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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Two laws signed Friday by President Biden extend the statute of limitations for fraud cases involving pandemic-relief programs. One of them would have a particular impact on Paycheck Protection Program loans made by nonbanks.
August 5
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Sen. Pat Toomey is again demanding transparency by the Federal Reserve after learning the central bank withheld documents he and other Republicans sought related to former Fed nominee Sarah Bloom Raskin during her confirmation fight.
August 4
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A letter from Democratic senators seeking new details about unauthorized accounts is the latest political headwind for the Minneapolis bank. It comes on the heels of a $37.5 million fine by the Consumer Financial Protection Bureau.
August 4
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A draft letter obtained by American Banker would ask acting Comptroller Michael Hsu to rescind several interpretive letters issued during and following the Trump administration that gave banks cover to pursue certain crypto activities.
August 4
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The president of the Federal Reserve Bank of Minneapolis doubled down on his call for stiffer capital requirements and said master account access decisions should stay with the regional Fed banks.
August 4
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Former Federal Reserve Vice Chair Richard Clarida will return to the bond giant Pacific Investment Management Co. as global economic advisor following his exit from the central bank in January and the conclusion of an internal Fed probe into his personal trading, which found that he hadn't broken any rules.
August 4
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The three-month London interbank offered rate for dollars climbed to a nearly 14-year high as traders brace for steady interest rate hikes from the Federal Reserve, backing away from speculation the central bank will ease up as the economy shows signs of cooling.
August 3
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As written, new capital standards for U.S. banks fail to account for the additional risk posed by many home loan clients who obtain second mortgages. Fixing the problem will significantly reduce the rule's benefit to banks.
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The only thing we know about the next financial crisis is that it won't look like the last one. But specific changes to bank safety and soundness requirements and clearer regulatory authorities would help us respond.
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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.
