Politics

The New York megabank’s decision, which takes effect on July 1, emerged on the same day that the Supreme Court overturned Roe v. Wade. JPMorgan Chase is following the lead of Citigroup, which announced a similar policy at the start of the year.

Paulson, who announced his retirement as a senior deputy comptroller, is one of three top staffers at the Office of the Comptroller of the Currency who are departing or taking extended leave.

Rep. Ed Perlmutter, the bill’s chief sponsor, said the decision would allow people to “continue to be killed” as cannabis companies’ cash is targeted by crime.

Lawmakers on the Senate Banking Committee voiced some scattered support for changes to improve the finances of the National Flood Insurance Program, but comprehensive reform appears out of reach. 

The legislation, sponsored by Rep. Carolyn Maloney, D-N.Y., is said to have been withdrawn from consideration by the House Financial Services Committee because it lacked the necessary Democratic votes to pass.

Several Democratic bills to support down-payment assistance for mortgage borrowers and other housing programs met with protests from Republicans, who said the legislation would further fuel inflation. The GOP maneuvers failed, but they highlighted the parties’ differing priorities ahead of the midterm elections.

Federal Reserve Chair Jerome Powell said the Board of Governors has a limited role in determining which firms are granted master accounts, an emerging point of contention between Congress and the central bank. 

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.