Opinions

A full accounting of regulators' actions in the lead-up to the collapse of Silicon Valley Bank, as well as other recent bank failures, is necessary to restore public confidence in both the banking system and the government itself.

With billions of dollars at stake, financial institutions weighed in on the Consumer Financial Protection Bureau's proposal to cut credit card late fees to $8, claiming, in part, that small banks and credit unions will suffer economic harm if the plan goes into effect as proposed. 

The justices ruled this week that a lower court should have ordered the FDIC to reconsider its lifetime ban of a Michigan banker instead of deferring to the agency's judgment. The decision could make financial regulators more hesitant to take certain enforcement actions, experts predict.

The Federal Reserve Board governor said secular increases to the currency supply limits how much the central bank can shrink its holdings.

During her opening remarks before lawmakers Tuesday, the head of the Federal Housing Finance Agency reiterated that borrowers with strong credit profiles are not being penalized to benefit those with poorer scores.

The Consumer Financial Protection Bureau alleged in 2020 that Citizens failed to investigate certain fraud claims and billing disputes. A key allegation was that the bank required customers to provide a notarized affidavit to support a fraud claim.

The days of taking shortcuts around regulation and lax fiscal discipline need to come to an end if the industry is going to reach its full potential.

Wyoming had sought to intervene in the contentious lawsuit over master account access, citing concerns about its special purpose depository charter. The judge said it had no standing.

"If the banking stresses start to bring inflation down for us, then maybe we're getting closer to being done. I just don't know right now," said Federal Reserve Bank of Minneapolis President Neel Kashkari.

The Federal Reserve chair waved off suggestions that recent bank failures demonstrate a need to better separate its authorities. He also noted the importance of clear communication by central bank officials.