Policy & Regulation

State banking associations across the country said that Michelle Bowman should be the Federal Reserve vice chair for supervision, not least because she already sits on the Fed board and could start immediately.

Jon Weiss, Wells Fargo's co-CEO of corporate and investment banking resigned from his position with plans to retire; A new CFPB report says military service members paid more for auto loans and add-on products; City National Bank's Kelly Coffee is leaving the bank after her 2023 demotion; and more in this week's banking news roundup.

Federal Reserve Gov. Michelle Bowman is widely seen as the president's most likely choice for vice chair for supervision, a position soon to be vacated by Michael Barr. But while Bowman is the administration's most straightforward option, it's not the only one being considered.

Money remittance provider Wise said it "strongly disagrees" with the Consumer Financial Protection Bureau's characterization that it advertised inaccurate fees and did not properly disclose exchange rates.

Russell Vought, should he be confirmed by the full Senate, would join a short list of those able to lead the CFPB, as his predecessor Mick Mulvaney did, per the requirements of the Vacancies Act.

Capital One's five-day interruption, President Trump's planned dismantling of the Consumer Financial Protection Bureau and more this month.

The Federal Reserve chair said banks are well situated to handle risks related to crypto customers, but added that regulatory scrutiny of banks' direct engagement with the assets will be greater than for simple custody arrangements.

The nation's central bank held interest rates steady in its first decision of the year.

The Federal Reserve's monetary policy group is expected to hold rates steady, but the chairman will face a litany of questions about the year ahead and on the inflationary impact of implications of the Trump administration's early policy moves.

The National Treasury Employees Union told employees not to respond to the mass email asking federal workers to resign. The chief of staff at the Consumer Financial Protection Bureau said it is reviewing the directive.