Politics

A push in Washington to transform the U.S. derivatives regulator into a top crypto watchdog is gaining steam with a Senate bill that would give the Commodity Futures Trading Commission sweeping new powers to oversee the asset class.

Bank trade groups are asking the Consumer Financial Protection Bureau to issue a rule to supervise data aggregators before issuing a separate rule on consumer access to financial data.

Ford Motor Co.'s application for an industrial loan company charter with the Federal Deposit Insurance Corp. will compel the regulator to articulate its stance on future applications.

The effort, spearheaded by Democratic Sen. Mark Warner and Republican Sen. Mike Crapo, is the latest sign of the community development industry’s rising political prominence in Washington.

Monetary policy has a more significant impact on spending of U.S. households headed by white women than on those led by white men or Black men and women, the Federal Reserve Bank of San Francisco said.

Though a handful of banks have adopted overdraft fee reforms, a great many consumers still need the protection that legislation targeting abusive practices would provide, writes a staff attorney for the National Consumer Law Center.

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.