Politics

As the Federal Reserve implemented its second 0.75% rate hike in two months, the chair said the system is able to withstand any financial stability risks that rising rates might create. 

Democrats and Republicans on the House Financial Services Committee appeared diametrically opposed on the future of overdraft fees, with GOP lawmakers warning that a crackdown would push consumers toward payday loans.

American Banker interviewed the Consumer Financial Protection Bureau chief about his views on Big Tech, the qualified mortgage rule, real-time payments apps and more.

In a wide-ranging interview with American Banker, Consumer Financial Protection Bureau Director Rohit Chopra talked about litigating against large firms, fighting overdraft fees and reining in Big Tech.

Critics of the council say it hasn’t been as effective as it could be, but Treasury’s Nellie Liang said in an interview that right now it is “in a good place.”

First introduced in 2020, the Fair Access to Financial Services Act would require banks to serve all customers in a manner similar to existing requirements for hotels and restaurants under the Civil Rights Act of 1964.

President Biden is considering extending a pause on student loan repayments for several more months, as well as forgiving $10,000 in student loan debt per borrower, according to people familiar with the matter, as he seeks to appeal to young voters ahead of the November midterms.

More central bank communication leads to more trust and more accurate inflation expectations among the public, a study from the National Bureau of Economic Research concludes. But while other central banks have found creative ways to get their message across, the Federal Reserve has not.

A senior U.S. Republican lawmaker accused China of a broad campaign to obtain confidential information from the Federal Reserve, including recruiting central bank staffers and detaining a Fed employee visiting Shanghai.

Rumors of a bipartisan bill to set common standards for stablecoins have been circulating for more than a week, but any legislation will now have to wait until after the August recess.

The text of the Overdraft Protection Act hasn’t changed in 10 years, but the banking industry has shifted dramatically.

Climate change, gun control and the overturning of Roe v. Wade are just some of the latest issues banks are addressing.

While skeptics still outnumber true believers, recent speeches and reports from policymakers show a greater willingness to entertain the idea of a central bank digital currency.

Colorado Democratic Rep. Ed Perlmutter's pot banking bill would create legal certainty for banks to do business with the legal cannabis industry and reduce the industry’s reliance on cash. 

The senators called for the Consumer Financial Protection Bureau to consider more instant transactions to be categorized as “errors” or “unauthorized,” making them the responsibility of institutions rather than customers. 

Federal Reserve Chair Jerome Powell recently sold more than $1 million of municipal bonds issued by various entities across the U.S. as tough new ethics rules took effect for central bank officials in the wake of a trading scandal last year.

Banks in the U.S. and Middle East continue to do what self-sanctioning is stopping their European counterparts from doing: financing the trade of crucial Russian crops and fertilizers.

HSBC has agreed to sell its Russian unit to local lender Expobank, the latest international bank to exit the country following its invasion of Ukraine.

Federal Housing Finance Agency Director Sandra L. Thompson told lawmakers on Wednesday that the agency would consider “foundational questions about mission, purpose, and organization” of the Home Loan Bank System.

The number of Federal Reserve banks should be cut in half and their bank regulatory responsibility should be transferred to other agencies.