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The legislation included changes designed to attract more Republican support, which is key to the measure ultimately becoming law.

Members of the House Financial Services Committee cited leveraged lending, cybersecurity and the switch to a new interest rate benchmark among potential systemic risks that keep them up at night.

One Republican lawmaker went so far as to suggest that Congress should try to block the central bank's effort, but Democrats said FedNow will promote competition in real-time payments.

The direct threats to the Trump presidency and Boris Johnson's tenure as prime minister of the U.K. create an extra layer of uncertainty for fintechs.

JPMorgan, which led the offering, may have “enabled” the startup’s questionable behavior; the system may enable more people to get approved for mortgages.

While no one is suggesting that the plan will help banks regain the share they've ceded to nonbanks, bankers believe that stabilizing Fannie Mae and Freddie Mac could at least help them keep what they have.

Industry groups are calling on the consumer bureau to eliminate the debt-to-income limit for “qualified mortgages” and provide a short-term extension of special treatment for Fannie- and Freddie-backed loans.

Rep. Patrick McHenry, the top Republican on the House Financial Services Committee, proposed having the central bank update Congress on measures to strengthen its own cybersecurity as well as that of institutions under its watch.

Some countries are toying with digitizing their currencies; NY Fed chief defends SOFR despite recent concerns about repo market volatility.

If the court agrees to hear the case, its conservative majority could make it easier for a president to fire a CFPB director, though other outcomes are possible.