Opinions

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.

A senior White House economic aide said the decision on selecting the next central bank chief will come after a thorough “process.”

The online lender was not a party to the lawsuit involving the Federal Trade Commission and a payday lender, but it could emerge as one of the big winners from the Supreme Court’s decision.

Two new government reports suggest that U.S. consumers’ fortunes have improved since the start of the pandemic, with bankruptcies falling sharply and fewer people falling behind on bills. But it’s not clear how long the positive trends will sustain themselves as government relief efforts wind down and evictions and foreclosures resume.

The head of the Federal Reserve appeared to support Congress’s expanding the scope of the Community Reinvestment Act to unregulated institutions, just as regulators weigh how to modernize the framework for banks.

Treasury Secretary Janet Yellen plans to name Michael Hsu, associate director of bank supervision at the Federal Reserve, to be the acting comptroller of the currency, according to The Wall Street Journal.

Without rollbacks of existing anti-money-laundering reporting requirements, a measure designed to make Bank Secrecy Act enforcement more risk-focused would do little to ease banks' regulatory burden.

Some say Equifax, Experian and TransUnion are too slow to investigate grievances, prompting more complaints to the Consumer Financial Protection Bureau. But the big three say other forces are at work.

The FDIC issued a prohibition order against Mark Wong, who was ordered to pay nearly $220,000 in restitution as part of a guilty plea in January.

The Federal Reserve has kept interest rates low to reduce unemployment and to keep prices stable. But in “Engine of Inequality," Karen Petrou argues that its accommodative stance is actually making the wealth gap wider.