Politics

The Federal Housing Finance Agency and the Consumer Financial Protection Bureau want financial institutions to provide more outreach to non-English speakers, a move that could foreshadow multilingual disclosure mandates.

The creation of a U.S. dollar central bank digital currency is an existential threat to the banking industry and needs to be treated as such.

The top Republican on the Senate Banking Committee said he would vote for Michael Barr to serve as the Federal Reserve’s vice chair for supervision. The committee will vote on Barr this afternoon.

Lauded as the first step toward comprehensive regulation of digital assets, the package hits at the heart of a critical debate between banks and fintechs: Who gets a Fed account?

The letter from House Financial Services Chair Maxine Waters and Rep. Al Green points to laws passed by some state and local legislatures where financial institutions have been required to disclose whether they had ever profited from slavery in order to operate in their jurisdiction.

The Ohio Democrat and chair of the Senate Banking Committee acknowledged banks’ existing privacy obligations under the Gramm-Leach-Bliley Act but argued that the 1999 law did not go far enough to address the privacy landscape of 2022.

An American Bankers Association panel of experts predicted much slower economic growth, but agreed that the U.S. economy will avoid a recession over the next couple of years.

CEO Bill Demchak said Thursday that the banking industry has become a "political football," and that lawmakers lack the "backbone" to make broader decisions on climate change and various social issues.

California’s Department of Financial Protection and Innovation is seeking public comment to provide guidance, regulatory clarity and supervision of crypto financial products and services.

The legislation blocked by John Bel Edwards, a Democrat, would have allowed consumer loans of up to $1,500 with triple-digit interest rates. Edwards wrote that the measure does not protect the public from “predatory lending practices.”

The president invited Jerome Powell to the White House Tuesday and voiced his support of the Federal Reserve’s independence in the fight against inflation. Some see the move as Biden ducking blame for rising prices.

The Consumer Financial Protection Bureau first completed its rules for payday lenders in 2017, but industry litigation has successfully kept the rule from being enforced.

District attorneys in the Golden State are tangling with Credit One Bank over its debt-collection practices. The bank says the prosecutors have overstepped, but Democratic Attorney General Rob Bonta argues that the legal action should continue.

10 things to know in May: The Credit Union Women’s Leadership Alliance is set to launch its coaching program, U.S. Senate confirms first Black appointee to Federal Reserve, and more.

President Biden used a rare meeting with Federal Reserve Chair Jerome Powell to declare that he’s respecting the central bank’s independence — while simultaneously shifting responsibility for taming decades-high inflation ahead of the November midterms.

Regulators must be cognizant of any threat that could harm the financial sector while resisting the urge to overstep their authority to set policy that should be decided by Congress.

Strong climate policy and continued development of stress-testing tools by central banks are essential to transitioning to carbon neutrality.

The government-sponsored enterprises will start releasing information similar to what large banks already do, starting in the first quarter of 2023.

In testimony to the House Financial Services Committee, the Federal Reserve’s vice chair gave a thorough accounting of the Fed’s thoughts on issuing its own digital currency without committing to any specific course of action.