Politics

The Federal Reserve's new proposal to lower the cap on debit card fees will drive up the prices consumers pay for other services, while forcing some banks out of the market entirely.

Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.

Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.

An anti-ESG crusade in Texas exposes the degree to which conservative hype over companies' ESG policies has lost touch with the reality of the market, to the detriment of taxpayers.

Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.

Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.

In a letter to Treasury Secretary Janet Yellen last week, the Massachusetts senator highlighted the growing use of cryptocurrencies by malicious organizations abroad and underscored the need for anti-money-laundering and counterterrorism provisions in future proposals.

Congress passes laws all the time requiring agencies to issue rules on tough problems. But in many cases — and for many reasons — agencies sometimes just don't do it. Taking those responsibilities away and giving them to another agency might keep agencies on track.

Oklahoma lawmakers are having second thoughts about legislation blacklisting financial firms for their restrictions on lending to oil, gas and coal companies,

The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.

According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.

McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.

For the better part of the past decade, the Federal Reserve Board in Washington has played a more active role in presidential searches by regional reserve banks. The shift seems to have made the system more diverse, but some argue it's at the expense of regional bank independence.

The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.

Federal Reserve Governor Michelle Bowman said she believes there is a feasible path forward for the revised capital reform proposal, emphasizing the importance of making broad changes informed by industry feedback to achieve broad consensus among Federal Reserve board members.

The Consumer Financial Protection Bureau was created to protect the people from financial predation. But there are very different interpretations of what that means, and whether the people should be protected by — or from — the government.

The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.

Rep. Frank Lucas, R-Okla., told American Banker that he sees a concrete path to chair the House Financial Services Committee that relies on his long experience in committee leadership and long political career.

Custodia Bank CEO Caitlin Long discusses how her firm is navigating the hostile regulator landscape for crypto banking and a lawsuit against the Federal Reserve.

The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.