Politics

The union representing Consumer Financial Protection Bureau employees said in a court filing that the Trump administration's actions to reduce the agency's workforce and cut spending violate the law.

The Federal Reserve's preferred inflation index showed little progress toward its target of 2%, increasing the likelihood of a prolonged rate pause.

A study sponsored by America's Credit Unions finds that removing credit unions' tax-exempt status could raise consumer costs by $234.6 billion over 10 years, hurt GDP and result in job losses.

Ryan Donovan, the Council of Federal Home Loan Banks' CEO, foresees affordable housing mandates becoming more focused on home supply than demand.

The Consumer Financial Protection Bureau voluntarily dismissed a lawsuit against Capital One brought under the Biden administration alleging the bank failed to honor interest rate promises, costing consumers an estimated $2 billion.

Housing finance players accused of wronging consumers slammed the lawsuits as politically motivated efforts by former Biden-era bureau director Rohit Chopra.

Under grilling from Senate Democrats, Consumer Financial Protection Bureau Director-designate Jonathan McKernan agreed to continue the statutory mandates of the bureau, but refused to comment on Elon Musk, stop-work orders, or litigation that has been dropped against financial firms.

Brandon Milhorn warned that merging federal bank regulators would weaken state oversight, harm community bank and erode the diverse perspectives in finance.

The Federal Reserve's outgoing vice chair for supervision touted a "culture of curiosity" among the central bank's supervisors, but said it is a challenge to balance responsibility and innovation.

Rep. Andy Barr, R-Ky., is introducing a bill limiting the Consumer Financial Protection Bureau's unfair, deceptive or abusive acts and practices authority and another limiting its ability to issue investigative subpoenas.

Trump administration nominees Bill Pulte and Jonathan McKernan will face Senate scrutiny Thursday over their approaches to oversight, with industry support but expected Democratic opposition, particularly from Sen. Elizabeth Warren.

Banks' latest annual reports, filed in the early weeks of the second Trump administration, provide a window into how the industry is adjusting to a new political climate.

Lawmakers and regulators are cracking down on banks closing consumer accounts, but neither banks nor regulators have hard numbers on how big of a problem debanking really is — or why accounts are closed.

Federal agencies have a little more than two weeks to devise plans for achieving significant staff reductions and cost savings.

The Independent Community Bankers of America issued a statement supporting agency independence and called for "careful study" before the administration pursues merging bank regulatory agencies.

House Financial Services Committee ranking member Maxine Waters, D-Calif., asked trade groups representing large banks to detail how their members' compliance regimes have changed since the Consumer Financial Protection Bureau was effectively shuttered.

Rising populist sentiment in the Republican Party means that banks will have to work harder to get the same kinds of wins they did in 2017.

While the March 3 submission deadline holds firm, compliance experts suggested guidance inquiries for Home Mortgage Disclosure Act filers could be lacking.

In a forum Tuesday, Senate Democrats railed against President Trump and Elon Musk's efforts to shutter the Consumer Financial Protection Bureau as anti-consumer and illegal.

The Justice Department said in a legal brief that the Consumer Financial Protection Bureau will continue to exist, but said instead that the agency will have fewer employees and a reduced budget under the Trump administration.