Politics

Bank-to-bank transactions that currently take two days could be settled in 10 seconds using central bank digital currencies and blockchain technology, the reserve bank finds.

The interest paid on consumer deposits has barely risen despite the Federal Reserve's aggressive rate hikes, writes Sen. Jack Reed, D-R.I., in letters to seven of the largest U.S. banks including JPMorgan Chase and Wells Fargo.

The potential for either chamber of Congress to turn over to Republicans and rising concern about inflation adds urgency to pass the Durbin-Marshall amendment on interchange fees, experts say.

Some 16 million applications for student debt relief will be approved by this week, provided the White House plan survives court challenges, President Biden said Thursday. 

A growing number of economists and lawmakers think the Fed has gone too far in its battle against inflation. Powell is worried it hasn't gone far enough.

U.S. Supreme Court justices questioned the legality of stiff penalties the federal government says it can impose on people who fail to file required reports listing their foreign bank accounts.

Crypto executives pulled back on political giving in the immediate run-up to the Nov. 8 midterm elections, a move that followed the crash in digital currencies like bitcoin and ether.

Rather than blaming the Federal Reserve, CFPB and other agencies for getting over their skis, I blame Congress for being unable to give them workable, solid power to solve agreed-upon policy objectives.

Legal experts are gaming out the various options for the CFPB after a three-judge panel of the U.S. Court of Appeals for the 5th Circuit ruled on Oct. 19 that the bureau's funding is unconstitutional.

Custodia's lawsuit with the Federal Reserve over master account access is poised to advance to trial. Regardless of the outcome, the case will be consequential.

The board of the Federal Deposit Insurance Corp. is required by law to have a member with state bank supervisory experience. That perspective has been absent for too long.

A federal judge in Wyoming said the scope of the lawsuit could change but that he expects it to proceed. It would be the first master account challenge to go to trial.

Protesters blocked traffic around JPMorgan Chase's New York City offices Friday morning, calling for Gov. Kathy Hochul to use a tax on the wealthy to fund climate measures. 

Citi unit backs fintech rewards, Mastercard's multinational score and more in banking news this week.

An appeals court ruling that the Consumer Financial Protection Bureau's funding source is unconstitutional is faulty. Upholding it would devastate the financial services industry.

With the 2022 midterm elections around the corner, Democrats are losing steam and Republicans are banking big on economic malaise turning swing voters their way.

Sen. Warren on Wednesday sent a letter to Consumer Financial Protection Bureau Director Rohit Chopra, calling for expanded regulations after she collected private data on rising fraud rates on Zelle from some of the country's largest banks.

The Federal Deposit Insurance Corp.'s solution to add the ombudsman to an appeals committee as a nonvoting member wouldn't be enough to ensure the independence of the appeals process, banks said.

In a letter to Federal Reserve Chair Jerome Powell, the chair of the Senate Banking Committee warned that the Fed was in danger of going too far in its efforts to tame inflation.

Inflated home values were already making homeownership unattainable for millions of Americans; now it's interest rates. To change this dynamic, we need some creative thinking.