Joe Biden

Synchrony Financial stands to benefit from the undoing of a Biden-era cap on credit card late fees. Company executives said that Tuesday that they won't be rolling back changes they implemented to compensate for revenue the company would have lost.

The Treasury named a pair of IRS agents as special advisors to Treasury Secretary Scott Bessent, and plans key roles for them at the IRS.

The order calls on federal agencies to support more forms of digital identity documents and could lead more states to adopt digital driver's licenses.

The increase would "ensure that the wealthy and big corporations pay their fair share" at a level that also "rewards investment in America's innovators, founders and small businesses," Harris said.

While academics and supporters of the "retirement security rule" proposal say the administration's numbers are valid, critics reject them. Here's what we know.

Interest in digital assets is on the rise following an executive order from the White House and a recent report from the Fed.

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.

The president had campaigned on a 28% corporate tax rate — threatening to undo much of the Trump-era cuts — and banks were seen as more vulnerable than other industries. But the administration appears open to a lower rate as part of broader legislative talks.

A full rebound won’t occur until next year at the earliest because of the slow vaccine rollout, most executives at small banks said in a new survey. Last summer, more than half expected a turnaround this year.

President Biden’s executive order requiring agencies to weigh the impact of pending policies on underserved groups could have a lasting effect on issues from reforming the Community Reinvestment Act to fair lending.

A growing number of states have chosen to decriminalize or legalize cannabis in recent years. As a result, the legal cannabis industry has experienced exponential growth. Yet banks and other financial institutions are still largely reluctant to partner with cannabis firms due to the lingering conflict between state and federal law. In this episode we will explore: (1) how financial institutions can navigate the regulatory, compliance, and operational challenges facing this sector; and (2) the steps the Biden Administration may take to improve the environment for banking this industry.

The administration’s initiative to offer universal high-speed internet service is a chance for bankers to provide underserved households with access to online financial education and low-cost digital accounts.

Come away better prepared for what’s ahead after hearing Satish Kini and David Sewell of Debevoise & Plimpton and Darin Jarrett, Deputy BSA/AML Officer at American Express, in conversation with Bonnie McGeer, Executive Editor of American Banker, as they explore: •How the new administration might change the BSA/AML Act •Are there easy wins in relieving the burden of suspicious activity reports without undermining effectiveness? •New ways that companies are innovating within AML compliance and risk •What banks are doing to drive next-gen efficiency and effectiveness of risk and compliance

President Biden’s executive order requiring agencies to weigh the impact of pending policies on underserved groups could have a lasting effect on issues from reforming the Community Reinvestment Act to fair lending.

Following similar decisions by big banks, the Consumer Bankers Association and Mortgage Bankers Association said they will halt all political contributions to elected officials as some lawmakers face harsh criticism for comments that incited the storming of the U.S. Capitol.

After three years of savings, top U.S. banks could face an increased tax bill of as much as $11 billion a year if President-elect Joe Biden moves forward with corporate rate hikes he campaigned on.

President-elect Joe Biden picked California official Isabel Casillas Guzman to lead the Small Business Administration, according to people familiar with the decision.

The Consumer Financial Protection Bureau is headed for more disruption in the new year with a Democratic administration likely to reverse several GOP-backed policies. More aggressive relief for mortgage borrowers, a rollback of Trump-era rulemakings and yet another realignment of CFPB offices will all be on the table.

A Biden-appointed comptroller could refocus resources and attention to these issues and put less effort into fighting the ongoing fintech charter battle.

Financial disparities have only worsened during the coronavirus pandemic. President-elect Biden’s team could address this issue by establishing an office of economic equality under the Financial Stability Oversight Council.