Politics

As the Senate debates this year's defense spending package, analysts say the highly partisan politics of this Congress, as well as the banking industry's lobbying, make it difficult for Sen. Dick Durbin's, D-Ill., credit card legislation to slip through this round.

Two of the three midsize banks that failed this spring were unprepared to access the Federal Reserve's discount window, limiting regulators' ability to inject cash at a pivotal moment. Regulators say that experience should be a wake-up call.

In the wake of the decisions to roll back affirmative action provisions within college admissions, many executives are looking for ways to continue championing diversity, equity and inclusion.

A lack of affordable starter homes, increasing homelessness and stubbornly high prices for the homes that already exist have created a pickle that only careful planning and political buy-in can solve.

The House Financial Services Committee held a subcommittee hearing with senior staff from banking agencies, while the oversight branch of the panel questioned some large banks on their ESG efforts in asset management units.

The Federal Reserve vice chair for supervision said regulators will adapt supervisory practices to account for advancements in machine learning.

Solopreneurs are the new engine of business growth in the U.S., and banks and financial services regulators need to recognize their importance.

Republicans have urged the Supreme Court to gut the Consumer Financial Protection Bureau by tying its funding to appropriations. But regulatory experts say that a ruling against the CFPB would threaten the funding of other similarly structured agencies including the Federal Reserve Board, the Farm Credit System and other regulators that are funded through fees or assessments.

Consumer Financial Protection Bureau Director Rohit Chopra will engage in informal talks with Didier Reynders, the European Commission's commissioner for justice and consumer protection, on artificial intelligence, buy now/pay later and digital payments.

Next week, the House Financial Services Committee will discuss bank regulator oversight bills, including one that would remove the Federal Reserve's Vice Chairman for Supervision position.

Isabella Guzman, the administrator of the Small Business Administration, skipped a congressional hearing called to discuss the wide disparity in the level of fraud calculated by her staff and a parallel examination conducted by SBA's Office of the Inspector General.

The SEC chairman's power grab is driving the crypto industry out of the U.S. Eventually, the courts will find that he has exceeded his authority.

The acting Comptroller of Currency Michael Hsu sits down for an in-person interview with American Banker.

The Supreme Court's ruling on affirmative action in higher education has opened the door to challenges of diversity initiatives in the financial services sector, legal experts say. Internship programs for minority students could face scrutiny, as could efforts to increase workforce diversity.

Gacki, who has served since 2019 as director of Treasury's Office of Foreign Assets Control, will replace acting Fincen Director Himamauli Das. Her appointment comes as the Biden administration seeks to enforce sanctions against Russia and implement rules aimed at identifying undisclosed shell company owners.

Five organizations representing large banks sent a letter to Federal Reserve Chair Jerome Powell requesting a long and thorough public review process for rule changes that are expected to be rolled out this summer.

Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., unveiled their latest effort to regulate the U.S. cryptocurrency industry, placing greater emphasis on consumer protection following a string of high-profile company failures last year. 

Former Federal Reserve Vice Chair for Supervision Randal Quarles criticized his successor's plan to significantly increase capital requirements for big banks, saying it would needlessly hurt the economy.

Before a hearing in which Sen. Elizabeth Warren, D-Mass., said she would reintroduce legislation making it harder for large banks to merge, the Senate Banking Committee sent three Federal Reserve nominees to the full Senate.

A scorecard from the sustainable finance advocate Ceres found that federal agencies overseeing the financial system have adopted measures to account for climate-related financial risks but have not yet issued enforceable regulations.