Sherrod Brown

Democratic leaders in Congress want to extend the interest rate limit applying to service members to all consumers. Republicans and industry representatives warn such a broad restriction will hamper lenders' ability to price risk.

Senate Banking Committee Chairman Sherrod Brown urged the agency to share insights about the risks posed by neobanks, such as the San Francisco firm that sparked a customer backlash earlier this year.

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.

Sen. Pat Toomey of Pennsylvania, the Banking Committee's top Republican, is talking up the prospects of a bipartisan deal to overhaul Fannie Mae and Freddie Mac. But Democratic leaders sound less motivated to change the status quo for the government-sponsored enterprises.

Mortgage lenders have much riding on a yearslong effort to overhaul a program that requires homeowners to hold policies in flood-prone areas. A congressional panel meeting to discuss the issue was once again split between lawmakers from storm-threatened states and those concerned about government costs.

The industry has raised concerns about nontraditional bank owners, and some lawmakers have backed limits for industrial loan companies and cryptocurrency firms. But members of the House and Senate have been unable to reach a consensus on legislation.

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.

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.

The Ohio Democrat and chairman of the Senate Banking Committee told a virtual gathering of the American Bankers Association that FedAccounts, a plan opposed by industry trade groups, will lead to more bank customers.

With a steady stream of Senate hearings held on the racial wealth gap and inequities in the financial system, the new chairman has set a consumer-focused agenda that leans further left than even past Democratic chairs.