Politics

FTX's new chief executive, John J. Ray, described shoddy accounting processes and a core group of inexperienced leaders that contributed to the crypto exchange's collapse.

By March 1, financial institutions that are exempt from federal reporting requirements must provide information to state regulators about how much revenue they collect from overdraft fees.

The U.S. Supreme Court expanded a planned showdown over President Biden's student-loan relief plan, saying it will hear arguments from two borrowers who contend they are being unfairly excluded from the full scope of the program.

After spending the past two weeks participating in media interviews, former FTX Chief Executive Sam Bankman-Fried is being more selective when it comes to appearing before Congress to discuss the collapse of his cryptocurrency empire.

At least $73 million of political donations tied to Sam Bankman-Fried's FTX may be at risk of being clawed back as bankruptcy lawyers sort through the remnants of his crypto empire in search of assets to repay creditors.

JPMorgan Chase Chief Executive Jamie Dimon praised the results of last month's U.S. midterm elections, saying cooperation in Congress may be more likely since both parties' "wing nuts didn't get elected."

Bank of America Chief Executive Brian Moynihan said he has no intention to leave his post, responding to a report that he's on the Biden administration's short list to replace Treasury Secretary Janet Yellen if she steps down.

The high-profile members of the Senate Banking Committee have joined forces on legislation that would subject the Federal Reserve's 12 regional banks to the Freedom of Information Act and other disclosure mandates.

Rushing to create a central bank digital currency that is not permissionless and private would be dangerous to core American principles, according to a Minnesota Republican.

Sen. Pat Toomey, who is retiring from his post as the top Republican on the Senate Banking Committee, attached a provision to the bill that would force the Fed to disclose account holders and applicants.

China and other countries are already working on their own central bank digital currency. Creating an American CBDC would ensure the dollar's place as a global reserve currency, a Connecticut Democrat writes.

The House of Representatives adopted a defense authorization bill that includes a measure to make it easier for entry-level employees with criminal records to join a bank. Meanwhile, the Senate omitted a pot banking provision from its version of the must-pass spending legislation.

New York and California are among the states that have laws requiring lenders to make certain disclosures to small-business borrowers. The Consumer Financial Protection Bureau has reached a preliminary determination that a federal statute does not preempt those state laws.

A group of Hispanic lawmakers urged the Federal Reserve to appoint its first-ever Latino as a regional president after recent searches for the top roles at three other district banks resulted in the hiring of non-Latino candidates.

U.S. Sen. Elizabeth Warren wants an accounting from Federal Reserve Chair Jerome Powell and other top bank watchdogs on the links that major lenders have with the crypto industry following FTX's spectacular collapse.

U.S. Sens. Sherrod Brown and Patrick Toomey have asked Sam Bankman-Fried to testify at a hearing on Dec. 14 about the cryptocurrency exchange FTX's collapse, according to a letter issued Wednesday.

A former Federal Reserve official argues that current rules allow banks to begin trading in crypto assets with virtually no oversight.

An end-of-year push to attach a marijuana banking bill to a must-pass defense measure is facing stiff resistance from Senate Republicans and complicating the delicate lame-duck endgame for Democratic leaders soon to lose control of the House.

Federal law requires one Federal Deposit Insurance Corp. board member to have state bank supervisory experience, but if no one takes that requirement seriously it should be scrapped.

The crypto bank Silvergate Capital was asked by three U.S. senators to release all records about transfers of funds for the collapsed FTX empire of Sam Bankman-Fried.