Neil Haggerty

Following their disagreement about emergency funds mandated by the last big relief package, the Treasury secretary and Fed chief urged House lawmakers to pass another stimulus bill by the end of the year.

Tuesday's hearing on the CARES Act was dominated by bickering over Treasury's decision to shut down the Fed's emergency lending facilities, drowning out pleas from some lawmakers for more aid.

The agency finalized a policy allowing companies to submit formal requests for clarification on a regulatory issue. The bureau said it will publish the advisory rulings in the Federal Register.

Banks are responsible for reporting their business customers' beneficial owners, but a bill that would shift that anti-money-laundering duty to businesses themselves has been added to a must-pass defense spending package.

If Congress speeds through Brian Brooks’ confirmation in the waning days of the Trump administration, it could make it harder for President-elect Biden to quickly put his stamp on banking policy.

Sen. Pat Toomey, R-Pa., who would likely chair the Banking Committee if the GOP retains control of the chamber, signaled support for helping banks serve marijuana businesses. But he is skeptical of an anti-money-laundering bill backed by the industry and extensions of the Fed's pandemic programs.

If the GOP can hold its majority in the chamber, Sen. Pat Toomey, R-Pa., will likely become the panel's chairman. His ardent support for free-market principles could set up partisan clashes with Democrats over pandemic relief, money laundering rules and more.

The head of the agency told a congressional panel that the agency is taking steps to prepare for the incoming Biden administration and that she plans to serve until her tenure ends in 2023.

Regulators were receptive to Republican lawmakers' calls to ease burdens on banks that cross new asset thresholds as a result of their participation in the Paycheck Protection Program.

If Republicans keep their majority, the incoming administration will likely have to pick moderates over progressives to have any chance of getting its nominees approved.

A final Senate breakdown still depends on the outcome in a few key races, but with Republicans closer to keeping power, Democrats' proposals to cap interest rates, create a postal banking system and establish a public credit reporting agency are likely dead on arrival.

If days go by without a clear result, the uncertainty could lead to market volatility, put off talks for a stimulus plan and complicate bankers' planning for a potentially new regulatory environment.

If days go by without a clear result, the uncertainty could lead to market volatility, put off talks for a stimulus plan and complicate bankers' planning for a potentially new regulatory environment.

The industry has enjoyed lower tax rates and regulatory relief during the current administration, but individual donations from the eight largest banks favor the Democratic nominee by more than 4-to-1.

Businesses that received Paycheck Protection Program loans and Economic Injury Disaster advances discovered later they can't get full forgiveness. Lenders want the rules changed.

The legislation would help institutions with less than $15 billion of assets avoid regulatory requirements resulting from participating in the small-business relief program.

USAA Federal Savings Bank’s downgrade shows how customer mistreatment stemming from flaws in internal controls can hurt Community Reinvestment Act scores. Some want consumer compliance to carry more weight in the CRA calculus.

The legislation would extend to the banking system the Civil Rights Act's protections for customers of hotels and restaurants.

House Democrats had already approved a measure blocking the regulation reforming the Community Reinvestment Act, but the resolution faced more resistance in the upper chamber.

Executives are urging Congress and the White House to prioritize another round of help for businesses amid concerns that the continuing restrictions on reopening could lead to more loan defaults.