Treasury Department

Treasury Secretary Scott Bessent said Tuesday morning that banks should focus on the sweeping deregulation the administration has enacted as the industry pushes back on President Trump's proposed 10% credit card interest rate cap.

The Federal Reserve will resume accepting pennies from banks and credit unions at all commercial coin distribution locations beginning Jan. 14. The central bank had ceased accepting pennies at some distribution centers late last year, but bankers praised Thursday's reversal.

The Treasury Department issued guidance on how merchants can round cash transactions to the nearest nickel. Banks and retailers have been calling for more clarity from the government amid a penny shortage that stems from the Trump administration's abrupt decision to halt production of the one-cent coins.

Banks are unlikely to get the language of the GENIUS Act amended to better defend deposits. But Noelle Acheson explains how that doesn't mean they won't get what they want.

In a sternly worded letter, Sen. Elizabeth Warren and Rep. Maxine Waters demanded to know why federal agencies haven't provided more guidance since the one-cent coin was discontinued. They accused the Trump administration of making an "abrupt and unilateral decision" without thinking it through.

Supplies of the one-cent coin are plummeting. Businesses can't give exact change. Banks are struggling to resupply them. And amid it all, the federal government has said almost nothing.

A "spike in unusual traffic" caused service degradation for the infrastructure giant, disrupting digital banking for customers.

The Treasury secretary highlighted the impacts the bond market has on affordability and previewed regulatory tweaks the administration is eyeing to keep yields stable and credit flowing.

Industry groups and consumer advocates are continuing to push for regulators to interpret the GENIUS Act's prohibition on stablecoin interest as broadly as possible, while crypto firms push for a narrower interpretation, arguing that increased competition would benefit consumers.

The lawmakers suggest ties between the former Binance chief and the Trump family could have led to the pardon.

The Trump administration has ordered banking agencies to root out and identify instances of politically motivated debanking while at the same time raising pressure on banks to scrutinize or potentially sever their ties with liberal nonprofit clients. That dynamic creates a compliance puzzle with no obvious answers, experts say.

Six trade groups warned the administration layoffs and funding freezes could dampen lending, threatening the administration's goal of economic growth.

A new interagency guidance clarifies when banks must report suspicious activity, easing compliance workloads and narrowing the reporting requirements to focus on higher-value cases.

The Senate confirmed former Federal Deposit Insurance Corp. board member Jonathan McKernan to serve as Treasury's under secretary for domestic finance on a party-line vote, installing a key industry ally in the Treasury Department.

The Office of Management and Budget has prevented billions of dollars from flowing to community development financial institutions, preventing those funds from supporting housing development.

The Treasury Department proposed a rule delaying investment adviser AML requirements to 2028 and sought public comment on implementing regulations for a stablecoin bill passed earlier this summer.

The Treasury Department has designated Fifth Third as the financial agent for its Direct Express prepaid card program. The decision marks a reversal from late last year, when BNY reached a five-year agreement with Treasury.

Sen. Ron Wyden says Treasury is sitting on thousands of Epstein-related banking records including wire transfers, payments and suspicious activity reports that could expose the financial industry to scrutiny over its involvement in Epstein's sex-trafficking scheme.

Proposed cuts to the Treasury's Office of Financial Research would deprive the government of vital insight into the financial markets at a time when the sector is experiencing major disruptions.

The legislation would direct the department to assess the federal government's ability to respond to a host of systemic challenges including war, pandemic and financial crisis.