Policy & Regulation

WASHINGTON — Credit unions were generally pleased with Tuesday's election results that gave Republicans control of Congress, but acknowledged they suffered a blow from the loss of one of their most vocal advocates, Sen. Mark Udall.

Justices seem to struggle with what rescission actually means in practice and in the Truth-in-Lending Act.

Bank regulators will hold a series of outreach meetings with bankers starting Dec. 2 to hear regulatory relief ideas as part of a process required by federal law.

While many banks are cheering Republicans' success in the midterm elections, the results may not be as transformative as they hope. Here's why.

Until Congress gets around to GSE reform, the FHFA could at least make Fannie and Freddie less expensive to run. Combining the companies would reduce the threat that they will need more support from the Treasury and perhaps lower the cost of obtaining a mortgage.

Even though the payments industry earlier this year put an end to the debate over how to comply with a federal mandate for routing EMV debit transactions, the technology still isn't widely available.

Republicans won a sizable victory late Tuesday, retaking the Senate after losing it eight years ago. Banks, too, largely benefited, as an ally of the industry captured a Senate seat in West Virginia, two credit union allies fell and a key Democratic senator squeaked past. Here's how election night played out for banks.

Sen. Richard Shelby is expected to become chairman of the Senate Banking Committee next year after Republicans seized enough seats to take control of the chamber. But the Alabama Republican will face a time-crunch to get his agenda through.

A U.S. District Court decision this week that blocked the use of a controversial legal theory in a fair housing case on discrimination has ignited industry hopes that the Supreme Court will take a similar stance on a separate, larger case pending before the high court.

Bankers are worried that a new proposal will allow Farm Credit institutions to invest in non-farming businesses. The Farm Credit Administration denies those claims, stating that the proposal is designed to comply with the Dodd-Frank Act.