Politics

FDIC Chairman Martin Gruenberg announced that regulators will soon issue a proposed rule to finalize U.S. implementation of the most recent revisions to the Basel III capital framework. Among the expected updates are changes to capital requirements for banks with assets of more than $100 billion, three of which failed this spring.

The Consumer Financial Protection Bureau issued two reports analyzing banking and consumer credit trends in the South, where many rural areas are considered "banking deserts."

The chairman of the Federal Reserve told the House Financial Services Committee that no decisions have been made about regulatory changes, but whatever does come to pass will take time to implement.

Philip Jefferson, a current Federal Reserve Board member, is President Biden's nominee to be vice chairman of the central bank. At a Senate hearing, he gave measured responses to questions about the potential for heightened regulation of midsize banks.

The Senate Banking Committee sent the bill led by the panel's chairman, Sherrod Brown, D-Ohio, and ranking member Tim Scott, R-S.C., to the full Senate in a 21-2 vote.

Senate Banking Committee Chairman Sen. Sherrod Brown, D-Ohio, and ranking member Sen. Tim Scott, R-S.C., will have to contend with members of their own parties who would prefer a more sweeping executive compensation clawback bill.

Banks and credit unions have come out against the Consumer Financial Protection Bureau's proposal to cut credit card late fees to $8, saying that figure is too low to cover costs. Finding a more suitable number might save the bureau a lot of trouble.

The Senate bill, which will receive a committee vote next week, would give the FDIC the option to take back compensation from executives at failed institutions. Some advocacy groups want stronger language.

The Federal Reserve will now disclose all entities that have access to its payments system, as well as those that are seeking access. The move ends a yearlong standoff with Congress.

The Bank of England is a step closer to launching its own digital currency after a yearlong project concluded the technology could support a "diverse range" of new ways to use money.

In a speech, the Federal Reserve Board governor said tighter monetary policy is not to blame for the volatility seen in the banking system this spring.

House Financial Services Committee Chair Rep. Patrick McHenry, R-N.C., pressed the Financial Stability Oversight Council on the resurrection of its ability to designate nonbanks as systemically important.

All 12 regional Federal Reserve banks released financial information from their presidents on Thursday, including new errors that Federal Reserve Bank of Atlanta President Rafael Bostic acknowledged. Such disclosures have taken on increased significance after a slew of scandals in recent years.

Ajay Banga, the newly appointed president of the World Bank, said he doesn't view China as a rival for the development lender and pledged to avoid getting dragged into competition between Washington and Beijing.

The Federal Reserve chair said that as the Treasury replenishes its general account at the Fed, it will lead to fewer reserves in the banking system.

Though the Federal Reserve's stress test scenarios were announced ahead of the string of bank failures this spring, the results will be a significant peek into the health of the banking system.

Republican members of the House Financial Services Committee blasted Consumer Financial Protection Bureau Director Rohit Chopra as an 'extortionist' and labeled his efforts to rein in discrimination as 'McCarthyism' during a four-hour hearing Wednesday.

House Financial Services Committee Chairman Patrick McHenry, R-N.C., said that he has an "open door" for bipartisan rulemaking when it comes to the Republican crypto oversight bill.

Lawmakers questioned Treasury Secretary Janet Yellen on concerns including bank consolidation, the systemic risk exception and the need for regulation of cryptocurrency during Tuesday's House Financial Services Committee hearing. During the hearing lawmakers highlighted gaps they see in post 2008 financial regulations at a time when they say big banks wield growing influence on the system.

House Financial Services Committee Chair Patrick McHenry, R-N.C., said that two new bills would make the Financial Crimes Enforcement Network more accountable to the public as it moves toward implementing its beneficial ownership reporting requirement rule.