Politics

President Donald Trump's recently filed lawsuit against megabank JPMorganChase and its CEO Jamie Dimon is not expected to succeed in court, legal experts say.

Comptroller of the Currency Jonathan Gould said in a letter to Sen. Elizabeth Warren, D-Mass., that the OCC "intends to act consistent with this duty rather than your demand."

Trump, during his return from Davos, signaled reluctance to allow 401(k) withdrawals for home down payments, but other tax-advantaged options remain on table.

The House Financial Services Committee passed a community bank tailoring bill 33-21.

The Federal Deposit Insurance Corp.'s approval of industrial loan company charter applications for General Motors and Ford Motor Company generated only moderate pushback from banks as crypto, debanking and credit card rate caps dominate the industry's attention.

Many servicing metrics look weaker amid lower rates although valuations can vary depending on companies' models, operations and portfolio composition.

The McLean, Virginia-based bank plans to close the deal in mid-2026, about a year after it sealed its landmark purchase of Discover Financial Services.

Observers said the Supreme Court likely will allow Federal Reserve Gov. Lisa Cook to remain at her post while she challenges her purported removal by President Donald Trump. But her continued presence would slow, rather than stop, the president's quest for a voting majority on the central bank board.

The lawsuit, filed Thursday in Florida state court, alleges that the lender stopped offering banking services to Donald Trump and his businesses for political reasons.

The Federal Deposit Insurance Corp. Thursday finalized a framework for banks to appeal supervisory determinations, replacing the agency's existing appeal committee with an independent three-member panel, one member of which must have industry experience.

President Trump in Davos, Switzerland, talked about his call for lower credit card interest rates and more affordable housing in a lengthy speech that mostly focused on his plan to take over Greenland.

Treasury Secretary Scott Bessent said Tuesday morning that banks should focus on the sweeping deregulation the administration has enacted as the industry pushes back on President Trump's proposed 10% credit card interest rate cap.

Efforts to exclude crypto firms from the provision of a number of different core financial services are doomed to fail. The only correct response is to provide the prudential regulation necessary to assure safe and sound operation.

A significant majority of Americans are now living lives of permanent financial stress, and debt delinquency is on the rise. For bankers, that's a recipe for problems with profitability, and perhaps with safety and soundness.

Comptroller of the Currency Jonathan Gould said Friday afternoon that regulators should scale back what he characterized as costly and ineffective bank-prepared resolution plans and shifting resolution responsibility onto bank regulators. 

Warren, Wyden, Whitehouse, Welch and Schatz say the administration's memo contradicts public statements, and they want more answers on whether the administration is working with top U.S. banks to funnel money out of the South American nation.

White House National Economic Council Director Kevin Hassett said Friday that the administration expects banks to voluntarily issue "Trump cards" with 10% rate caps, a move that could quell Congress' moves to impose a cap through legislation — but that's no guarantee.

Data collected by the Conference of State Bank Supervisors demonstrates a huge disparity in compliance costs between large and small banks. Policymakers in Washington who claim to support community banks must act to reduce regulatory burden.

Stablecoin yield has continued to be a flashpoint as bank groups look for a blanket ban on crypto exchanges and other nonbanks offering yield-like rewards for holding crypto.

A week after President Trump demanded a 10% cap on credit card interest rates, top executives at big banks protested the idea in blunt terms.