Senate Banking Committee

Sen. Pat Toomey, R-Pa., who would likely chair the Banking Committee if the GOP retains control of the chamber, signaled support for helping banks serve marijuana businesses. But he is skeptical of an anti-money-laundering bill backed by the industry and extensions of the Fed's pandemic programs.

If the GOP can hold its majority in the chamber, Sen. Pat Toomey, R-Pa., will likely become the panel's chairman. His ardent support for free-market principles could set up partisan clashes with Democrats over pandemic relief, money laundering rules and more.

Regulators were receptive to Republican lawmakers' calls to ease burdens on banks that cross new asset thresholds as a result of their participation in the Paycheck Protection Program.

The chairman of the National Credit Union Administration said during his limited time in a Senate Banking Committee hearing that he hoped changes to the agency's Central Liquidity Facility would last for the duration of the pandemic.

A final Senate breakdown still depends on the outcome in a few key races, but with Republicans closer to keeping power, Democrats' proposals to cap interest rates, create a postal banking system and establish a public credit reporting agency are likely dead on arrival.

House Democrats had already approved a measure blocking the regulation reforming the Community Reinvestment Act, but the resolution faced more resistance in the upper chamber.

It's increasingly unclear when — or even if — Kyle Hauptman will be confirmed to the board of the National Credit Union Administration.

Sen. Pat Toomey, R-Pa., a potential chair of the Senate Banking Committee in the next Congress, is expected to announce that he is not running in 2022.

Capping a series of appearances on Capitol Hill this week, the Federal Reserve chair and Treasury secretary emphasized that they don’t have the authority to reallocate CARES Act funds to assist small businesses on their own.

Legislation favorable to the industry would be unlikely to pass in a divided Congress, but the biggest benefit for banks and credit unions of Republicans' retaining control of the chamber would be defending against the disruption of a Democratic blue wave.

The Senate Banking Committee met Wednesday to review central bank lending facilities such as the Main Street Lending Program, which provides bank-issued loans to middle-market firms. But some lawmakers on the panel said the focus of pandemic relief has been misplaced.

Friends of Traditional Banking is focusing on four GOP senators in tight races as it prepares to endorse two incumbents for the November elections.

Democrats Elizabeth Warren of Massachusetts and Brian Schatz of Hawaii have sent a letter to CEO Charlie Scharf demanding a response to news reports that the bank has been placing borrowers into forbearance plans without their consent.

Members of the Senate Banking Committee took the agency’s leader to task for eliminating underwriting requirements for small-dollar lenders, which lawmakers said has left consumers more vulnerable during the pandemic.

The housing agency's prior permanent chief, Brian Montgomery, left the position after he was tapped to become deputy HUD secretary.

After the House passed a defense spending bill that included the provision ahead of negotiations with the Senate, industry representatives are optimistic Congress will finally shift the burden of reporting true-owner information from banks to their business clients.

The National Defense Authorization Act, approved in a vote late Tuesday, includes measures to require companies to disclose their true owners at the point of incorporation and to improve information-sharing between banks and the government.

Judy Shelton, President Trump’s contentious pick for an open seat, cleared a key hurdle by winning the approval of a majority on the Senate Banking Committee.

Kyle Hauptman pledged to focus on capital reform and expanding access for the underserved if confirmed to the credit union regulator's board, but one senator questioned whether the nominee was even qualified to serve.

The latest nominee to the National Credit Union Administration board is set to appear before a Senate committee while a new forecast indicates the economy could take longer to turn around than expected.