Neil Haggerty

The proposal would require the government-sponsored enterprises to craft resolution plans similar to regulations imposed on the largest U.S. banks.

The consumer bureau said the bank’s migration to a new servicing platform led to unauthorized payment withdrawals, misrepresentations about what borrowers owed and violations of a prior 2015 enforcement action.

Congress’s passage of a measure requiring startup companies — instead of their banks — to identify true owners was arguably the industry’s biggest legislative achievement in 2020. Now the industry is urging lawmakers to revisit proposals that would ease other anti-money-laundering reporting requirements.

The Pennsylvania senator, who will chair the Banking Committee if Republicans hold their majority, agreed to modify an amendment restricting the Federal Reserve’s emergency powers that Democrats had criticized as too extreme.

The amendment backed by Sen. Pat Toomey and other Republicans to block the central bank from reviving CARES Act lending facilities has emerged as a flashpoint in congressional negotiations over pandemic relief.

The Federal Reserve has already agreed to shut down emergency credit programs funded by the Coronavirus Aid, Relief and Economic Security Act, but Sen. Pat Toomey, R-Pa., and others want Congress to ensure the central bank cannot revive them.

The defense spending bill includes language requiring businesses to report their owners to Fincen.

The head of the House Financial Services Committee is already exerting influence by handing the president-elect a laundry list of Trump regulatory policies that she wants the incoming administration to reverse.

House Financial Services Committee Chairwoman Maxine Waters urged the incoming administration to overhaul policies on payday lending and the Community Reinvestment Act and make personnel changes at two agencies.

Banking trade organizations are usually cautious about making endorsements. But with Democrats winning the White House and control of Congress on the line in the two races, some groups are pouring in cash for the GOP candidates.