Politics

Martin Gruenberg's ouster from the Federal Deposit Insurance Corp. leaves the White House with the difficult task of finding a regulator willing to serve a roughly six month term atop the beleaguered agency.

The Bank for International Settlements' Innovation Hub is doing important work on integrating new technology into the global financial system. The next step is to bring both banks and nonbanks into the discussion.

Banking experts said that none of the currently circulating stablecoin proposals adequately address concerns about the overlap between banking and commerce and how a stablecoin issuer would go through insolvency.

The Federal Housing Administration also instituted a new language preference requirement that servicers must observe in transfers.

At an industry conference, Consumer Financial Protection Bureau Director Rohit Chopra said he was open to suggestions on how to increase choice and competition to benefit mortgage lenders and borrowers.

Federal Reserve Vice Chair Michael Barr Monday spoke at length about efforts to enhance banks' liquidity and long-term debt positions after last year's bank failures while saying little about the capital hikes in the embattled interagency Basel III endgame proposal.

Earlier in the day, Sen. Sherrod Brown, D-Ohio, the top Democrat on the Senate Banking Committee, called on the White House to name a successor for Federal Deposit Insurance Corp. Chairman Martin Gruenberg.

A recommendation to give Ginnie Mae expanded authorities is drawing focus in the reactions to a Financial Stability Oversight Council report on nonbank risks.

Rohit Chopra, director of the Consumer Financial Protection Bureau, said Friday that the agency will be moving forward with rules and enforcement actions after the defeat of a Supreme Court challenge to the agency's constitutionality.

The House Financial Services Committee passed eleven bills, including a Democratic-sponsored bill on homeless veteran housing and a Republican-led package on bank regulation.

The agency seeks the public's thoughts on how the regulatory statement governing FHLBanks could better reflect the part they play in housing finance.

The Senate Thursday joined the House in passing a resolution to overturn the SEC's SAB 121 accounting guidance for financial firms holding crypto in custody. President Biden has vowed to veto the measure.

In a statement to Sen. Tim Scott, R-S.C., the ranking member of the Senate Banking Committee, a number of anonymous Federal Deposit Insurance Corp. employees allegedly expressed doubts that FDIC Chairman Martin Gruenberg could lead the agency through necessary changes to fix workplace issues.

The Supreme Court issued an opinion Thursday morning that was unequivocal in its view that Congress is constitutionally empowered to fund agencies with open-ended and indirect funding mechanisms, overruling a 5th Circuit opinion from 2022 that found that executive branches must be subject to direct Congressional appropriations.

Federal Deposit Insurance Corp. Chairman Martin Gruenberg apologized for his management and temper at a House Financial Services Committee hearing that focused on his handling of the agency in the immediate aftermath of a workplace behavior report outlining serious misconduct that prevailed for years.

The bill, which would allow uninsured trust companies to issue stablecoins, represents a perilous departure from historically sound financial regulatory policies, and would open the door to potentially catastrophic market disruptions.

The real-life British banker behind the hit Netflix movie 'Bank of Dave' talked with American Banker about the sequel due out next year and why opening more local community banks is so important.