Policy & Regulation

Jelena McWilliams, the chief legal officer for Fifth Third Bancorp, will be nominated as the next chair of the Federal Deposit Insurance Corp., the White House said late Thursday.

Dizzying trading in bitcoin fed the bubble argument, but now that Nasdaq is the third Wall Street player to say it is designing a financial instrument around it, banks may be forced to reassess cryptocurrencies.

The former heads of the House and Senate banking committees argued Thursday that the Dodd-Frank Act clearly intended to allow the CFPB's deputy director to serve as acting director after the full-time head of the agency departed.

Rep. Sean Duffy, R-Wis., and Sen. Mike Enzi, R-Wyo., drafted legislation that would set pay for CFPB employees in line with the federal government's pay scale known as the general schedule.

The Federal Reserve Board's vice chair of supervision said that digital currencies hold the potential for innovation but that the financial system's security and resiliency are more important.

Even though they do not face the immediate prospect of regulation requiring an open-banking policy, American banks should act as if they do.

Reform of the Community Reinvestment Act should seek to establish a minimum standard for the volume of CRA activities a bank must complete in its assessment area.

Marvin Goodfriend, a noted economist and former Richmond Fed official, was tapped to fill one of three vacancies on the Fed board.

The financial services industry has cheered a proposed reduction in the corporate tax rate, but a lower rate could force Fannie Mae and Freddie Mac to write down assets, increasing the odds that the companies will need Treasury support.

With leadership of the Consumer Financial Protection Bureau resolved by a federal court, the banking industry is eager to find out what interim head Mick Mulvaney plans to do once he gets a handle on the agency, including whether he will delay pending new mortgage rules.