Politics

The Consumer Financial Protection Bureau claims trade groups have no jurisdiction to file a lawsuit in Texas to stop the bureau's $8 credit card late fee rule, saying the plaintiffs engaged in "forum-shopping" to seek the most favorable outcome.

If former Treasury Secretary Steven Mnuchin follows through with a purchase of the controversial social media app, it will be the second high-profile deal he will have marshaled this year after leading a $1 billion equity investment in the troubled New York Community Bancorp.

The Navy Federal scandal is just the tip of the iceberg. After looking away for 20 years, Congress needs to focus on providing real oversight of the credit union industry.

Federal Reserve officials have hammered home the importance of bank readiness to borrow from the discount window. Getting banks to actually do so may require the Fed to make structural improvements to the system.

A bipartisan group of senators called on the Federal Deposit Insurance Corp. to exercise transparency and expedience in evaluating industrial loan company applications, which grant a type of charter industry experts say is unlikely to be issued in this administration.

The Congressional Budget Office put an estimate on the net government subsidy provided to the Federal Home Loan Bank System, including the so-called "implied guarantee," on bonds priced and sold to investors.

The Supreme Court should preserve the preemption of state banking laws by federal laws, a key element of the dual banking system that has served the country well for generations.

Regulators in the coming weeks or months will have to decide whether or how to finalize last year's Basel III endgame capital proposal, but there are risks — and rewards — to whichever path they choose.

Acting Comptroller of the Currency Michael Hsu offered more details about forthcoming interagency rules to establish operational risk standards for large banks, including a focus on "critical operations" and third-party service providers.

While some said the agency was ignorant of its own rules, one trade group praised the goals of the posting.

Sen. Bill Hagerty, R-Tenn., and Sen. Elizabeth Warren, D-Mass., sent separate letters to banking regulators on the anniversary of the failure of Silicon Valley Bank, with Hagerty questioning the Federal Deposit Insurance Corp.'s sale of Signature Bank's assets and Warren urging the regulators to tighten capital and liquidity requirements.

The head of the U.S. Department of Housing and Urban Development under the Biden Administration said she will transition from public life starting March 22.

"Don't fight the Fed" is the mantra of investors. But, when the Fed does not allow banks to meet the needs of their communities and shareholders through unfair regulations, like the politically motivated CRA final rule, bankers have no choice but to go to court to seek regulatory justice.

Regulatory reform – rather than Biden's proposed solutions – is needed to fix the inventory crisis, some say, but others applauded the president's buyer cost-cutting initiatives.

Bipartisan legislation is ready for consideration in the Senate, but even if that fails, regulators have the tools they need to rein in excessive risk taking.

In his State of the Union address, President Joe Biden touted the Consumer Financial Protection Bureau's credit card late fee rule, which has sparked litigation from banking groups, and a raft of housing policy initiatives.

The lawsuit against the Consumer Financial Protection Bureau was filed just two days after the bureau finalized a rule to cut credit card late fees to $8 from $32.

The Senate Banking Committee for the second time has advanced Ron Borzekowski's nomination to lead the Office of Financial Research in the Treasury Department. The nomination languished amid partisan opposition last year.

The title proposal is part of a broader housing cost reduction proposal being discussed in the State of the Union speech.

During a contentious exchange on his second day of congressional testimony this week, the Federal Reserve chair drew a line between the central bank's response to last year's bank failures and its current capital proposal.