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Criticism from banking and other business groups of Saule Omarova’s candidacy could make it difficult for moderate Democrats to support President Biden's pick to lead the Office of the Comptroller of the Currency.

The financial sector had been outraged over a Senate proposal requiring data submissions for accounts with at least $600 of inflows and outflows. House leaders are aiming to raise that threshold to broaden support, but industry groups say they still oppose the idea.

Lawmakers approved adding the measure, which gives banks legal cover to serve cannabis firms, to a broader legislative package. But the provision has already passed the chamber several times and analysts say full enactment will be more difficult.

The nation's largest bank has chosen Thought Machines' technology for its U.S. consumer bank.

Requiring financial firms to report customer account data to the IRS as a means of catching tax cheats would be intrusive and costly, industry officials say. Backers of the measure say those claims are exaggerated.

Treasury officials have identified what they believe are the most urgent risks posed by Tether and other stablecoins as they ready recommendations for stricter oversight of cryptocurrencies.

Treasury Secretary Janet Yellen lobbied the chairman of the Ways and Means Committee on the measure requiring bank-provided customer data to help crack down on tax cheats and pay for the $3.5 trillion spending plan.

The agency’s enforcement action against a Virginia nonprofit is seen as reining in income-share agreements, which give students tuition in exchange for future wages and which critics complain have evaded scrutiny. Clearer regulatory guidance could solidify ISAs’ legal viability, proponents say.

Congress is considering whether to fund Biden administration spending priorities by forcing tax evaders to pay what they owe. Banks are intensifying efforts to kill a related provision requiring them to share more account data with the Internal Revenue Service.

The Office of the Comptroller of the Currency made good on a promise to rescind Community Reinvestment Act reforms finalized by ex-Comptroller Joseph Otting as part of talks with other regulators on an interagency overhaul of the law.

Net income significantly recovered compared with a year earlier, totaling $70.4 billion. But the average net interest margin fell to another record low as lending remained sluggish, the FDIC said in its quarterly update.

The agency’s enforcement action against Better Future Forward says the nonprofit’s income-share agreements — an alternative education finance product — must follow the Truth in Lending Act just like other forms of student loans.

The Biden administration plans to select Kristin Johnson, a law professor who previously worked on Wall Street, for a Democratic seat on the Commodity Futures Trading Commission, according to a person familiar with the matter.

“As the CEO of one of America’s largest banks, Richard Fairbank repeatedly broke the law,” the acting director of the FTC’s Bureau of Competition said.

Banks in Louisiana and Mississippi are finding less physical branch damage than many expected. Executives say the pace of the recovery will hinge on how quickly power and water are restored, as well as the cost of supplies and labor.

The agency proposed reporting standards for any institution that originates 25 or more small-business loans a year. The measure would be especially burdensome for very small lenders and could limit credit access in underserved communities, critics say.

The White House and the Federal Housing Finance Agency announced steps to help nonprofits and public agencies buy foreclosed properties, among other initiatives, as part of a plan to boost supply over the next three years.

The banking industry is now enjoying a "strong" reputation overall, after building on gains made at the height of the pandemic. Here's who stood out and why.

Climate activists broke windows at JPMorgan Chase offices in central London Wednesday as part of two weeks of protests against organizations that support fossil fuels. 

A predecessor bank, Allegiant Bancorp of St. Louis, was accused of fraud and breach of fiduciary duty in connection with a scheme run by a seller of funeral contracts.