Politics

Nearly 20 years ago, the SEC made business development companies subject to an obscure reporting rule that pushed them out of major index funds. Reversing course would be a major boon to small businesses.

An interchange provision included in Illinois' budget bill could force banks and payment processors nationwide to revamp their payments infrastructure, lobbying groups for the industry say.

A scheduling conflict will prevent Federal Deposit Insurance Corp. Chair Martin Gruenberg from attending a House hearing on workplace misconduct allegations despite ongoing GOP scrutiny and prior calls for his resignation.

Sen. Elizabeth Warren, D-Mass., a powerful member of the Senate Banking Committee's progressive wing, said that the Federal Home Loan banks have "failed to deliver on their housing and community development mission."

Comerica Bank has agreed to a proposed settlement of fraud claims after denying refunds to Direct Express beneficiaries who alleged money was stolen from their prepaid accounts. In the past month, beneficiaries have been sent postcards announcing the settlement.

Acting Comptroller of the Currency Michael Hsu Thursday said AI providers and end-users — including banks — should share responsibility for errors that derive from artificial intelligence models.

A Minnesota trade group and its co-plaintiff, Lake Central Bank, signaled that they plan to appeal a district court's dismissal of their lawsuit against the FDIC. The case involves the agency's guidance on nonsufficient funds fees.

Rather than fueling uncertainty, the Consumer Financial Protection Bureau should be devising strategies that facilitate clearer policies that bring more certainty to lending markets.

The Consumer Financial Protection Bureau issued a final rule pursuant to its broader open banking proposal Wednesday that would require standard-setting bodies to include public interest consumer groups and others to receive bureau recognition.

As the private credit market swells, federal regulators and lawmakers continue to debate how and whether to apply oversight and heightened scrutiny to the market. But whether anything happens depends on whether President Biden wins a second term.

A recent white paper from former Federal Reserve Gov. Daniel Tarullo suggests that the stress testing regime should be decoupled from bank capital requirements. But if stress testing isn't an effective means of assigning minimum regulatory capital levels, what is?

The Consumer Financial Protection Bureau Monday completed its rule establishing a nationwide database for a wide swath of financial companies — including payments companies, debt collectors, auto lenders — that have faced regulatory or legal penalties for consumer-related infractions.

A bill to draw crypto's jurisdictional lines between the Securities and Exchange Commission and the Commodity Futures Trading Commission is pitting increasingly crypto-friendly Democrats against consumer protection hawks in the Senate.

In this month's roundup of top banking news: a Supreme Court ruling on CFPB funding, TD Bank's money laundering woes, an FDIC workplace probe reveals a culture of misconduct and more.

Numisma, a Connecticut-chartered uninsured bank, was granted a Federal Reserve master account last week — the first bank with a novel charter to do so since the Fed issued its master account guidelines in 2022. Whether others can do the same is an open question.

A former Consumer Financial Protection Bureau senior counsel argues that the agency needs to renew its focus on institution-building, in order to create a stable foundation on which the financial services industry, as well as its own employees, can rely.

The announcement comes after weeks of criticism from the bureau's director over fees including title insurance and credit scores.

The Federal Deposit Insurance Corp.'s Quarterly Banking Profile for Q1 showed that banks' net income margins got a boost, but FDIC Chair Martin Gruenberg said concerns around inflation, interest rate volatility and geopolitical uncertainty could mean tougher quarters ahead.

The Illinois state legislature, as part of an agreement with retailers to raise state tax revenue, passed a budget bill that would bar the collection of interchange fees on sales taxes, excise taxes and tips for transactions that would be subject to Illinois sales taxes.

Beth Hammack, who stepped down as the bank's co-head of global finance earlier this year, will take the helm as President of the Federal Reserve Bank of Cleveland later this summer following the retirement of longtime President Loretta Mester.