Politics

The New Jersey senator, who is a powerful member of the Banking Committee, is facing calls from fellow Democrats to resign. He was released on Wednesday after posting a $100,000 bond.

Sen. Raphael Warnock, D-Ga., was the only Democratic lawmaker to vote against the legislation, while three Republicans voted in favor.

Subjecting the Consumer Financial Protection Bureau to congressional appropriations would throw a wide range of essential regulatory activities into disarray, disrupting the industry and putting consumers at risk.

The indictment of Sen. Bob Menendez, D-N.J., is inconvenient for some Democratic priorities, but unlikely to impact a cannabis banking bill up for debate in the Senate Banking Committee.

(Bloomberg) — The US government is hurtling toward an Oct. 1 shutdown as Senate leaders and House moderates work to try to at least shorten a disruptive federal funding lapse.

The indictment of Senate Banking Committee member Bob Menendez, D-N.J., on bribery and corruption charges may not have a lot of impact on banks' near-term legislative priorities, but it is emblematic of a deeper struggle to preserve the rule of law.

Long-term business profit is inextricably tied to sustainability. The head of the U.K.'s Chartered Banker Institute explains that financial services leaders have a special responsibility to understand and communicate that fact.

Each of the 11 Federal Home Loan banks will be sent a supervisory letter and an advisory bulletin on bank credit risk from their regulator the Federal Housing Finance Agency, according to a report from the FHFA's Office of Inspector General.

In their latest economic forecasts, 12 of 19 Fed officials said they expect to raise rates once more this year. 

Federal Reserve Board Gov. Lisa Cook said artificial intelligence holds great promise for the economy, but stressed the importance of human choice in decision making, both financial and otherwise.

Federal prosecutors say Menendez, a New Jersey Democrat who sits on the Senate Banking Committee, accepted bribes in return for exerting political influence — including helping Fred Daibes, a small-bank executive who had been accused of loan fraud.

Federal Reserve Gov. Michelle Bowman, who has emerged as a leading opponent to the central bank's recent efforts to raise capital requirements, said it was "absolutely imperative" that banks make their concerns heard.

Federal Reserve officials have asserted that stablecoin regulation is necessary and within their jurisdiction. Observers say the central bank's crypto guidance and policies governing master accounts offer blurry visions of what shape such regulation might take.

The Consumer Financial Protection Bureau proposed major changes to the Fair Credit Reporting Act, including eliminating all medical debt from credit reports. But banks and financial firms said the plan would upend 50 years of how courts have interpreted the law.

The Federal Deposit Insurance Corp. Board's Vice Chair Travis Hill urged his fellow regulators Thursday to delay implementing new banking regulations until interest rates stabilize, saying rushed rules amid precarious economic conditions could impact consumer lending.

Educational institutions ought to have some skin in the game when it comes to the student loan market.

Federal Reserve Chair Jerome Powell said today's high mortgage rates are dissuading some would-be sellers from putting their homes on the market, further limiting lending opportunities in an environment already constrained by low inventory

The new text of the cannabis banking bill includes language that has "papered over" an issue about Operation Choke Point.

Rep. Andy Barr, R-Ky., chairman of the House Financial Services Subcommittee on Financial Institutions and Monetary Policy, continued to say that the Basel III rulemaking might have violated the Administrative Procedures Act

As cannabis becomes more and more commonplace, reasonable people might wonder why Congress hasn't made it easier for banks to serve legal cannabis businesses. But maybe giving big banks and capital markets a green light to dive into cannabis with both feet is an outcome worth avoiding.