Politics

A regulatory proposal to raise bank capital has spurred banks to fight back with a populist appeal to consumers, while regulators say more capital is what's needed to save banks from more crises — and help consumers.

West Virginia Treasurer Riley Moore, who's put banks on a blacklist for their support of ESG policies, is up for (and very likely to win) one of the state's two seats in the U.S. House. Here's how he got there, and what it'll look like when he tries to bring his anti-ESG policies national.

The Federal Reserve Board governor and frequent regulatory critic says it would be appropriate for the U.S. to deviate from the agreed-upon international standards to reflect "unique characteristics" of the American banking system.

Unintended consequences of shifting the burden for title insurance to the lender could end up harming consumers, several observers said.

Federal Deposit Insurance Corp. Chairman Martin Gruenberg says the agency would likely use a resolution strategy for a global systemically important bank that puts the holding company into resolution and keeps subsidiaries operating under a bridge company.

Mastercard established a new structure for businesses focused on card acceptance and transaction processing, new payment flows and value-added services. Separately, the Federal Reserve Bank of New York is joining several countries' central banks in a test of tech to support cross-border transactions.

The memorandum creates channels for sharing information about nonbanks between the Federal Housing Finance Agency and the Conference of State Bank Supervisors.

Democratic Sens. Dick Durbin and Gary Peters of Illinois, and Ron Wyden of Oregon, have released a $1.3 billion piece of legislation to target identity fraud in government-related pandemic programs and empower investigators.

The populist backlash from the Great Financial Crisis turned the financial regulatory world upside down. Fifteen years later, that populist force is still informing how people vote, how financial regulation is crafted and how regulators see themselves.

Sen. Tim Scott, R-S.C., ranking member of the Senate Banking Committee, introduced a Congressional Review Act resolution to undo the Consumer Financial Protection Bureau's credit card late fee rule.

Senate Majority Leader Chuck Schumer, D-N.Y., said that he would like to examine the proposed acquisition on "narrower bases."

The case over the Consumer Financial Protection Bureau's $8 late fee rule has emerged as a flashpoint in a larger debate over "judge shopping," whereby plaintiffs seek venues with judges sympathetic to their complaints.

A combination of higher interest rates and increased vacancies — especially in office buildings — are leading to more apprehensions in commercial real estate.

Senate Majority Leader Chuck Schumer, D-N.Y., tapped executive compensation and cannabis banking bills as bipartisan priorities that could see movement in the Senate in the "weeks and months ahead."

The Federal Reserve scored some important legal victories in lawsuits challenging its discretion to grant or deny applicants for master accounts. But whether those victories will last through the appeals process or scrutiny from Congress is uncertain.

Federal Deposit Insurance Corp. Chair Martin Gruenberg said the agency would prioritize urging banks to invest in underserved communities as part of a revised economic inclusion plan unveiled Thursday.

The Federal Reserve, historically a secretive and isolated institution, has made a concerted effort to explain itself to and be understood by the public since 2008. But try as it might, the central bank is still viewed by many as an enigma, if not an enemy.

The decision to approve the fintech's application to make 7(a) loans came nearly a month after Funding Circle's U.K.-based CEO hinted it is considering a sale of its U.S. operations, alarming some members of Congress.

Federal Reserve Vice Chair Michael Barr Wednesday discussed regulators' ongoing concerns over banks' unrealized losses and commercial real estate values — particularly in the office sector.

The Federal Reserve Board governor also said the central bank needs to make operational improvements to its last resort lending facility.