Policy & Regulation

The Federal Reserve and the Federal Deposit Insurance Corp. found shortcomings in the living wills of Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase, although the FDIC deemed Citi's resolution plan as "deficient."

The two divisions — one focused on employee conduct, the other aimed at improving hiring practices — were created in response to last month's explosive report on widespread harassment and discrimination at the Federal Deposit Insurance Corp.

The Senate Banking Committee will consider the nomination of Christy Goldsmith Romero — the administration's pick to take over the Federal Deposit Insurance Corp. — on July 11.

The FDIC board Thursday approved stricter resolution plans for larger banks and introduced a new bipartisan procedure to expedite merger application reviews.

In a win for credit card issuers, a lawsuit challenging the Consumer Financial Protection Bureau's $8 credit card late fee rule will remain in a Texas court and not be transferred to Washington, D.C.

The Consumer Financial Protection Bureau has been opposed by the financial services industry to a greater or lesser degree since its inception, and its constitutional legitimacy has now been deeply litigated. The bureau could still be dismantled — just not by the courts.

Economic downturns are inevitable, but regulatory overreaction to them shouldn't be. We need to rethink the way banks are allowed to recover from economic shocks.

PNC has cut its credit card late fees to $8, and Wells Fargo has eliminated the charges on one new card. The moves signal that issuers are already adjusting to a CFPB rule that's currently on hold amid a court challenge.

President Joe Biden also nominated fellow Commodity Futures Trade Commission board member Kristin Johnson to a top bank regulatory post at the Treasury Department.

A House Financial Services Committee's hearing on workplace misconduct at the Federal Deposit Insurance Corp. Wednesday offered Republicans an opportunity to call for FDIC Chair Martin Gruenberg's immediate resignation, but Democrats pushed back against the implication that Gruenberg alone is to blame.