Politics

Bipartisan legislation co-sponsored by Reps. Lance Gooden of Texas and Peter Welch of Vermont would require large banks to support at least one network other than Visa or Mastercard. Banking industry groups argue that it would help big retailers at the expense of consumers.

The president referred to so-called bank junk fees in remarks that echoed Rohit Chopra, the director of the Consumer Financial Protection Bureau, who has sought to crack down on excessive charges.

President Biden's loan forgiveness plan will wipe out about one-third of student debt owed to the federal government, with lower-income borrowers and those living in Southern states getting the biggest boost, according to analysis by the Federal Reserve Bank of New York.

During a panel discussion with other central bankers, the Federal Reserve chair weighed in on digital currencies, public and private alike. He also called on Congress to pass authorizing legislation of digital-asset regulation.

Investor activity in the housing market has had a nominal impact on the cost of housing, the head of the National Rental Home Council writes, citing research by one of the government-sponsored enterprises. Supply-demand imbalance is the primary driver of price appreciation, he argues.

Russian billionaire Petr Aven, fighting a U.K. investigation for evading sanctions, used companies supposed to manage expenses for his luxury mansion as a personal "piggy bank," according to British authorities.

Financial institutions continue to push back against efforts to be held liable when a consumer is tricked into sending a payment that later turns out to be a scam.

President Biden's decision to forgive some federal student debt will cost at least $400 billion over 10 years, the Congressional Budget Office estimated, which would wipe out the $238 billion in deficit reduction from his tax and climate plan. 

Two new academic research papers consider what the Fed is trying to communicate and what it means.

The White House's unexpected choice of two Republican members of the Federal Deposit Insurance Corp. this week has called the agency's future leadership into question.

The Federal Reserve's capital requirements came up repeatedly during this week's bank CEO hearings, with leading Republicans taking banks' position that capital requirements are excessive.

The Federal Housing Finance Agency soon will commence a review of the Federal Home Loan Bank System. For the process to be successful, the actual users of the system and the institutions that will be the most impacted by any changes to its mission, mandate or role need to add their voice to the conversation.

JPMorgan Chase Chief Executive Jamie Dimon said that the U.S. needs to invest in the fossil fuel industry to reduce greenhouse-gas emissions in the long term and protect economic growth.

The committee's top Republican warned that banks that prove too deferential to left-leaning social causes could face consequences the next time the GOP controls Congress.

Executives from three of the largest U.S. banks declined to pledge to eliminate overdraft fees when asked if they would do away with them.

Jamie Fiore Higgins, a former executive at Goldman Sachs, describes the toxic work environment she endured during her 18 years at the investment bank in her memoir, "Bully Market."

The JPMorgan Chase CEO didn't mince words when a U.S. lawmaker mentioned the executive's history of criticizing cryptocurrencies.

The Fed chair said actively selling securities will become necessary as it looks to reduce its balance sheet, but not anytime soon.

The bank leaders were grilled on their long- and short-term expectations for the U.S. economy, the potential impact of capital reform under the Biden administration, banks' investments in Chinese markets, and the future of oil and gas lending.

The country's largest banks should deepen partnerships with minority depository institutions and community development financial institutions, and regulators should facilitate that process.