Politics

This week, Federal Reserve Gov. Michelle Bowman cast the first dissenting vote at an FOMC meeting in years. On Friday, she explained why the economic data she's seen didn't convince her of the need to cut rates as much as her fellow governors thought.

After Republican presidential nominee Donald Trump said he intends to place a temporary cap on credit card interest rates, many felt the plan would create a large constriction of credit.

Consumer Financial Protection Bureau Director Rohit Chopra joins the Federal Deposit Insurance Corp.'s two Republican board members in opposing a revamped Basel III endgame proposal, leaving the future of the nascent plan uncertain.

Merchants and card networks have battled over interchange rates for years. How will the next president change the fight?

Though it has yet to result in any new voters being added to the rolls, SBA is seeking to expand an initiative that has drawn the ire of congressional Republicans, who fear the effort is aimed at boosting Democratic votes.

Agencies must now provide clearer justifications for their interpretations, while Congress needs to draft more precise legislation. The decision could empower banks to challenge agency rules more frequently and potentially prolong regulatory processes, with courts giving less deference to agency interpretations.

A huge amount of money has flowed into the election from cryptocurrency interests, setting up a different financial policy scene, including for bankers, next year.

The Federal Reserve chair said he supports the revised proposal outlined by Vice Chair for Supervision Michael Barr and said the new proposal would get a vote by the full Board of Governors early next year.

Overdraft fees continue to be in the spotlight, with the Consumer Financial Protection Bureau proposing a rule essentially to cap them. Certain credit unions are also now required to disclose additional information on this revenue stream.

The move signals the end of the Federal Reserve's battle against runaway inflation in the wake of the COVID-19 pandemic. Fed officials expressed divergent views on further action this year.

Nothing less than a whole-of-government approach, in concert with the financial services industry, will be enough to address the spiraling cost of fraud to both businesses and consumers.

Reading the tea leaves this election for bank policy is more difficult than years past, experts say, but there are still hints about where former President Donald Trump and Vice President Kamala Harris stand.

Rep. Patrick McHenry, R-N.C., chairman of the House Financial Services Committee, and Sen. Cynthia Lummis, R-Wyo., seek to pass legislation to regulate cryptocurrency before the end of this Congress.

Vice President and Democratic presidential nominee Kamala Harris' pitch for an "opportunity economy" is a sound political and economic vision. But banks must be a partner in making that vision into a reality.

Sen. Elizabeth Warren, D-Mass., and Rep. Maxine Waters, D-Calif., said in a letter to the American Bankers Association and the Chamber of Commerce that the banking industry gets a "free pass" in Community Reinvestment Act examinations.

Federal Reserve Vice Chair for Supervision Michael Barr conceded major points to the industry on last year's capital reform proposal. But how regulators will approach other reforms in light of that experience is uncertain.

Banks now have until Oct. 30 to weigh in on potential risks of third-party fintech partnerships for banking products and services.

The Treasury Department's chief AI officer said artificial intelligence can relieve the burden of mind-numbing activities such as anomaly detection and can spur employees to think more creatively.

The Federal Reserve's inspector general says the reserve bank CEO did not trade on confidential information or have conflicts of interest, but did violate central bank rules and policies.

Vice President Kamala Harris sought to outline proposals on housing and a child tax credit, while former President Donald Trump highlighted an aggressive tariff plan.