Banking Politics & Policy News
American Banker's Politics & Policy coverage delivers news and analysis on how legislative action, federal agency rulemaking, regulatory politics, and public policy debates shape banking strategy, risk, competition, and compliance. Coverage explores congressional priorities, executive branch initiatives, regulatory agency actions, and the political forces that shape and impact the operating environment for financial institutions, payments companies, fintechs and distributed finance companies.
Bank leaders must navigate a dynamic policy environment where congressional action, regulatory priorities, and political forces influence capital standards, supervisory expectations, digital asset frameworks, deposit insurance, consumer rules, and competitive dynamics.
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The Federal Reserve issued fresh policy guidance around stablecoin issuance, distributed ledger technology and fintech partnerships. Legal and policy analysts anticipate a further chilling effect on bank engagement with so-called novel activities.
August 9
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The Seafarers International Union sued Bank of America's senior managers and board alleging breach of their fiduciary duty in managing a prepaid debit card program that distributed unemployment benefits during the pandemic.
August 9
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Senate Banking Committee Chair Sherrod Brown, D-Ohio, and other committee Democrats told the Federal Reserve that the agency isn't considering financial stability enough in its review of bank merger applications.
August 9
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Goldman Sachs told Sen. Elizabeth Warren, D-Mass., that it made $60 million on the purchase and sale of part of Silicon Valley Bank's loan portfolio.
August 8
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A federal judge's decision to bar the Consumer Financial Protection Bureau from enforcing a small business data collection rule pending the outcome of a Supreme Court case could give banks an opening to block a pending $8 late fee rule as well.
August 7
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The board of the Home Loan Bank of San Francisco chose not to renew Teresa Bryce Bazemore's contract that ends in 2024, and has initiated a search for a new CEO.
August 4
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Sen. Elizabeth Warren, D-Mass., and Rep. Katie Porter, D-Calif., said that the Federal Deposit Insurance Corp. could do more to penalize banks that have downwardly revised their uninsured deposits as the agency looks to collect its special assessment.
August 4
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In the year of the country's 250th anniversary celebrations, it's worth looking back at the long road the U.S. dollar took to global dominance, and the lessons we can learn from it.
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As stablecoins and other cryptocurrencies enter the mainstream, lawmakers in Illinois have imposed a new transaction tax on digital assets. It will raise costs for everyday consumers and drive away businesses.
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Yes, banks' capital burden will decline, leaving more potential funds available for lending. But the big question is which banks will find a way to deploy those funds to generate meaningful returns.
