Politics

The head of the Consumer Financial Protection Bureau defended the agency and its mortgage rules in particular on the 15th anniversary of the collapse of Lehman Brothers.

The Department of Health and Human Services' recommendation to reclassify cannabis as a Schedule III substance has sparked renewed interest in cannabis banking reforms in Congress, but in itself will do little to make banking cannabis businesses easier.

The CU Relief Fund for Ukraine, which launched in late 2022, now takes public donations and is working to recruit more institutions to its cause.

Speaking in an interview following the G-20 summit in New Delhi, Treasury Secretary Janet Yellen said she is optimistic that the United States will be able to tame inflation without dipping the economy into recession.

Federal Reserve Chair Jerome Powell said inflation relief from the housing sector is "in the pipeline" but some say strong underlying demand and an inadequate housing supply could disrupt future rate pauses or cuts.

A district court judge ruled that Congress did not give the Consumer Financial Protection Bureau broad authority to look for discrimination, putting a major dent into the bureau's efforts to apply anti-discrimination principles to non-lending products such as advertising.

The Federal Reserve Board's vice chair for supervision called for the creation of a legislative and regulatory framework for overseeing dollar-pegged digital assets.

The World Bank director and former top Labor Department economist will become the first Fed governor of Hispanic descent and will give the board a full compliment of members since former vice chair Lael Brainard resigned in February.

The settlement resolves allegations dating to 2014 and covers 85 minority employees who alleged they were paid lower wages than their white counterparts and faced retaliation.

Philip Jefferson was the Biden administration's pick for the Fed's number two position following the departure of Lael Brainard earlier this year. Two more Fed nominees are expected to get confirmation votes this week.

Cannabis banking, the Durbin-Marshall credit card bill and executive compensation legislation could be on the agenda this fall, but banking regulators' Basel III endgame proposal has made bipartisan compromise more complicated.

The Federal Reserve has been reducing its liabilities steadily since last March, and those effects are starting to be felt. But how low it should ultimately go — and how long it can stay low — is a tricky question.

Legislation before Congress would violate individuals' digital privacy by requiring digital wallet providers to intrusively gather and report highly personal information.

Banks in the U.S. tend to exist for about half the life span of the average human being. It doesn't have to be that way.

Two related cases the Supreme Court is considering hing on whether state laws preempt the National Banking Act on the payment of interest on mortgage escrow accounts.

Banks have offered a more tepid critique of regulatory proposals to expand resolution planning and long-term debt for regional banks, suggesting the industry is intent on curbing July's Basel III capital proposal instead.

(Bloomberg) — US officials are looking at ways to give a broader swath of financial firms, including nonbank mortgage lenders, the ability to borrow from Federal Home Loan Banks.

The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency have until mid-2024 to finalize bank rules without risking a CRA nullification if Republicans run the table in 2024.

The Federal Reserve Board governors say they're worried about the added cost of the new requirement for non-systemically important banks as well as the implications for regulatory tailoring.

The regulatory overhaul for large and midsized banks could lead to stronger pressure for those banks to merge in the coming years while leaving smaller banks less competitive — and arguably less stable.