Politics and policy
Large banks are facing an increasingly difficult challenge on environmental and social issues: balancing the demands of progressive activists and their own employees with those of Republican state officials. One analyst calls it the “goldilocks dynamic.”
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JPMorgan Chase, Bank of America, Goldman Sachs and Wells Fargo joined Citigroup in pledging to expand benefits to cover travel for out-of-state abortions. Smaller banks in blue states were more vocal, with one female CEO saying: “I stand in disbelief.”
June 24 -
The New York megabank’s decision, which takes effect on July 1, emerged on the same day that the Supreme Court overturned Roe v. Wade. JPMorgan Chase is following the lead of Citigroup, which announced a similar policy at the start of the year.
June 24
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Several Democratic bills to support down-payment assistance for mortgage borrowers and other housing programs met with protests from Republicans, who said the legislation would further fuel inflation. The GOP maneuvers failed, but they highlighted the parties’ differing priorities ahead of the midterm elections.
June 22 -
Democratic Sen. Elizabeth Warren cited a report that found then-acting Comptroller Keith Noreika chose to privately reprimand the Canadian bank for consumer abuses, rather than issuing a fine.
June 15 -
Brian Brooks, an acting head of the Office of the Comptroller of the Currency during the Trump administration, says the CEO of one of the largest U.S. banks considered barring customers from using its cards to buy firearms.
June 13 -
The letter from House Financial Services Chair Maxine Waters and Rep. Al Green points to laws passed by some state and local legislatures where financial institutions have been required to disclose whether they had ever profited from slavery in order to operate in their jurisdiction.
June 7 -
An American Bankers Association panel of experts predicted much slower economic growth, but agreed that the U.S. economy will avoid a recession over the next couple of years.
June 3 -
CEO Bill Demchak said Thursday that the banking industry has become a "political football," and that lawmakers lack the "backbone" to make broader decisions on climate change and various social issues.
June 2 -
District attorneys in the Golden State are tangling with Credit One Bank over its debt-collection practices. The bank says the prosecutors have overstepped, but Democratic Attorney General Rob Bonta argues that the legal action should continue.
May 31
