Politics

Industry groups are adamant that regulators must make it easier for banks to merge in order to compete with nonbanks, while consumer advocates say bank mergers are too easy and hurt the consumer beyond raising the price of credit.

All Russian banks that have already been sanctioned by the international community are going to be restricted from Swift. That list can be expanded if needed, with an eye toward maximizing the impact on Russia and minimizing the impact on the European, officials said.

Its modifications aim to help two government-sponsored mortgage investors manage risk and rebuild capital while retaining enough flexibility to fulfill their affordable housing missions, said the Federal Housing Finance Agency’s acting director, Sandra Thompson.

Russian President Vladimir Putin will initially focus on assisting lenders hit with penalties imposed by the West in connection with the invasion of Ukraine, according to attendees of a closed meeting with Russian officials to address the impact of the conflict on big business.

Brad Bolton, incoming chairman of the Independent Community Bankers of America, wants the advocacy group to push back against overly broad policymaking and credit unions' tax status, while opening the door to cannabis banking.

U.K. Prime Minister Boris Johnson is among the world leaders pushing for a ban, and U.S. President Biden was grilled about the possibility during a press conference where he announced sanctions in response to Russia's military action in Ukraine.

President Biden announced sanctions against Russia's largest lender and members of Russian President Vladimir Putin's inner circle in response to the invasion of Ukraine, but took pains to reduce the impact on the U.S. and European economies.

Senate Banking Chair Sherrod Brown said Thursday he will try again next week to advance President Biden’s five Federal Reserve picks past a blockade led by ranking Republican Pat Toomey on Sarah Bloom Raskin’s nomination to vice chair of supervision.

The move confirms speculation that the Federal Housing Finance Agency would return to a pre-pandemic plan to tighten requirements for mortgage lenders and servicers that work with two government-sponsored enterprises.

The Federal Reserve's capital guidance for S corporations is hindering some community development banks' access to the Treasury's $9 billion Emergency Capital Investment Program. The Fed has offered exemptions in the past, so why isn't it doing so now?

The Federal Reserve formally adopted tough, sweeping restrictions on officials’ investing and trading, aiming to prevent a repeat of the ethics scandal that engulfed the U.S. central bank last year.

Government officials spend a lot of time criticizing banks for gouging customers even though their own statistical reports demonstrate that fees are not a major issue for consumers.

In a Senate Banking Committee hearing on the economy, Republicans reiterated their demand for more transparency from Sarah Bloom Raskin, President Biden's pick to serve as vice chairman for supervision at the Federal Reserve.

Democrats still want to move President Biden’s five Federal Reserve picks together through the full Senate. But the chamber’s rules will make that tough to accomplish unless Sarah Bloom Raskin can come to terms with GOP lawmakers opposed to her nomination.

The Consumer Financial Protection Bureau is raising concerns about exclusive government contracts and the fees that recipients of public benefits get charged. “Barriers to choice kill competition and can harm families who need every dollar to make ends meet," said Director Rohit Chopra.

Republicans on the Senate Banking Committee skipped its scheduled vote on five Federal Reserve appointees, preventing a quorum. Minority Leader Mitch McConnell echoed concerns raised about nominee Sarah Bloom Raskin, saying she wants the Fed to become an “ideological left-wing activist body” that interferes with private-sector credit decisions.

Republicans urged federal authorities to take a light-touch approach to regulating stablecoins during a Senate Banking Committee hearing, while Democrats intensified demands for strong consumer protection.

GOP lawmakers are considering a plan by Sen. Pat Toomey, the top Republican on the Senate Banking Committee, to boycott Tuesday’s committee votes on Raskin and President Biden’s four other Federal Reserve nominees. Such a move would deny Democrats a quorum to move forward.

A crucial centrist vote among Democrats, the Montana lawmaker and Senate Banking Committee member predicts the full chamber will support Raskin's nomination for vice chair for supervision of the Federal Reserve Board if she advances out of committee on Tuesday.

Sarah Bloom Raskin, President Biden’s pick to be the Federal Reserve Board’s vice chair for supervision, has had a distinguished career as a state and federal banking regulator. Her belief that banks should identify assets that are subject to climate-related shocks sounds like basic risk management, not a radical call to action.