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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Lawmakers appeared supportive of Alanna McCargo's nomination at a Senate hearing Thursday. If confirmed, the former Urban Institute vice president would fill a role that has been vacant since 2017.
October 7
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The Rhode Island company unveiled a feature that gives depositors extra time to bring their account balances positive. It also plans to launch an overdraft fee-free account early next year.
October 7
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Democratic Gov. Gavin Newsom signed legislation that establishes a commission to analyze the possibility of offering federally insured, fee-free bank accounts.
October 6
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Several chief executive officers of banks and other companies are expected to attend the White House gathering, including Citigroup’s Jane Fraser, Bank of America’s Brian Moynihan and JPMorgan Chase’s Jamie Dimon.
October 6
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Rep. Patrick McHenry, the top GOP member on the Financial Services Committee, said lawmakers should take the lead in developing a policy framework for stablecoins and other cryptocurrencies. He criticized Securities and Exchange Commission Chair Gary Gensler for suggesting the agency already has authority to act.
October 5
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Sen. Elizabeth Warren, D-Mass., said questionable financial transactions by senior Federal Reserve officials — two of whom have resigned — cast doubt on Fed Chair Jerome Powell’s ability to steer the central bank as President Biden mulls whether to reappoint him.
October 5
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The new pilot program is only operating at four of more than 30,000 post offices nationwide. But it's drawing loud criticism from the banking industry and Republican lawmakers, along with strong praise from congressional Democrats.
October 4
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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.
