Policy News from American Banker

In a letter to the Federal Reserve and Office of the Comptroller of the Currency, Sen. Elizabeth Warren, D-Mass., questioned the decision to allow a Texas bank to change charters while under a cease-and-desist order related to money laundering controls.

The economy lost 23,000 jobs in July, but the unemployment rate ticked down to 4.1% all the same. The development could embolden both hawks and doves at the central bank.

The bill, which is meant to free up housing supply locked in by high mortgage rates, does not include assumable mortgages which stick with the property.

Expanding fintech charters and workforces shrinking across the Fed, OCC, and FDIC require financial services leaders to assume the role of technical auditor to protect against systemic contagion.

Supporters of mutual banks are lining up behind a proposed regulatory overhaul. The Fed's plan would make it easier for depositor-owned banks to raise capital.

A new Federal Reserve Bank of Boston report shows bank lending to private credit has grown over the past decade, though insight into the opaque lending market is limited.

If the Federal Reserve wants to keep the U.S. dollar competitive in the 21st century it must move boldly to declare dollar-backed stablecoins equivalent to other forms of money.

Bond yields rose after Federal Reserve Chair Kevin Warsh's second press conference last week, and bankers may have to accept higher rates as the price of a more parsimonious Fed.

Banco Santander's pending acquisition of Webster Financial got approval from the Federal Reserve Board about five months after the deal was first announced.

JPMorganChase, Bank of America and Deutsche Bank likely violated federal anti-money-laundering laws in connection with the finances of notorious sex offender Jeffrey Epstein, according to a report by Democratic Sen. Ron Wyden.

Securities and Exchange Commission Chair Paul Atkins' effort to rein in the agency's bureaucrats is a welcome move. However, hundreds of firms damaged by unconstitutional prosecutions deserve public exoneration.

The card network is buying behavioral fraud detection already running at three of the four largest U.S. banks, including Wells Fargo.

Mark Paoletta, the Consumer Financial Protection Bureau's chief legal officer, has taken over as the agency's acting director. Russell Vought's term ended Aug. 1.

The Fed chair attributed recent rising bond yields to a strong economy. However, investors are probably also responding to other factors, including Warsh's own comments about potential changes to inflation measures.

The Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency issued a joint notice of proposed rulemaking for the Community Reinvestment Act that would tailor requirements for smaller institutions and monitor which groups receive community development grants.

The Federal Reserve is mulling changes to its Regulation O that would allow executives, board members and major shareholders to borrow more from their own banks.

As a vote to invoke cloture on the CLARITY Act looms in the Senate, lawmakers are considering how and whether to offer banks' preferred language on stablecoin yield on the Senate floor.

The central bank banned two former bankers from the industry for misappropriating funds from elderly customers.

The American Bankers Association, Bank Policy Institute and Securities Industry and Financial Markets Association submitted comment letters to the Securities and Exchange Commission arguing that a proposed change to Form S-3 eligibility would make it more difficult for some banks to access the capital markets.

Digital currency can be tracked and if stolen "burned," then reminted and given back to its rightful owners. That could be a powerful anti-fraud tool.