Politics

President Trump posted a letter on social media addressed to Federal Reserve Gov. Lisa Cook, informing her that he was terminating her due to allegations of mortgage fraud. The move is likely to tee up an unprecedented legal fight over the Fed's independence.

Bank industry advocates, housing groups and CRA veterans say the rule is overly complexity and burdensome, but even they agree pre-approving CRA-eligible activities was a good idea.

A bipartisan amendment from Sens. Bill Hagerty, R-Tenn., and Angela Alsobrooks, D-Md., would expand deposit insurance for business accounts, but the industry is split on who should bear higher FDIC premium costs.

A federal appeals court granted the government's request to pause a ruling that briefly restored Democratic National Credit Union Administration board members Todd Harper and Tanya Otsuka, leaving the regulator with a single board member pending appeal.

The President said in response to a press question about Federal Reserve Gov. Lisa Cook that he would fire her "if she doesn't resign" over allegations of claiming primary residence at two properties she owns, though the legality of such a move is unclear.

Federal Reserve Chair Jerome Powell said Friday that while the central bank must "proceed carefully" in considering interest rate adjustments in the coming months, recent softness in employment "may warrant adjusting our policy stance."

Federal Reserve Vice Chair for Supervision Michelle Bowman floated the idea of allowing employees to hold small amounts of digital currencies, arguing that it would help with retention and understanding of the product. But some questions whether the move will yield those results, or raise ethical problems instead.

The Consumer Financial Protection Bureau initiated a new rulemaking process for its open banking rule with a focus on who can serve as a representative for the consumer and whether banks can charge fees to third parties for consumer data.

Trump's demand that Federal Reserve Board Governor Lisa Cook resign is the latest in his dangerous effort to assert control over the central bank. Fed independence is critical to the health of the U.S. economy and must be preserved.

More nonbank digital asset firms are applying for national trust charters, a development that many banking organizations oppose due to what they say is inadequate oversight, lack of congressional intent and no FDIC backstop.

Scott Simpson, the next CEO of America's Credit Unions, talked to American Banker about how he plans to fend off a "clear attempt to try to destroy the business model."

Federal Reserve Gov. Christopher Waller said the private sector and central bank play complementary roles in payment innovation and stressed the need to maintain that collaboration as crypto technologies become more mainstream.

Consumer advocates are urging lawmakers to hold hearings on the Consumer Financial Protection Bureau's new open banking rule and whether Congress authorized banks to charge fees for data access.

Fed Vice Chair for Supervision Michelle Bowman warned that focusing too much on technology risks could make banks lose relevance with customers.

Senate Banking Committee Chairman Tim Scott, R-S.C., asked crypto firms to keep spending in elections, and said that they "literally" put Bernie Moreno, Sherrod Brown's successor in Ohio, in the Senate.

The Federal Deposit Insurance Corp. proposed a rule Tuesday that would allow banks to remove FDIC insurance labels except on initial webpages and no longer require alerts warning customers that non-deposit products are not insured.

As bank regulators work to create a more transparent and effective supervisory process, they should overhaul the process for appealing their rulings to include challenges to enforcement actions.

The tests modeled how Fannie Mae and Freddie Mac would fare after absorbing losses like a total $36.1 billion provision in credit losses in a severe downturn.

The Office of Management and Budget under President Donald Trump has not apportioned any discretionary awards to financial institutions in the fiscal year of 2025, according to new documents released by the agency.

The Treasury Department issued a request for comment Monday, seeking input on four categories of technology that could be used to detect and combat illicit financial activity in crypto assets.