Politics

Democratic senators led by Bob Menendez urged the Federal Reserve to take a more active role in the selection process of the heads of its regional banks so that more diverse candidates would be considered.

The Federal Deposit Insurance Corp. eliminated underbanked households from its regular survey of the banking system during the Trump era, but the agency is now reversing that decision.

The Federal Reserve Bank of Kansas City's Esther George is refusing to provide the Republican senator answers about certain internal deliberations at the regional Fed bank over the revocation of the master account granted to Reserve Trust. The fight could set up a bigger showdown over how the central bank grants such accounts.

The director of the Consumer Financial Protection Bureau said he plans to take a fresh look at the Qualified Mortgage rule, the CARD Act and other long-standing rules.

Some policies could save consumers more than $2 billion annually.

Allowing “stablecoin banks” access to the benefits of a bank charter without the obligation to carry federal deposit insurance creates moral hazard on steroids.

Michelle Bond, CEO of the Association for Digital Asset Markets, says she will compete as a Republican in a bid to succeed House Financial Services Committee member Lee Zeldin after he leaves Congress in 2023.

Most banks’ interest income will rise following the Fed policy shift. But the rate increase also boosts the likelihood of a recession that could hurt borrowers and drive up loan losses.

Democratic Sen. Elizabeth Warren cited a report that found then-acting Comptroller Keith Noreika chose to privately reprimand the Canadian bank for consumer abuses, rather than issuing a fine.

Community development financial institutions proved themselves indispensable during the COVID-19 pandemic. They have earned a seat at the table.

Consumer Financial Protection Bureau Director Rohit Chopra wants to determine if people are able to get prompt responses from the 175 banks and credit unions with more than $10 billion of assets.

The hearing would have featured debate on a number of housing bills, along with a measure to block commercial firms from owning industrial banks and new limits on overdraft fees. House Financial Services Committee Chair Maxine Waters has tested positive twice since April.

The legislation, due for a House floor vote soon, would require the Federal Reserve to promote economic opportunity and fair access to credit for racial, ethnic and other groups that have long been targets of discrimination.

Brian Brooks, an acting head of the Office of the Comptroller of the Currency during the Trump administration, says the CEO of one of the largest U.S. banks considered barring customers from using its cards to buy firearms.

A long-running conservative push to undercut federal regulatory authority could shake the foundations of U.S. banking law, for better and worse.

Fintech partnerships and new legislation could help make marijuana more viable and less risky for banks.

Between proposed legislation threatening its discretion, a lawsuit challenging its approval process and a bombshell revelation about the only fintech to be awarded one, pressure is mounting on the Fed’s master account policy.

A new study has found that Black and Hispanic borrowers are denied conventional mortgages at higher rates than white applicants and pay up to $2,000 more to refinance.

Sen. Pat Toomey, the top Republican on the Banking Committee, is demanding answers from the Federal Reserve Bank of Kansas City about the status of a Fed master account for the Colorado fintech firm Reserve Trust, which had figured in a recent confirmation controversy.

After blocking the Biden administration’s first pick for vice chair for supervision, five Republicans on the committee voted to approve Barr, clearing his path to confirmation.