Politics

Some deficit hawks worry such a move could worsen the inflation that is already weighing heavily on Democrats’ chances of maintaining control of the House and Senate. But that dollar amount may not go far enough to appease progressives.

The move from Republican senators mirrors an effort launched in the House, where Citibank also provides credit cards for congressional business. Republicans will be unable to enact such changes unless they take either chamber in upcoming elections.

Bankers object to the Consumer Financial Protection Bureau's request on “exploitative junk fees” that produce billions in income for financial institutions, arguing that banks are compliant with statutes that require fees be disclosed to customers.

Acting Director Himamauli Das acknowledged concerns from Democratic lawmakers that Fincen was moving too slowly to implement beneficial ownership rules but said the agency "will likely continue to do so, because our budget situation has required us to make significant trade-offs among competing priorities.”

President Biden said he’s considering a plan to relieve student debt in the coming weeks, but that it would fall short of the sweeping forgiveness sought by Senate Majority Leader Chuck Schumer and progressive Democrats.

Treasury Secretary Janet Yellen defended the Biden administration’s approach to economic recovery during COVID-19, but said the pandemic underscored the ways that prudential regulation for nonbanks may be warranted.

With new guidance and a simplified chartering process, the National Credit Union Administration seeks to counter the trend of closures and consolidations.

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.