Biden Administration

Dozens of European and U.S. banks are considering throwing their weight behind the White House’s Earth Day summit under plans being drawn up by former Bank of England Gov. Mark Carney.

The Department of Justice in the Trump administration hatched a plan to consider reforming its bank-merger review process, raising industry hopes about overhauling the outdated regime. But progressives want the agency to give more thought to the harm bank combinations cause consumers, including further branch closings.

President Biden said he hasn’t spoken with Federal Reserve Chair Jerome Powell since taking office more than two months ago, citing respect for the central bank’s independence and marking a sharp turn from his predecessor, Donald Trump.

Policymakers have scrutinized social disparities in the financial system and banks' climate-change risks. That has led to a new line of attack from Republicans who say agencies such as the Federal Reserve should stay in their lane.

The agency announced it was rescinding seven policy statements issued last year meant to help companies combat fallout from COVID-19 but that the bureau's current chief said came at the expense of consumers.

Legislation the president signed this week will extend the deadline for the Paycheck Protection Program to May 31 from March 31, giving businesses two additional months to apply for loans.

Although the Federal Housing Administration's insurance fund is "well above" its legal minimum, HUD Secretary Marcia Fudge said the mortgage agency has no plans to cut prices.

The full Senate could deadlock on Rohit Chopra’s nomination as the Banking Committee did. If that happens, Vice President Kamala Harris is expected to cast the decisive vote in his favor.

Mehrsa Baradaran, a University of California, Irvine, professor and former banking lawyer, has worked hard to close the racial wealth gap and could further such goals as head of the Office of the Comptroller of the Currency, wrote 34 caucus members in a letter to President Biden.

Former Obama-era regulators Kara Stein and Sarah Bloom Raskin, as well as Atlanta Fed President Raphael Bostic, have joined the field of potential nominees to lead the Office of the Comptroller of the Currency, according to sources familiar with the process.

The Treasury Department and U.S. regulators aim to boost demand for assets that tackle climate change, while preventing companies from making claims that could be considered “greenwashing,” or overstating the significance of emissions reductions and sustainability efforts.

Democrats want regulators to actively protect the financial system from losses tied to extreme weather events, while Republicans say climate policy is "beyond the scope" of their mission.

Jelena McWilliams, a Trump appointee, pushed back Wednesday on reports that an incoming Democratic majority may be able to enact policy at the Federal Deposit Insurance Corp. without her support. "The chairman really controls the board agenda," she said.

In its final days, the Trump administration imposed limits on Fannie Mae and Freddie Mac’s holdings of mortgages with loan-to-value ratios above 90% and certain other characteristics. Critics say the changes were unnecessary and disproportionately penalize borrowers of color.

Nellie Liang, President Biden's pick to serve as the Treasury's undersecretary for domestic finance, didn't wait to be nominated before beginning the task of strengthening Wall Street oversight.

Many in Washington have been in suspense about whether the Biden administration would favor a former Obama official or a financial inclusion advocate for comptroller of the currency. Mehrsa Baradaran, the candidate preferred by community activist groups, appears to have the edge.

Credit scores have an effect on almost every aspect of a person's financial life. A less-than-ideal credit score can make it much harder to get a house or car loan, start a business, or even get a job. President Biden plans to change credit reporting So what does the new administration's plan mean for consumers and lenders? In this episode, we explore the pros and cons of the Biden proposal, what it means for consumers, and how it will impact lending institutions' strategy and operations.

Some nominees poised to take their agencies in a new direction appear headed for Senate confirmation while an intraparty squabble has delayed the administration’s choice to lead the Office of the Comptroller of the Currency. Here’s the roster update.

Michael Barr, an Obama-era Treasury Department official, is no longer expected to be nominated to lead a regulator that oversees Wall Street’s biggest banks, according to people familiar with the matter.

The industry wants regulators to extend a temporary measure making it easier to satisfy the supplementary leverage ratio. But Democrats’ control of the White House and Congress has given a bigger platform to those who say banks have had enough relief.