Politics

Rep. Andy Barr, R-Ky., is urging the Government Accountability Office to examine the Consumer Financial Protection Bureau's credit card late fee proposal.

Sens. Sherrod Brown, D-Ohio, and John Kennedy, R-La., have reintroduced their ILC bill that would subject companies that hold an ILC charter to similar oversight as traditional banks, while measures to cap interest rates and ban 'trigger leads' have also been introduced.

A near-final framework released this week would increase capital requirements for England's largest banks by 3.2%, far less than the uptick proposed for U.S. and European banks.

Members of the Financial Stability Oversight Council Thursday warned of increasing financial risks posed by artificial intelligence in its annual report, noting AI's potential to amplify cyber threats, induce herd behavior and even compromise bank safety and soundness.

Sen. Jack Reed, D-R.I., also brought up concerns with synthetic risk transfers and so-called shadow banks, which he said are shifting risk from outside the banking system into private credit markets.

Under the Corporate Sustainability Due Diligence Directive, large companies face civil liability for environmental and human rights violations in their value chains. According to the compromise announced on Thursday, the financial sector will be temporarily excluded from the scope of the directive.

How are banks and the financial sector likely to perform in the coming year? The Americas chief investment officer of UBS Global Wealth Management shares her insights.

While mortgage assumptions are on the rise, so too are complaints leveled against mortgage servicers for how they handle the loans. A common refrain is that the companies are moving too slowly.

The Federal Deposit Insurance Corp. said Monday it has hired Cleary Gottlieb Steen & Hamilton to conduct an independent review of its workplace culture amid allegations of rampant sexual harassment in the workplace.

The Treasury Department's Community Development Financial Institutions Fund has introduced significant updates to the CDFI certification application, aiming to simplify the process and establish clearer standards for responsible lending and community development.

Top GOP members of the House Financial Services Committee have asked the Office of the Comptroller of the Currency for details regarding the hire of Prashant Bhardwaj, who left the agency, and what rulemakings he was involved in.

A provision to standardize and clarify banks' operational risk obligations — which opponents say is excessively costly and may not be effective — is emerging as the focal point of the public debate on the broader rule. It may also be the key to taking the rule over the finish line.

Led by Senate Banking Committee ranking member Tim Scott, R-S.C., GOP members of the Senate Banking Committee say they have concerns about Federal Deposit Insurance Corp. Chairman Martin Gruenberg's leadership ability.

The remarks add to Dimon's long history of bashing digital currencies, which he has previously called "Ponzi schemes" and a "fraud."

The district judge upheld the state's regulations mandating that nonbanks disclose the annual percentage rate, finance charges and fees on financings of $500,000 or less.

The fireworks that traditionally accompany big bank CEOs' appearances in Congress were absent Wednesday, but instead executives pushed their opposition to the Basel III capital rules and its impact on the economy. 

Technology representatives from the six federal agencies testified in a House Financial Services fintech subcommittee hearing Tuesday.

A report by the Roosevelt Institute argues that risks posed by imitation banks, online shadow banks mimicking traditional institutions can only be fully mitigated by an act of Congress.

Rep. Patrick McHenry, chairman of the House Financial Services Committee, says he won't seek reelection next year. He is known for collaboration with Democrats on stablecoin and other issues.

The OCC, part of the Treasury Department, said Tuesday the products present credit, compliance and reputation challenges for the banks.