Policy News from American Banker

The preliminary readout from Starling Trust Sciences' report on the Silicon Valley Bank failure is an assessment of the conclusions from three previous government reviews of the episode.

Looking past the headline numbers, there are reasons to be concerned about the condition of the U.S. economy. Particularly troubling is the fact that large numbers of Americans live financially precarious lives.

Roughly 680 customers were affected, none in the U.S. But the control that failed at Revolut is the legal intake queue every American bank runs.

Fincen and four banking agencies cleared mobile driver's licenses for customer identification. The question is, can banks read them?

Bankers are largely downplaying the impact of the Federal Reserve's interest rate increase. Some said this week that the quarter-point hike could be good for near-term profitability.

Credit Acceptance Corp. has agreed to provide $710 million in restitution and debt relief to resolve allegations of predatory lending by 41 state attorneys general.

Brokerages applaud a new rule that will relieve them of the obligation to monitor advisors' side gigs such as driving for Uber or bartending. But regulators say they still have plenty of obligations to monitor outside business activities.

The Securities and Exchange Commission on Thursday issued an order allowing some tokenized U.S. stocks to be traded on blockchain-based platforms.

Regulatory hurdles made starting a new bank harder after 2008, but research suggests the decades-long decline in de novos goes back further and that even a sharp deregulatory push won't lead to a rebound to precrisis levels of de novo applications.

The Securities and Exchange Commission said Rule 14a-8 exceeds its statutory authority and intrudes on matters of state law. Shareholder advocacy groups, however, argue that repealing the rule could reduce transparency.

Brian Johnson's nomination to lead the Consumer Financial Protection Bureau advanced to the full Senate Thursday morning in a party-line vote.

The failure of a much-anticipated crypto market structure bill Tuesday likely has doomed the effort to pass the bill in this Congress. The next version of the bill could be a double-edged sword for banks.

Federal Reserve Chair Kevin Warsh framed the central bank's move to increase interest rates as a moderate adjustment to rapid economic growth during his post-Federal Open Market Committee press conference.

A bipartisan bill awaiting a Senate vote aims to reduce tax burdens for financial fraud victims by restoring an expanded personal casualty loss deduction.

The Clarity Act's failure is a relief for banks that didn't want even more competition. But the crypto industry wasn't a major headwind for banks anyway.

Bill Pulte, FHFA director, has ordered Fannie Mae to update its servicer guide to mirror Freddie Mac policy regarding notifying borrowers about dropping MI.

The Senate failed to invoke cloture on the crypto market structure bill, known as the CLARITY Act, by a vote of 49-50. The procedural vote would have opened floor time for debate on the legislation, and its failure to pass likely means the bill will not be reconsidered until next Congress.

It will be a promotion for Jones, currently the deputy assistant secretary for single-family housing at the Department of Housing and Urban Development.

While Federal Reserve Chair Kevin Warsh has sought to inject some mystery into the central bank's communications with markets, an American Banker analysis shows that officials other than the chair have been speaking more and more frequently over the last few decades.

Anxieties over AI drew attention from Democrats and Republicans during Treasury Secretary Scott Bessent's testimony at the House Financial Services Committee.