Person Root Tag

The inability of Democrats and Republicans to agree on a chairperson and lack of sufficient personnel have made it harder for the commission to do its job — hold Treasury and the Fed accountable for implementing the coronavirus relief law, observers say.

The bank is encouraging staff to take the day off Friday to commemorate the end of slavery, but intends to keep branches open.

Barry Sommers, a former head of wealth management at the New York bank, is the latest high-level hire by Wells CEO Charlie Scharf.

At a congressional hearing, Fed Chairman Jerome Powell discussed steps to get the flow of coins to financial institutions back to pre-pandemic levels, as well as ways to ease other industry burdens.

The FHFA and FHA both announced for the second time that they were delaying the freeze to protect borrowers and renters during the coronavirus pandemic.

A lawsuit filed Tuesday argues that the bureau's establishment of the panel looking into regulatory changes violated the Federal Advisory Committee Act.

The Fed chairman updated senators about the agency's new credit facility for midsize firms struggling in the pandemic. He also left open the possibility of additional stress tests to gauge the industry’s coronavirus response.

In one of the first comprehensive analyses of how the banking industry was affected by the onset of the coronavirus pandemic, the agency said quarterly income fell by nearly 70% from a year earlier.

Kyle Hauptman, an aide to Sen. Tom Cotton, R-Ark., also served on the president's 2016 transition team. He would replace board member Mark McWatters, whose term expired last year.

In letters to administration officials and large banks, the lawmakers sought details about loan recipients following reports that financial institutions had favored their wealthiest clients.

Fed Chair Jerome Powell will address lawmakers twice this week while the Supreme Court could come out with a long-awaited ruling on the Consumer Financial Protection Bureau.

The lawmakers are attempting to block the regulation reforming the anti-redlining law under review powers granted to Congress, but the move is largely symbolic with the Senate and White House controlled by the GOP.

A budget item establishing a new agency to protect consumers from predatory lenders has been put on hold as state officials deal with the coronavirus response and other priorities. But it could be revived in legislative talks later this summer.

The central bank is only now nearing the launch of the credit facilities after the effort was announced in April. But Chairman Jerome Powell said loans have been available through other means.

Members of the Small Business Committee signaled backing for broadening Paycheck Protection Program access for the smallest companies, encouraging participation by nonbank lenders and other improvements.

Some lawmakers fear that when forbearance plans and enhanced unemployment coverage expire, the consequences for mortgage borrowers still affected by the pandemic will be severe.

The central bank will increase support for credit issued through the Main Street Lending Program while providing midsize firms with more flexibility on the amounts they receive.

Former Comptroller of the Currency Joseph Otting landed a post with Black Knight, which provides technology solutions to mortgage and real estate companies.

Acting Comptroller of the Currency Brian Brooks had suggested states and municipalities should end "indefinite shutdowns" meant to combat the spread of the coronavirus. The Democratic lawmaker said he was going against the public health recommendations.

Members of both parties raised concerns that the requirements for participating in the Municipal Liquidity Facility and Main Street Lending Program are too restrictive to benefit smaller localities and certain midsize firms.