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The Senate Banking Committee chairman told an audience of community bankers that he supports legislation to close "chartering loopholes" for industrial loan companies and financial technology firms. He also pitched a plan to give all consumers a free digital wallet backed by the Federal Reserve.

Eighteen months after launching Second Chance in Chicago, JPMorgan is bringing the recruitment effort to Columbus, Ohio.

Federal Housing Finance Agency Director Mark Calabria said he wants to work with the consumer bureau on an “exit strategy” for borrowers approaching the end of their forbearance periods.

The central bank should consider using a tool requiring higher capital amounts when times are good rather than offering temporary regulatory relief in a downturn, said Boston Fed President Eric Rosengren.

The Financial Stability Oversight Council has struggled to find its footing since its creation in Dodd-Frank. The Treasury secretary has signaled a more aggressive role for the panel, including reviving its authority to target nonbank behemoths.

Senate Banking Committee Chairman Sherrod Brown asked banks involved with Bill Hwang’s Archegos Capital Management to explain their role in the firm’s implosion.

In his annual message to investors, the JPMorgan Chase CEO said Big Tech and fintechs are "here to stay" and vowed to be aggressive in taking on these new challengers. He also predicted that the economy would take off this year, but said capital rules prevented banks from doing more to help blunt the impact of the pandemic recession.

In his annual letter shareholders, JPMorgan Chase CEO Jamie Dimon said banks are facing "enormous competitive threats — from virtually every angle."

Treasury Secretary Janet Yellen conducted her first meeting as chair of the Financial Stability Oversight Council and set the stage for a potential recalibration of the panel's role after it was weakened in the Trump administration.

The heads of the Federal Reserve and Treasury are urging passage of legislation that would replace Libor with the Secured Overnight Financing Rate in certain contracts. That would spare banks litigation over trillions of dollars of contracts when Libor expires in 2023.