Politics

Community and advocacy groups opposed Capital One's proposed acquisition of Discover in a hearing held by federal regulators on Friday.

The week of the Republican National Convention brought with it some of the biggest political moments the country has seen for decades, some of which center on the rise of economic populism in the Republican party. Here's some of the biggest moments that matter for bankers.

The guidance is largely unchanged from what the agencies proposed last year. It directs institutions to craft policies that consider a wide array of potential shortcomings.

The $22 billion-dollar earned wage access industry is vigorously opposing the Consumer Financial Protection Bureau's plan to classify paycheck advances as consumer loans requiring disclosures of fees and costs, and says it will fight the rule in court.

Two recent Supreme Court rulings, Loper Bright and Cantero, are likely to upend the Office of the Comptroller of the Currency's long-standing approach to federal preemption of state banking laws, experts say.

Reps. Patrick McHenry, R-N.C., and Maxine Waters, D-Calif., who run the House Financial Services Committee, today released their report on artificial intelligence in the financial industry.

Payroll advances would be considered consumer loans under an interpretive rule by the Consumer Financial Protection Bureau that would require disclosures of annual percentage rates and fees under the Truth in Lending Act.

Acting Comptroller of the Currency Michael Hsu said the OCC will review its 2020 interpretation of preemption under the Dodd-Frank Act and explore more direct engagement, tailored federal regulation and supervision of nonbank fintechs.

Federal Reserve Gov. Christopher Waller said that economic data seems to indicate that the economy will achieve a so-called "soft landing" but said he would like to see additional data before the central bank cuts interest rates.

Congress needs to take immediate action to reform policies that foster this trend and ultimately subsidize banking consolidation on Main Street, writes Rebeca Romero Rainey, president and CEO of the Independent Community Bankers of America.

Federal Reserve Board Gov. Adriana Kugler said traditional datasets are slow and sometimes outdated. She pointed to housing services as a price category that can benefit from private data.

Federal Reserve Chair Jerome Powell's term expires in 2026, and the chances are good that he will ride off into the sunset. But there is a path for him to be renominated for a third term, and he's defied long political odds before.

Should senior Senate Banking Committee member Bob Menendez, D-N.J., resign or be expelled from the Senate, it could derail key nominations — including that of Christy Goldsmith Romero for Federal Deposit Insurance Corp. chair.

The Consumer Financial Protection Bureau's proposal to eliminate medical debts from credit reports is under attack from debt collectors, which claim the rule will drive up litigation costs and drive doctors out of business.

Former President Donald Trump has selected Sen. JD Vance, R-Ohio, a vocal member of the Senate Banking Committee, as his vice presidential candidate in the 2024 presidential election, marking a turn against corporate power in Republican politics.

The Federal Reserve chairman has two years left in his term, which he will serve regardless of who occupies the White House. Powell's term on the Fed Board of Governors expires in 2028.

A federal appeals court ruled that the Equal Credit Opportunity Act prohibits not just outright discrimination but also the discouragement of prospective applicants for credit.

The House didn't meet the two-thirds threshold needed to overturn President Joe Biden's veto of a resolution nullifying staff accounting bulletin 121, which requires that banks hold cryptocurrency held in custody on their balance sheet as liabilities.

President Joe Biden's nominee to lead the Federal Deposit Insurance Corp. signaled openness to withdrawing and resubmitting the Basel III rule.

The banking industry is using the threat of lawsuits to push regulators toward a less stringent final rule on capital. Those in favor of tougher rules should fight fire with fire.