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The billionaire CEO was awarded 1.5 million in stock options in what the board said is an effort persuade him to lead the biggest U.S. bank for a “significant number of years.”

Graham Steele, a former Senate Banking Committee staffer who has supported strong regulation, was named as the administration's choice for assistant secretary of financial institutions.

The president's working group on financial markets met in advance of a report expected within months on growth in digital currencies pegged to the U.S. dollar.

Widely perceived as the architect of the Consumer Financial Protection Bureau, Massachusetts Sen. Elizabeth Warren used the occasion of the agency's 10th anniversary to call for more robust oversight of cryptocurrency and banks' overdraft practices.

Treasury Secretary Janet Yellen will convene top U.S. financial-market and bank regulators on Monday to discuss rules for so-called stablecoins, a key part of the cryptocurrency market where government officials are increasingly fretting about a lack of oversight.

Rohit Chopra, President Biden’s pick to head the Consumer Financial Protection Bureau, is expected to be the type of aggressive leader the agency had at its inception. Is that what consumers need?

Rep. Patrick McHenry, the ranking GOP member of the House Financial Services Committee, requested a hearing with Dave Uejio to address policy actions “traditionally ... reserved for a Senate-confirmed Director.”

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.

As the Federal Reserve mulls whether to establish its own digital currency, Chair Jerome Powell told lawmakers that cryptocurrencies designed to have the stability of bank deposits and money market funds should be regulated accordingly.

The president has a chance to make his mark on the central bank as the terms of Federal Reserve Chair Jerome Powell and Vice Chair of Supervision Randal Quarles near their end. He will face pressure from progressives to pick reform-minded leaders, while moderate Democrats and Republicans in the narrowly divided Senate might favor reappointing Powell.