Politics

President Trump posted a letter on social media addressed to Federal Reserve Gov. Lisa Cook, informing her that he was terminating her due to allegations of mortgage fraud. The move is likely to tee up an unprecedented legal fight over the Fed's independence.

Bank industry advocates, housing groups and CRA veterans say the rule is overly complexity and burdensome, but even they agree pre-approving CRA-eligible activities was a good idea.

A bipartisan amendment from Sens. Bill Hagerty, R-Tenn., and Angela Alsobrooks, D-Md., would expand deposit insurance for business accounts, but the industry is split on who should bear higher FDIC premium costs.

A federal appeals court granted the government's request to pause a ruling that briefly restored Democratic National Credit Union Administration board members Todd Harper and Tanya Otsuka, leaving the regulator with a single board member pending appeal.

The President said in response to a press question about Federal Reserve Gov. Lisa Cook that he would fire her "if she doesn't resign" over allegations of claiming primary residence at two properties she owns, though the legality of such a move is unclear.

Federal Reserve Chair Jerome Powell said Friday that while the central bank must "proceed carefully" in considering interest rate adjustments in the coming months, recent softness in employment "may warrant adjusting our policy stance."

Federal Reserve Vice Chair for Supervision Michelle Bowman floated the idea of allowing employees to hold small amounts of digital currencies, arguing that it would help with retention and understanding of the product. But some questions whether the move will yield those results, or raise ethical problems instead.

The Consumer Financial Protection Bureau initiated a new rulemaking process for its open banking rule with a focus on who can serve as a representative for the consumer and whether banks can charge fees to third parties for consumer data.

Trump's demand that Federal Reserve Board Governor Lisa Cook resign is the latest in his dangerous effort to assert control over the central bank. Fed independence is critical to the health of the U.S. economy and must be preserved.

More nonbank digital asset firms are applying for national trust charters, a development that many banking organizations oppose due to what they say is inadequate oversight, lack of congressional intent and no FDIC backstop.