Politics

Federal Reserve Vice Chair for Supervision Michael Barr says that while there has been some opposition to the recent overhaul of Community Reinvestment Act regulations, he expects that banks, supervisors and communities will adapt and thrive once it's fully implemented.

Trade groups, analysts and some regulators want more data on how various regulatory changes and proposals would impact the banking sector in totality. But regulatory agencies have yet to take on such a project and private sector groups say the task is beyond their capabilities.

The lawsuit by state Attorney General Keith Ellison is the latest challenge to high-cost loans by tribal lenders. The lenders argue that tribal sovereignty gives them immunity from such lawsuits.

The JPMorgan Chase chief says Texas risks undermining its business-friendly reputation with laws designed to punish Wall Street banks for policies that limit work with the gun and fossil-fuel industries.

The failures of Silicon Valley Bank, Signature Bank and First Republic brought to light the Federal Home Loan Banks' role as a 'lender of next-to-last resort.' Some critics say that the review from the Federal Housing Finance Agency should bring the system back to its original purpose of oiling the mortgage finance market. 

U.S. Attorney Philip R. Sellinger said Oscar Marcelo Nunez-Flores, a New Jersey bank staffer of a bank unnamed in case documents, was arrested Wednesday after he allegedly took bribes to launder millions in drug money to Colombia.

The group, which is led by Rep. Andy Barr, R-Ky., and includes two high-ranking Democrats on the House Financial Services Committee, says the Securities and Exchange Commission's crypto-custody proposal could encroach on banking regulators' jurisdiction.

The Electronic Payments Coalition said that Sens. Dick Durbin and Roger Marshall are retaliating against the airline industry, which has been critical of their credit-card swipe-fee legislation. The two senators have called for an investigation of airlines in connection with purportedly unfair practices in their loyalty programs.

Almost a year since FTX's implosion set a minor banking crisis in motion, neither Congress nor regulators seem to be anywhere close to issuing comprehensive rules for the crypto road. That's a missed opportunity, and states are likely to fill the void.

Regulators are pushing a scheme that is completely out of touch with international regulatory norms. It would irreparably harm both consumers and the U.S. economy.

President Joe Biden's executive order tackling artificial intelligence could reprioritize the Consumer Financial Protection Bureau's work in fair lending on artificial intelligence algorithms.

Consumer spending has driven core inflation metrics to their highest levels in months, according to data released by the Bureau of Economic Analysis. Higher inflation will likely serve as a signal to the Federal Reserve to maintain high interest rates.

The head of the Consumer Bankers Association takes issue with a recent BankThink article questioning bank CEOs' commitment to promises made in response to the Black Lives Matter movement.

There are three concrete steps policymakers and industry can pursue that will limit the damage that is being done by cutting vulnerable populations off from remittance payments.

Rep. Jamie Raskin, D-Md., said that House Republican subpoenas seeking information about the finances of the Biden family cross a line in bank data privacy.

Banks and dissenting policymakers have raised the possibility of challenging regulators' Community Reinvestment Act overhaul in court, but it remains unclear whether they intend to walk the walk.

The Consumer Financial Protection Bureau found that more consumers are being charged late fees, while determining that the average cardholder carried $5,288 in total credit card debt last year.

Rep. Andy Barr, R-Ky., a senior Republican on the House Financial Services Committee, said he intends to press Federal Reserve Chair Jerome Powell to refine the Basel III capital proposal before it is finalized.

The guidelines from the Fed, FDIC and OCC resemble proposals issued in recent years by each of the agencies, and they do not prohibit any specific activities. But the broadness of the directives and the singling out of climate risk drew criticism from banks and some policymakers.

The move shows Texas governments, major issuers of municipal bonds, are wary of working with banks that state Attorney General Ken Paxton put under review last week in connection with their climate change policies.