Politics and policy
While financial markets wobbled after Fitch Ratings reduced the U.S. government's credit rating, analysts said the action should have little long-term impact, similar to a downgrade by Standard & Poor's in 2011. JPMorgan Chase CEO Jamie Dimon argued that Fitch's action "doesn't really matter that much."
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Regulators remain skeptical toward digital assets in the wake of major crypto-industry partner-bank failures, but in the absence of legislative direction, oversight of crypto is largely left to the Securities and Exchange Commission. The SEC's approach has been aggressive, but its authority has been muddied by recent court decisions.
August 2 -
In 18 states, consumers are not allowed to use trained debt resolution professionals to seek relief from their creditors. That needs to change.
August 2
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Officials at the central bank have been discussing a real-time payment system for a decade. Work on FedNow began in 2019.
July 20 -
The Consumer Financial Protection Bureau celebrates its 12th anniversary on Friday, prompting Director Rohit Chopra to discuss the agency's work including a proposal to set credit card late fees at $8 and the upcoming Supreme Court case that could defund the bureau.
July 20 -
Two of the three midsize banks that failed this spring were unprepared to access the Federal Reserve's discount window, limiting regulators' ability to inject cash at a pivotal moment. Regulators say that experience should be a wake-up call.
July 19 -
The House Financial Services Committee held a subcommittee hearing with senior staff from banking agencies, while the oversight branch of the panel questioned some large banks on their ESG efforts in asset management units.
July 18 -
The Federal Reserve vice chair for supervision said regulators will adapt supervisory practices to account for advancements in machine learning.
July 18 -
Solopreneurs are the new engine of business growth in the U.S., and banks and financial services regulators need to recognize their importance.
July 18 -
The Supreme Court's ruling on affirmative action in higher education has opened the door to challenges of diversity initiatives in the financial services sector, legal experts say. Internship programs for minority students could face scrutiny, as could efforts to increase workforce diversity.
July 13
