Politics

The Federal Home Loan Bank System stepped up advances by 37% or more to Silicon Valley, Signature and First Republic banks ahead of their failures, the GAO says in a post-mortem on last year's banking crisis. The findings add to the debate about whether the system should be a lender of last resort.

Rep. Andy Barr, R-Ky., is running to lead his caucus in the House Financial Services Committee and says he has the skills to meld traditional and insurgent wings of the party.

Federal Deposit Insurance Corp. Chair Martin Gruenberg said last week that regulators have the tools they need to allow big banks to fail in an orderly fashion. But resetting public and market expectations is not so easy.

Sens. Elizabeth Warren, D-Mass., and Richard Blumenthal, D-Conn., detailed how New York Community Bancorp grew to exceed the $100 billion threshold that triggers tougher regulatory requirements and set the bank on a path to market turmoil via a series of deals that were approved, in part, by the Office of the Comptroller of the Currency.

The Arkansas Republican is currently the vice chairman of the House Financial Services Committee and has a deep background in the banking industry and policy.

Democratic Sens. Elizabeth Warren, Mass., and Sheldon Whitehouse, R.I., decried the U.S. Chamber of Commerce's suit against the Consumer Financial Protection Bureau's credit card late fee rule, saying the suit is an example of the kinds of frivolous litigation it opposes elsewhere.

Rep. Andy Barr, R-Ky., and Sen. Thom Tillis, R-N.C., told the Consumer Financial Protection Bureau that pursuing a rulemaking on forced arbitration, as laid out by consumer advocates' rulemaking petition, would be an "affront to Congress."

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.