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Global financial regulators said digital assets could soon threaten global financial stability due to their scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system.

The spots "left out a few things," Sen. Sherrod Brown, Democrat of Ohio, said at a hearing Tuesday.

Teaming with the fintech Buy It Mobility Networks, Discover Financial Services plans to enable Automated Clearing House payments within merchant apps.

Republicans on the Senate Banking Committee skipped its scheduled vote on five Federal Reserve appointees, preventing a quorum. Minority Leader Mitch McConnell echoed concerns raised about nominee Sarah Bloom Raskin, saying she wants the Fed to become an “ideological left-wing activist body” that interferes with private-sector credit decisions.

GOP lawmakers are considering a plan by Sen. Pat Toomey, the top Republican on the Senate Banking Committee, to boycott Tuesday’s committee votes on Raskin and President Biden’s four other Federal Reserve nominees. Such a move would deny Democrats a quorum to move forward.

Mastercard said it will hire more than 500 young professionals this year as it expands its data and services unit, an effort that will include launching consulting practices focused on cryptocurrencies and open banking.

A crucial centrist vote among Democrats, the Montana lawmaker and Senate Banking Committee member predicts the full chamber will support Raskin's nomination for vice chair for supervision of the Federal Reserve Board if she advances out of committee on Tuesday.

Sarah Bloom Raskin, President Biden’s pick to be the Federal Reserve Board’s vice chair for supervision, has had a distinguished career as a state and federal banking regulator. Her belief that banks should identify assets that are subject to climate-related shocks sounds like basic risk management, not a radical call to action.

“Ancillary parties who cannot get access to information that is useful to the IRS are not intended to be captured by the reporting requirements for brokers,” Treasury Department Assistant Secretary for Legislative Affairs Jonathan Davidson told lawmakers.

Dennis Gingold, co-founder of the Reserve Trust company, says Republican allegations that central bank nominee Sarah Bloom Raskin behaved unethically in interacting with the Federal Reserve Bank of Kansas City while serving on the company's board are “completely false.”

The largest U.S. banks will be tested against a hypothetical massive surge in unemployment and a crash in commercial real estate in the Federal Reserve's annual stress tests, according to scenarios announced Thursday.

Pat Toomey, the top Republican on the Senate Banking Committee said Congress should weigh an overhaul of the U.S. Federal Reserve Regional Bank system and consider consolidating regional banks that are “wandering” into issues such as climate change.

The Federal Reserve Bank of Boston announced that Susan Collins, an economist currently at the University of Michigan, will be its new president, marking the first time a Black woman will lead one of the U.S. central bank’s 12 districts.

Martin Gruenberg, who became acting chairman of the Federal Deposit Insurance Corp. this week, has named a chief of staff, chief operating officer and general counsel. Their predecessors stepped down last week along with former Chair Jelena McWilliams.

The U.S. Treasury Department defeated a blue-state challenge to a rule that exempts buyers of high-interest loans from state interest rate caps.

Buffalo, New York-based M&T is the latest bank to announce changes that will save customers money but also reduce service-fee revenue.

R. David Yost and his soon-to-be-former son-in-law are slugging it out in court over allegations of tax evasion.

Stablecoins are unlikely to be the future of payments despite their growing market value in the last two years, according to a Federal Reserve Bank of New York blog post.

Martin Gruenberg, who on Monday took the reins of the agency for the third time, vowed the Federal Deposit Insurance Corp. would set tougher standards for bank mergers, cryptocurrency-related activities and risk management tied to climate change. It will remain committed to CRA reform and support for minority banks, he said.

The U.S. Treasury Department is looking more closely at potential money laundering and the financing of terrorism through trading high-value art.