Politics

Inflation and rising rates are some of the biggest issues industry executives and leaders are focusing on this year.

The three high-profile lawmakers threw their weight behind a push by Sen. Elizabeth Warren, who urged the Office of the Comptroller of the Currency to crack down on crypto activity in the banking sector.

Republicans on the Senate Banking Committee are vowing to pursue legislation mandating more transparency from the Federal Reserve after learning the central bank had documents regarding former Fed nominee Sarah Bloom Raskin that the bank never divulged to Congress.

Bank advocates say that stark government scrutiny of bank forays into digital assets has been misplaced and that if the administration would like to see responsible innovation in crypto, the banking system could be the place to do it.

The Inflation Reduction Act of 2022 will funnel nearly $400 billion in tax incentives toward clean energy projects while increasing taxes for large businesses, banks included.

Two laws signed Friday by President Biden extend the statute of limitations for fraud cases involving pandemic-relief programs. One of them would have a particular impact on Paycheck Protection Program loans made by nonbanks.

Sen. Pat Toomey is again demanding transparency by the Federal Reserve after learning the central bank withheld documents he and other Republicans sought related to former Fed nominee Sarah Bloom Raskin during her confirmation fight.

A letter from Democratic senators seeking new details about unauthorized accounts is the latest political headwind for the Minneapolis bank. It comes on the heels of a $37.5 million fine by the Consumer Financial Protection Bureau.

A draft letter obtained by American Banker would ask acting Comptroller Michael Hsu to rescind several interpretive letters issued during and following the Trump administration that gave banks cover to pursue certain crypto activities.  

The president of the Federal Reserve Bank of Minneapolis doubled down on his call for stiffer capital requirements and said master account access decisions should stay with the regional Fed banks.

Former Federal Reserve Vice Chair Richard Clarida will return to the bond giant Pacific Investment Management Co. as global economic advisor following his exit from the central bank in January and the conclusion of an internal Fed probe into his personal trading, which found that he hadn't broken any rules.

The three-month London interbank offered rate for dollars climbed to a nearly 14-year high as traders brace for steady interest rate hikes from the Federal Reserve, backing away from speculation the central bank will ease up as the economy shows signs of cooling. 

The report from Senate Homeland Security Committee ranking member Rob Portman, R-Ohio, details China's campaign to infiltrate the Federal Reserve. But even amid rising tensions between the U.S. and China, response to the report has been muted.

A push in Washington to transform the U.S. derivatives regulator into a top crypto watchdog is gaining steam with a Senate bill that would give the Commodity Futures Trading Commission sweeping new powers to oversee the asset class.

Bank trade groups are asking the Consumer Financial Protection Bureau to issue a rule to supervise data aggregators before issuing a separate rule on consumer access to financial data.

Ford Motor Co.'s application for an industrial loan company charter with the Federal Deposit Insurance Corp. will compel the regulator to articulate its stance on future applications.

The effort, spearheaded by Democratic Sen. Mark Warner and Republican Sen. Mike Crapo, is the latest sign of the community development industry’s rising political prominence in Washington.

Monetary policy has a more significant impact on spending of U.S. households headed by white women than on those led by white men or Black men and women, the Federal Reserve Bank of San Francisco said.

Though a handful of banks have adopted overdraft fee reforms, a great many consumers still need the protection that legislation targeting abusive practices would provide, writes a staff attorney for the National Consumer Law Center.