Politics

The Biden administration is considering extending its pause on student loan repayments, now set to resume Jan. 1, in response to legal challenges to its student-debt forgiveness program, according to people familiar with the internal discussions.

In a new report, the Treasury Department also raises the question of scrapping the $10 billion threshold for debit card issuers in the Durbin amendment.

The Consumer Financial Protection Bureau is challenging a recent appeals court decision that its funding through the Federal Reserve Board violates the separation of powers doctrine. That ruling "threatens to inflict immense legal and practical harms" on financial regulation, the CFPB says.

The agency released two reports Tuesday outlining shortcomings of the background check industry and pledged to root out false information and faulty practices in the space.

The Federal Reserve's vice chair for supervision, in his first appearance before Congress since being confirmed, testified that the banking industry has been spared so far from the chaos in cryptocurrency markets. But he warned that too little is known about nonbank activities that could "blow back" to the regulated financial system.

Republicans and Democrats have made constructive inroads toward drafting a stablecoin bill this Congress. The next Congress needs to build on that progress — and think bigger.

Tools used by financial regulators to gauge the impact of climate change on the financial system are probably underestimating the potential damage because of incomplete data and inadequate scenario analyses, according to Financial Stability Board, a watchdog group.

Questions about whether reserve banks are federal agencies and what role the Board of Governors plays in master account decisions should be answered in court, a federal judge ruled.

Martin Gruenberg has been acting chairman of the Federal Deposit Insurance Corp. since February and is the longest-serving member of the FDIC board.

U.S. Treasury Secretary Janet Yellen said the implosion of Sam Bankman-Fried's FTX crypto empire reinforced her view that the market for digital assets required "very careful regulation."

The Federal Reserve notched two badly needed wins last week, as inflation showed signs of easing and the financial system withstood the collapse of one of the world's biggest crypto firms. Here's what that means for the central bank moving forward.

The Infrastructure Investment and Jobs Act provides billions in grants for state and local governments. The challenge now is how quickly and effectively they can spend it amid an inflation–fueled rising–rate environment.

Incumbent Senate Banking Committee member Catherine Cortez Masto, D-Nev., narrowly won reelection Saturday night in a victory that will have significant implications for the Biden administration's policy agenda.

Treasury Secretary Janet Yellen called October's positive inflation report in the U.S. "a good reading," but cautioned against relying too much on one data point.

Wall Street is walking into a new era of risk that has bankers, lawyers and climate campaigners reaching for a different playbook.

A federal judge in Texas struck down the Biden administration's plan, calling it "one of the largest exercises of legislative power without congressional authority in the history of the United States."

House Financial Services Committee Chair Maxine Waters joined her Republican counterpart on the panel saying FTX's unwinding hastens the need for legislation that outlines crypto regulation.

A ballot initiative that places additional restrictions on debt collectors and decreases the interest rates that can be charged on medical debt passed Tuesday by an overwhelming margin. Consumer advocates say it will ease the burden on households dealing with hardship, but industry groups contend that it will make credit more expensive.

A Consumer Financial Protection Bureau report on complaints about cryptocurrencies said consumers have difficulty obtaining any restitution for lost crypto funds.

The CFPB's recent guidance on so-called "unfair" bank fees has created legal turmoil for banks and financial firms after the White House claimed the bureau's actions were settled law.