Politics

On Friday, Federal Reserve Vice Chair for Supervision Michael Barr will share findings from his review of the supervision of Silicon Valley Bank before its failure last month.

Her statement calls out "a fundamental misunderstanding about the fees" following concerns expressed by two congressmen and others about their impacts.

The Federal Reserve's final rule severely restricting the ability of state member banks to engage in crypto-related activities was released without a legally required period of notice and comment.

A resolution calling for the San Francisco-based bank to adopt and disclose a formal policy supporting collective bargaining rights failed to receive a majority of shareholder votes at the company's annual meeting.

Federal Reserve Vice Chair for Supervision Michael Barr had promised to share findings from his review of the Fed's oversight efforts for the failed bank by May 1.

The four agencies did not issue new regulatory guidance but instead cited previous concerns about the potentially harmful uses of automated systems — including AI — that could contribute to unlawful discrimination.

The central bank believes it needs authorization to issue a digital dollar, but others say the hurdles to implementation are much lower.

The Financial Stability Oversight Council is clearing the administrative road to designate nonbank firms and activities as systemically risky, but if it wants those designations to stick it needs the public on its side.

The banking industry and consumer advocates praised the Financial Stability Oversight Council's move to reinvigorate its authority to regulate nonbanks. But that effort is going to take time and is guaranteed to face political headwinds.

Federal officials should have protected both banks' uninsured depositors by following the law's carefully designed framework for dealing with failures of systemically important banks.

The Consumer Financial Protection Bureau said it is still working to notify consumers about the Feb. 14 breach in which a bank examiner sent personal information on 256,000 consumers and supervisory information on 45 institutions to his email.

A House Financial Services Committee aide said that the bill is meant to restart discussions with Democratic lawmakers and the White House over how to regulate stablecoins.

Main Street companies, particularly those owned by women and minorities, depend on the flexibility of community and regional banks for their survival.

Financial institutions and their trade groups fear a loss of funding for loans if customers migrate in large numbers to a central bank digital currency, according to comments to the Federal Reserve about a possible digital dollar. Industry officials are also worried about heightened cybersecurity and money laundering risks.

The Financial Stability Oversight Council proposed two measures that would enable the body to more easily designate nonbanks as systemically important, a move expected to revive Dodd-Frank era debates between Republicans and Democrats.

Regional banks, including PNC Financial Services Group, KeyCorp, and Citizens Financial Group, were among those boosting lobbying expenses at the highest rates.

The Financial Stability Oversight Council issued a pair of proposals that would enhance transparency into how the council designated nonbank firms and activities as systemically risky and simplify its process for designations.

The former senator said the Federal Reserve's use of a legal provision he authored last year is "plainly at odds" with the statute as written.

The largest lobbying group in the United States, the U.S. Chamber of Commerce, said that calls for stronger regulation in the wake of March's bank failures were premature and baseless. The group also defended a 2018 deregulatory law and urged lawmakers to pump the brakes on new regulation until policymakers carefully review all facts.

Sen. Sherrod Brown, D-Ohio, who leads the Senate Banking Committee, said the Federal Home Loan Banks should not be lenders of last resort to failing banks.