Politics

Senate Banking Committee Chairman Sherrod Brown said Wednesday that the Senate would wait to confirm President Biden’s Federal Reserve picks until the return of Democrats recovering from the coronavirus.

In “The Lords of Easy Money,” the journalist Christopher Leonard examines the Federal Reserve’s policy of quantitative easing following the 2008 financial crisis.

The Consumer Financial Protection Bureau director told Congress he will revise some rules as the bureau looks to address late fees.

Sens. Elizabeth Warren and Bob Menendez say the banks that own the payments system "have chosen to let consumers suffer" from unchecked fraud problems.

Consumer Financial Protection Bureau Director Rohit Chopra pushed back aggressively against allegations by Senate Republicans at a congressional hearing Tuesday that he helped orchestrate a “hostile takeover” of the Federal Deposit Insurance Corp.

As efforts to regulate the rapidly growing cryptocurrency market increase, some observers are raising concerns about the rising number of U.S. lawmakers beginning to dabble in digital assets.

"An unelected federal regulator is seeking to shortcut the traditional regulatory process," writes ABA Chief Executive Rob Nichols.

The Consumer Financial Protection Bureau will conduct supervisory exams of nonbank fintech companies that pose risks to consumers as Director Rohit Chopra seeks to level the regulatory playing field with supervised banks.

The Consumer Financial Protection Bureau and the New York attorney general sued the wire giant for failing to transfer funds, delaying refunds to customers and repeatedly ignoring rules around money transfers.

Federal housing funds are targeted at building more apartments, not promoting homeownership, which is essential to building intergenerational wealth. There's an easy fix lawmakers have long ignored.

Observers say that while Michael Barr may not be progressives' first choice to be the Fed's top regulator, he has gained their support given the importance of the post and the pressure of looming midterm elections. What his exact policy prescriptions and priorities in the post-Dodd-Frank world will be, however, is unclear.

A day after Bank of Russia Gov. Elvira Nabiullina touted the country’s alternative to the SWIFT financial-messaging service, the regulator said it will no longer publicly disclose who participates.

The White House says the president will nominate Michael Barr, a Treasury Department veteran and one of the architects of the Dodd-Frank Act, as the central bank's vice chair for supervision.

The Consumer Financial Protection Bureau has the legal authority to adjust maximum late fees that issuers may charge. The Consumer Bankers Association predicts the agency will reduce the limits as part of its crackdown on "junk fees" and to soften the impact of inflation on cardholders.

The state's Treasurer's office is urging lenders to make loans to cover the steep costs of adoption. Participating credit unions get an extra incentive by being permitted to accept deposits from public institutions — a perk typically enjoyed only by banks.

President Biden is seriously considering Michael Barr, a Treasury Department veteran and an architect of the Dodd-Frank Act of 2010, as the Fed’s chief banking supervisor, according to people familiar with the matter.

Former Federal Reserve Vice Chair for Supervision Randal Quarles and former Fed Gov. Daniel Tarullo say the central bank's top regulatory role insulates the board from allegations of political bias. Otherwise, the agency and its staff have to account for their regulatory decisions.

Progressive groups once again are forcing shareholder votes in connection with hot-button issues such as racial equity and climate change. But now conservative groups are also harnessing the same process in an effort to influence the positions that banks take on politically charged issues.

More than a year into his administration, President Biden has either vacancies or acting heads of each of the bank regulatory agencies. That may not be ideal, but the White House doesn't seem to be eager to put forth permanent replacements.

The municipality and the bank have been at odds over similar issues in the past, and no agency currently has deposit accounts with the lender.