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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Senior congressional Democrats are concerned that the Financial Crimes Enforcement Network — an arm of the Treasury Department — is dragging its feet on a rulemaking to require corporations to report their beneficial owners.
November 4
- AB - Policy & Regulation
Federal Reserve Chairman Jerome Powell defended the central bank’s work to examine the effects of a warming planet on the financial system, but said decisions such as whether banks should lend to fossil fuel companies are best left to “elected representatives.”
November 3
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Hunt, who joined the CBA in 2009, has been a vocal critic of the federal student loan program and the Consumer Financial Protection Bureau’s leadership structure. He plans to leave the trade group next summer.
November 3 -
Acting Comptroller of the Currency Michael Hsu previewed but provided little detail about the “high-level … supervisory expectations” for large institutions. His statement was one of several by regulators to coincide with an international climate change summit.
November 3
- AB - Policy & Regulation
Lawmakers from both parties are pushing for legislation to automatically substitute a new interest rate benchmark for the expiring London interbank offered rate in certain hard-to-amend legacy contracts.
November 2
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Maria Vullo, former superintendent of New York’s Department of Financial Services, plans to enter next year’s race for state attorney general, according to people familiar with the matter.
November 2
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Scott Anderson, president and CEO of Zions Bank, was recently elected chair of the American Bankers Association. In an interview, he encouraged Washington to scrutinize tech giants’ moves into financial services but expressed concern about some potential implications of financial agencies’ spotlight on climate change.
October 31
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Efforts by individual states to rewrite existing rules governing interstate bank lending risk throwing the entire system into chaos. Only Congress has the ability to reestablish a workable set of national rules.
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The new law's reciprocal and custodial deposit provisions recognize what the evidence has shown for two decades. They should spur, not substitute for, the broader work of protecting America's depositors.
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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.
