Policy & Regulation

Testifying in front of the Senate Banking Committee, the Federal Reserve Chair said financial stability and market function will both be considered as part of its review of bank capital requirements.

Goolsbee's history of supporting Democratic policies and criticizing Republican ones on TV and radio talk shows, is raising concerns that the central bank is becoming increasingly politicized.

Fifty congressional Democrats urged regulators to propose "strong" climate disclosure regulations in finalized rules that are expected to be released in the coming weeks.

Democrats on the Banking Committee, led by Sen. Jack Reed of Rhode Island, say the peer-to-peer payments network's customer reimbursement and anti-money-laundering policies need more thorough scrutiny.

The small businesses said in a lawsuit that the bank used "misleading marketing and business practices" to rake in processing fees from oversized Paycheck Protection Program loans. A bank spokesperson placed responsibility on PPP borrowers for the representations they made in loan applications.

Credit card issuers say they need more time to respond to the substantial data request made by the Consumer Financial Protection Bureau in its proposal to slash late fees.

The only way for Fincen to assure that banks have the tools to identify illicit shell companies is for the agency to verify the information in its new beneficial ownership database.

Consumer Financial Protection Bureau Director Rohit Chopra says the bureau is continuing with its enforcement agenda and that financial firms face risks from the Supreme Court case.

Banks reported record growth in net interest margins in 2022, but net income still fell, and the industry "continues to face significant downside risks" from inflation and other factors, Martin Gruenberg says.

The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency have issued statements on crypto risks this year. Industry participants warn about a chilling effect.