Politics

President Donald Trump's new executive order could have dramatic implications for bank regulation by subjecting agencies to White House political control.

The $35 billion transaction has faced pushback from critics on antitrust grounds since it was announced a year ago. The vote today puts the deal one step closer to closing.

The Federal Reserve's top regulator said banks drop customers they see as too risky, and anti-money-laundering actions are "just straight-up-the-middle risk management and banking."

Federal Reserve Gov. Michelle Bowman — who is viewed as a leading contender to be the next vice chair for supervision at the central bank — said changes to the post-financial crisis framework should be a focal point of the Fed's regulatory policy review.

An overhaul of the bank regulatory system is past due, but the urge to start tearing up the rule book must be resisted in favor of precision and the thoughtful application of some basic principles.

The Trump administration has installed Jeffrey Clark at the Consumer Financial Protection Bureau. Clark, a former environmental lawyer in the Justice Department in the first Trump administration, was indicted as part of the president's efforts to overturn the 2020 election.

U.S. District Judge Amy Berman Jackson agreed to temporarily block the Trump administration from firing more CPFB employees and said the White House could not delete or destroy any of the bureau's data or databases.

Federal Reserve Chair Jerome Powell said reserve banks will no longer factor "reputational risk" into master account decisions. The crypto industry is encouraged by the commitment, but says more changes are needed.

The probes come at the request of Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore., respectively the ranking members of the Senate Banking and Senate Finance committees.

A proposal to tie cancellation of private mortgage insurance policies to automated valuation models would add unnecessary risk to mortgage portfolios and would result in less, not more, affordable housing.

The Trump administration's nominee to lead the Consumer Financial Protection Bureau, Jonathan McKernan, is seen as an institutionalist with a deep knowledge of policy. But whether he keeps the bureau shuttered or rebuilds it is uncertain.

While executives this week signaled they could accept policies that put pressure on the economy, analysts said the lighter regulatory touch is unlikely to offset Trump's tariff regime.

The heads of both the House and Senate banking committees introduced a Congressional Review Act resolution to undo the Consumer Financial Protection Bureau's overdraft rule, a measure that only needs a simple majority in both chambers to pass.

North American banks face heightened anti-money laundering scrutiny and a few related variables will determine whether or not this leads to more mortgage sales.

The rule requiring businesses to report their beneficial ownership is deeply flawed. Enforcement should be suspended until it can be revised to place fewer burdens on law-abiding people and companies.

A House Financial Services Committee spokesperson said the committee will hold its required semiannual hearing with the Consumer Financial Protection Bureau director after nominee Jonathan McKernan is confirmed rather than with interim director Russell Vought.

During congressional testimony, Federal Reserve Chair Jerome Powell said he supports changes to the supplemental leverage ratio to make it easier for banks to intermediate the Treasury market.

The Trump administration has taken the first steps toward turning the U.S. into the world's crypto "capital" — but is it willing to go all the way?

The White House has tapped former Federal Deposit Insurance Corp. Director Jonathan McKernan to lead the Consumer Financial Protection Bureau and attorney Jonathan Gould to lead the Office of the Comptroller of the Currency late Tuesday.

In comments to reporters, Sen. Elizabeth Warren, D-Mass., underscored what she said was a conflict of interest between Elon Musk's DOGE's actions at the Consumer Financial Protection Bureau and his business interests with X Money.