Person Root Tag

U.S. Treasury Secretary Janet Yellen signaled she’ll prod multilateral development banks to rein in their lending for fossil fuels, part of a global effort to make the financial system greener.

The Federal Housing Finance Agency recently became the third agency along with the Office of the Comptroller of the Currency and Consumer Financial Protection Bureau without a Senate-confirmed leader. But analysts say the appointment of interim chiefs gives the administration even more control over regulatory initiatives.

Fed Vice Chairman for Supervision Randal Quarles says the benefits of a central bank digital currency are “unclear,” and that a digital dollar could actually “pose significant and concrete risks.”

The House has passed legislation that would make financial institutions report credit application data relating to LGBTQ-owned businesses to the Consumer Financial Protection Bureau for the purposes of enforcing fair lending laws.

President Biden removed Mark Calabria as Federal Housing Finance Agency director hours after a Supreme Court ruling made the move possible. The administration is expected to offer up a nominee who will prioritize affordable housing and racial equity in housing instead of reforming Fannie Mae and Freddie Mac.

The House Financial Services Committee passed a bill along party lines to require global systemically important banks to submit new annual reports on activities to the Fed.

A majority of the justices concluded that the law establishing the Federal Housing Finance Agency violated the Constitution when it said a president may only remove the agency's chief "for cause."

The huge buffers that banks built up over the pandemic are protecting the financial system from looming threats, regulators told President Biden during a meeting that also touched on climate change, extension of credit to the underserved and other topics.

A congressional hearing on reforming the National Flood Insurance Program focused on whether mortgage companies need to disclose incremental risks even if a homeowner lives outside a federally designated floodplain.

Federal Reserve Chairman Jerome Powell said the market dislocations of the past year resulting from the pandemic had changed the impact that the supplementary leverage ratio was having on the largest banks. After temporarily easing the requirement, the central bank is considering longer-term reforms.