Senate Banking Committee

Democratic proposals to offer free accounts, restrict overdraft fees and cap interest rates have zero chance of passage. But analysts say lawmakers’ push for products that help consumers is influencing some banks’ decisions to institute reforms on their own.

A Senate hearing highlighted the two parties' starkly different views of digital assets, with Democrats warning of price manipulation and Republicans saying the government should just get out of the way.

Congress had been close to passing legislation to help banks serve cannabis firms. Now Democratic leaders have all but abandoned the effort, prioritizing a riskier proposal to decriminalize the drug.

Sens. Sherrod Brown and Elizabeth Warren criticized Federal Reserve Chair Jerome Powell over reg relief policies instituted by the central bank, signaling that some progressive lawmakers may be reluctant to give him a second term.

A congressional hearing on reforming the National Flood Insurance Program focused on whether mortgage companies need to disclose incremental risks even if a homeowner lives outside a federally designated floodplain.

The Federal Reserve has signaled the need for congressional authorization if the central bank moves ahead with creating a digital currency. But senators raised questions at a hearing about whether it would help consumers, how it would complement private-sector banking and other issues.

Sen. Pat Toomey of Pennsylvania, the Banking Committee's top Republican, is talking up the prospects of a bipartisan deal to overhaul Fannie Mae and Freddie Mac. But Democratic leaders sound less motivated to change the status quo for the government-sponsored enterprises.

With Rohit Chopra’s nomination now in its fourth month, some of the consumer bureau's rulemaking efforts remain on hold. Experts say Democrats first want the Senate to confirm a new member of the Federal Trade Commission to replace Chopra so that Republicans don't gain control.

Banking Committee Chair Sherrod Brown told acting Comptroller of the Currency Michael Hsu that the cryptocurrency firms approved to operate national trusts under prior agency leadership “seek access to the benefits of a bank charter” without meeting certain regulatory standards.

Mortgage lenders have much riding on a yearslong effort to overhaul a program that requires homeowners to hold policies in flood-prone areas. A congressional panel meeting to discuss the issue was once again split between lawmakers from storm-threatened states and those concerned about government costs.