Regulation

The CEOs of Sallie Mae and Discover Financial Services were largely dismissive this week of the threat posed by the two Democratic presidential candidates, though their optimism seemed to be rooted in an assumption that the more sweeping proposals will never become law.

The lawmakers, including Sens. Sherrod Brown and Elizabeth Warren, sent the bank a letter focusing on customers' difficulty enrolling in credit monitoring and identity protection services.

The most widely referenced interest rate benchmark will cease to function after 2021, and the financial system is still coming to grips with that complicated reality.

The fifth-generation banker, who has already been serving as a central bank governor, was confirmed by the U.S. Senate in a 60-31 vote.

The Democratic presidential candidate said on Twitter that credit cards "have enabled many of America’s mass shootings."

The Supreme Court may be closer to examining a key restraint on a president's ability to change CFPB leadership.

The regulator for Fannie Mae and Freddie Mac suggested that a finalized capital framework for the two mortgage giants could be published by the end of the year.

Swiss financial regulator Finma said Libra would need a payment system license and would be subject to additional rules to take “bank-like” risks into account. The “highest international anti-money laundering standards” would also need to be applied, it said in a statement on Wednesday.

Hal Schroeder of FASB claims that investors have no confidence in the current loss standard. Several investors at a prominent accounting conference disagree.

The recent revision of Volcker Rule limits on banks' ability to speculate with their own capital has cost regulators a meaningful supporter: Paul Volcker.