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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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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The bureau’s new director named former Obama administration officials Lorelei Salas and Eric Halperin, respectively, as the heads of supervision policy and enforcement.
October 29
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Federal Reserve Chair Jerome Powell called Sherrod Brown, the head of the Senate panel that oversees the central bank, this week to discuss Powell’s sweeping proposal to limit securities trading by senior Fed officials, as well as Brown’s new legislation on the subject.
October 29
- AB - Policy & Regulation
Twenty-one centrist Democratic lawmakers raised concerns about the provision, which banks have fought to keep out of the social policy package. Meanwhile, the White House made no explicit mention of it in a draft summary of the bill.
October 28
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A proposal that would enlist financial institutions’ help in raising tax revenue to pay for President Biden’s social policy agenda lost steam after objections from a key senator. The administration was said to be narrowing the plan’s scope to preserve its chances.
October 27
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Sen. Joe Manchin of West Virginia, a swing Democratic vote in deliberations over President Biden's social spending bill, signaled opposition to requiring financial institutions to report customer account information to help catch tax evaders. The measure "is going to be gone," he predicted.
October 26
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The upstate New York company, which has agreed to acquire People’s United Financial in Connecticut, is the latest bank to negotiate a multibillion-dollar spending commitment with the National Community Reinvestment Coalition.
October 25
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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.
