Policy & Regulation

For two decades, Alfred Pollard served as the general counsel for Fannie Mae and Freddie Mac’s regulator. He had a front-row seat for the establishment of the Federal Housing Finance Agency, the government’s subsequent seizure of the mortgage giants amid mounting losses in 2008 and the more recent legal dispute over the FHFA’s authority.

Manny Alvarez, the head of California’s Department of Financial Protection and Innovation, told staff that he plans to leave on June 18. Chief Deputy Commissioner Chris Shultz will be appointed to lead the agency on an interim basis.

Amid GOP criticism about the Federal Reserve’s focus on climate change issues, Chair Jerome Powell said the central bank is striking the right balance by educating the public about risks to the financial system while not taking actions he says are better left to elected officials.

Banks need to innovate to compete with upstart fintechs, but fragmented and inflexible core systems are slowing digital transformation. Here’s how banks — with help from their regulators — can thrive amid the disruption.

Prosecutors say Natalie Mayflower Sours Edwards leaked over 50,000 documents, including 2,000 suspicious activity reports, related to payments involving former President Donald Trump's 2016 campaign chairman.

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.

State regulators had notched a victory in 2019 when a judge sided with the New York State Department of Financial Services in a case challenging the Office of the Comptroller of the Currency's charter. But an appeals court panel overturned that decision.

The departures of Bryan Schneider and Peggy Twohig come as the Biden administration's nominee to run the consumer bureau awaits Senate confirmation.

Ally and Huntington are the latest banks to take steps that will reduce revenue from customers who spend money they don’t have. The moves come at a time when technological, regulatory and social forces are converging to encourage change.

The pace of the U.S. recovery picked up somewhat in the past two months, sparking price pressures as businesses contended with worker scarcity and rising costs, the Federal Reserve said.