Biden Administration

Chief executives from across the business world are set to join President Biden for a discussion Wednesday on how industry and the federal government can partner to improve cybersecurity in the face of debilitating ransomware and cyberattacks.

Community banks have played and will continue to play a key role in supporting local economies across the country. Join us in a lively conversation with Dennis E. Nixon, President & CEO of International Bank of Commerce (Laredo, Texas) & Chairman, International Bancshares Corporation and Eddie Aldrete, Senior Vice President at International Bank of Commerce as we discuss: (1) the need for bankers and the business community to become involved in political issues. From minimum wage and issues that affect small businesses to regulatory issues that directly affect the banking industry, banking and business leaders need to be thought leaders in the public conversation and (2) how bankers can play a pivotal advocacy role in the free trade process.

The Biden administration will soon face tough decisions on whether to renominate Jerome Powell as Federal Reserve chair and whom to select for vice chair of supervision and other posts.

The agency signaled during the Trump administration that it would approve more industrial loan companies following an extended freeze in new charters due to policy disputes. But the thaw will likely prove temporary now that the board's makeup has changed.

Nearly eight months of the Biden administration have gone by without a word from the White House on a nominee to lead the Office of the Comptroller of the Currency. Here are some of the candidates who have been in (and in some cases fallen out of) the running.

The guarantor of mortgage-backed securities has been without a Senate-confirmed president for four and a half years. The vacancy makes it difficult for other government agencies to coordinate housing objectives, according to stakeholders.

Republicans on the Senate Banking Committee objected to Biden administration picks for key jobs at the Department of Housing and Urban Development based on their past criticism of police practices. The nominees, including the prospective Federal Housing Administration chief, said their statements were taken out of context.

Sen. Patrick Toomey, the top Republican on the Banking Committee, criticized acting Comptroller of the Currency Michael Hsu and others in the Biden administration for advancing “social goals that are unrelated to banking.”

The U.S. economic recovery could take a major hit if the Biden administration fails to extend the federal government’s pandemic moratorium on student-loan payments past September, Senate Majority Leader Chuck Schumer said.

Michael Hsu is reorganizing the Office of the Comptroller of the Currency so that he directly oversees staffers who develop examination strategy. Some analysts suggest the move could result in more aggressive oversight by an agency long accused of being too cozy with national banks.

The Office of the Comptroller of the Currency confirmed it will rescind an unpopular rule overhauling the Community Reinvestment Act and joined other agencies in calling for a renewed interagency effort.

Graham Steele, a former Senate Banking Committee staffer who has supported strong regulation, was named as the administration's choice for assistant secretary of financial institutions.

The president's working group on financial markets met in advance of a report expected within months on growth in digital currencies pegged to the U.S. dollar.

President Biden nominated Judith D. Pryor as first vice president of the Export-Import Bank of the U.S., the nation’s official export-credit agency.

The president has a chance to make his mark on the central bank as the terms of Federal Reserve Chair Jerome Powell and Vice Chair of Supervision Randal Quarles near their end. He will face pressure from progressives to pick reform-minded leaders, while moderate Democrats and Republicans in the narrowly divided Senate might favor reappointing Powell.

The economic forces driving dealmaking will overcome any regulatory risk posed by the president's call for stricter vetting of bank merger applications — especially among community banks, experts say. The White House push could even nudge some executives to cut deals sooner.

The White House is calling on the Department of Justice and federal regulators to give bank deals more scrutiny as part of a broader executive order meant to encourage competition across the U.S. economy.

The Federal Housing Finance Agency recently became the third agency along with the Office of the Comptroller of the Currency and Consumer Financial Protection Bureau without a Senate-confirmed leader. But analysts say the appointment of interim chiefs gives the administration even more control over regulatory initiatives.

The White House's firing of Federal Housing Finance Agency Director Mark Calabria sparked immediate speculation about who will run the agency and help chart the future of the two mortgage giants. Potential nominees include ex-Obama administration officials, congressional staffers and members of the Biden transition team.

The chief operating officer now oversees numerous divisions at the Office of the Comptroller of the Currency. But as part of a reorganization, the COO’s position is being eliminated and several units will come under the direct authority of the comptroller.