Senate Banking Committee

The Senate Banking Committee chairman said he opposed a House bill that would give financial institutions legal cover to serve cannabis businesses.

The lawmakers say they need more information about the administration’s plans in order to conduct proper oversight.

The lawmakers sent a letter to the comptroller of the currency requesting his appearance before the Senate Banking Committee after he was unable to attend a hearing last week.

Regulators’ sweeping proposal to reform implementation of the Community Reinvestment Act has drawn strong opinions on both sides.

In a rare move, the House Financial Services Committee chairwoman will lead a congressional delegation to a public FDIC board meeting as it considers releasing a proposal to rework the Community Reinvestment Act.

The Rakuten application has piqued interest in reviving legislation aimed at stopping commercial firms from owning banks. Yet Congress previously had the chance to enact such a measure and declined.

The two Democratic senators said the bureau's policy could allow companies to circumvent consumer finance laws.

A day after House Democrats urged the banking agencies to unite behind a joint plan to update the Community Reinvestment Act, Senate Democrats worried that an impending proposal from the OCC and FDIC will reduce access to credit.

The 2020 elections and a potential new chair of the Senate Banking Committee in the next Congress could put a deadline on passage of a bill to ease a key anti-money-laundering requirement for banks.

Five Democrats running for president support the legislation introduced Wednesday that would require the central bank to form an advisory group to analyze how climate change would affect the financial system.