Treasury Department

The reported reversal comes after the industry worried verifying citizenship would strain banks and push customers out of the system.

Banks, trade groups and regulators are eligible to join a group convened by Treasury's Financial Crimes Enforcement Network, or Fincen, which will weigh in on anti-money-laundering rules, Bank Secrecy Act modernization and implementation of a recently passed stablecoin bill.

As geopolitical threats loom, the U.S. needs a better-coordinated AML strategy. The Treasury Department's Financial Crimes Enforcement Network should take the lead in implementing needed reforms.

Senate Banking Committee ranking member Elizabeth Warren, D-Mass., warned the Treasury Department and Federal Reserve in a Wednesday letter not to bail out cryptocurrency firms in the wake of sharp declines in digital asset values over the last several months. 

Treasury Secretary Scott Bessent appeared to urge the crypto industry to deal with bankers in the yield stablecoin issue during his regular testimony in the Senate Banking Committee Thursday.

Noelle Acheson argues that growing demand for dollar-denominated stablecoins is going to give the Treasury Department increasing influence over the direction of the U.S. economy, perhaps at the cost of the Federal Reserve.

In a contentious House Financial Services Committee oversight hearing, Treasury Secretary Scott Bessent sidestepped questions on the Trump family crypto conflicts of interest and inflation with pugnacious responses to Democratic lawmakers' questions.

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.