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Central bankers need to speak up about economic barriers prompted by racism and the need for inclusion and diversity, Federal Reserve Bank of Atlanta President Raphael Bostic said, a response to critics who see the work as a distraction from the Fed’s main goals. 

The largest U.S. banks have made progress in detailing the risks posed by climate change, but it's clear the industry will have to do more. As federal regulators prepare to impose new obligations, banks are pushing back against calls for more aggressive measures such as capital requirements and increased risk weighting for fossil-fuel lending.

The Biden administration is poised to specify which cryptocurrency firms will be forced to report reams of customer data to the Internal Revenue Service, said people familiar with the matter.

The government-sponsored enterprise also unveiled two new tranche slices for investors to purchase.

While some in the industry support the change, mortgage broker trade group AIME called on the agency to reconsider it.

Sarah Bloom Raskin, reportedly the Biden administration's top candidate for vice chair of supervision, would toughen the Federal Reserve's stances on the role of banks in combating climate change, capital requirements, the Volcker Rule and other policy areas, experts say.

The Senate Banking Committee will hold separate hearings next week for Jerome Powell on his nomination to a second term as Federal Reserve chair and for Lael Brainard’s elevation to vice chair.

The Trump-appointed head of the Federal Deposit Insurance Corp., Jelena McWilliams, said she plans to leave the agency in early February. The announcement comes weeks after Democratic appointees making up a majority of the board had threatened her leadership by acting on policy related to bank mergers without her consent.

Wyoming Republican Sen. Cynthia Lummis, one of the crypto industry’s staunchest supporters in Congress, is planning to introduce a comprehensive bill next year that would cover everything from how digital assets are taxed and categorized to consumer protections. 

With the Biden administration suffering setbacks in trying to appoint a Senate-confirmed leader at the Office of the Comptroller of the Currency, acting Comptroller Michael Hsu could emerge as the consensus choice, observers said.

HUD official Alanna McCargo takes over the top job at the government corporation, which has had a series of acting leaders since 2017.

Consumer Financial Protection Bureau Director Rohit Chopra has helped assert the authority of the three Democrats — including himself — who serve on the governing body of the Federal Deposit Insurance Corp. GOP lawmakers responded with a bill to strip the consumer agency's head of voting powers on the FDIC board.

Neither Federal Deposit Insurance Corp. Chair Jelena McWilliams nor the board’s three Democratic directors gave ground in their dispute over control of the agency and the direction of bank merger policy during a meeting Tuesday.

The American Bankers Association urged the agency to maintain “an orderly, transparent policymaking process” after three Democratic directors had approved a board action without including Trump-appointed Chair Jelena McWilliams. The U.S. Chamber of Commerce went a step further, accusing them of trying to “circumnavigate” McWilliams’ authority.

In an unprecedented move, two Democrats on the Federal Deposit Insurance Corp.’s board said they had approved a review of the policy without the consent of Trump-appointed Chair Jelena McWilliams. The agency released a statement saying the action had no legal standing.

The Financial Crimes Enforcement Network proposed standards to determine which companies must report their beneficial owners under a law enacted in January. Banks hope the new requirements will free them of the burden of collecting true-owner information about their customers.

The guessing game is over about President Biden’s pick for Federal Reserve chair, but several names are in the mix for three additional vacancies on the board, including vice chair for supervision.

Chryssa Halley, who has been with the company since 2006, was named CFO and Jim Holmberg was named controller.

Some of the biggest names in crypto will head to Capitol Hill next week as lawmakers weigh new rules for the white-hot asset class.