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 White House and key lawmakers want to allocate $4.5 billion for smaller 7(a) loans that would be made by the Small Business Administration. The financial services industry says the government should collaborate with the private sector rather than compete with it.
September 15
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Treasury Secretary Janet Yellen lobbied the chairman of the Ways and Means Committee on the measure requiring bank-provided customer data to help crack down on tax cheats and pay for the $3.5 trillion spending plan.
September 15
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Speculation has mounted that Mike Calhoun, president of the Center for Responsible Lending, is under consideration to lead the Federal Housing Finance Agency. His nomination would be an endorsement of proposals to treat Fannie Mae and Freddie Mac in a similar way as publicly regulated power or water companies.
September 15
- AB - Policy & Regulation
The industry opposes expanded IRS reporting and other tax-related provisions that Congress would use to pay for the overhaul. But the bill could also boost funding for small businesses and affordable housing.
September 14
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If confirmed, Alanna McCargo would be the first Senate-approved president at Ginnie Mae since January 2017.
September 13
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Bankers worry the proposed reporting requirements on small-business loans will be used to shame lenders for neglecting minority-owned firms. Community groups are already preparing to use the data to point out racial disparities.
September 12
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Congress is considering whether to fund Biden administration spending priorities by forcing tax evaders to pay what they owe. Banks are intensifying efforts to kill a related provision requiring them to share more account data with the Internal Revenue Service.
September 8
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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.
