secretary Janet Yellen was notably bipartisan. But experts say congressional Republicans are poised to give nominees for the federal banking agencies heavier scrutiny.

The new administration is wasting no time assembling a team of regulatory appointees and urging agencies to pause pending rules.

Former Fed Chair Janet Yellen told senators that as Treasury secretary she would create a “hub” to examine the effects of a changing climate on financial institutions and create a database of companies' true owners as required by a recent anti-money-laundering bill.

The odds are better now that Congress will pass a bill to help financial institutions serve cannabis businesses, but the question of the legislative path forward has grown murkier.

Sen. Sherrod Brown, D-Ohio, said elevating affordable housing issues, examining the financial system through a climate and racial justice "lens" and holding banks accountable for their impact on consumers will be among his priorities.

Following similar decisions by big banks, the Consumer Bankers Association and Mortgage Bankers Association said they will halt all political contributions to elected officials as some lawmakers face harsh criticism for comments that incited the storming of the U.S. Capitol.

Sen. Sherrod Brown of Ohio signaled a change in direction for the Banking Committee under Democratic control, on the same day he called for President Trump's ouster after the U.S. Capitol riot.

Now that Democrats have won control of the Senate following the Georgia runoffs, experts say tax increases, progressive regulators and stricter congressional oversight await. Still, there could be some positives for banks, too.

The Georgia runoffs and resulting balance of power in Congress will help determine which bills on bankers’ wish list gain traction. But regardless, existing coronavirus relief such as the Paycheck Protection Program and a push for more economic aid will remain top of mind for lawmakers and the industry.

The agency said Omni Financial in Las Vegas illegally required service members to designate a portion of their paychecks to repay loans, depriving of them of other payment options.

The top Democrats on the House and Senate banking committees urged the Trump administration to pull the plug on any steps to overhaul Fannie Mae and Freddie Mac with the pandemic still taking a toll on the economy.