Policymaking

The California Democrat known for sharp questioning of executives was turned down for a waiver to serve on the Financial Services Committee by Speaker Nancy Pelosi, D-Calif., The Hill reported Thursday.

The Georgia runoffs and resulting balance of power in Congress will help determine which bills on bankers’ wish list gain traction. But regardless, existing coronavirus relief such as the Paycheck Protection Program and a push for more economic aid will remain top of mind for lawmakers and the industry.

Bank regulators traditionally steer clear of more divisive debates in a polarized Washington. But some observers worry acting Comptroller Brian Brooks has gone too far by wading into issues such as public health orders and banks' decisions to curtail services to the gun and fossil fuel industries.

The incoming administration chose a battle-tested policymaker who can draw on her nearly two decades at the Fed to help rebuild an economy still struggling from the coronavirus pandemic.

Even though financial institutions have "slightly" stepped up assessments of diversity practices, "we are not satisfied with the level of responsiveness,” a senior Federal Reserve official said in congressional testimony.

Friends of Traditional Banking is focusing on four GOP senators in tight races as it prepares to endorse two incumbents for the November elections.

Bankers have long opposed the idea of the U.S. Postal Service taking deposits and making loans directly, but some in the industry are open to the idea of letting banks and credit unions offer services at post offices.

As more consumers do business online, some deposits are being unfairly categorized as brokered, inviting burdensome regulatory scrutiny.

The House Financial Services Committee chair vowed to stay focused on the HEROES Act after the panel's top Republican said lawmakers should instead debate bills with bipartisan support.

Despite success lobbying for PPP inclusion and the elimination of Regulation D, the industry must continue to push for additional reforms.