Politics

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.

Two U.K. fintech companies are exploring sale options after sanctions on their Russian billionaire backers have left them struggling to find funding.

Senate Majority Leader Chuck Schumer took a procedural step before the Senate leaves for a two-week break seeking to limit debate on Lael Brainard’s nomination for vice chair, as well as Lisa Cook’s nomination for Fed governor when lawmakers return. 

In a letter obtained by American Banker, the Senate Banking Committee chair called on the Federal Reserve and Office of the Comptroller of the Currency to reform their bank merger review processes.

A group of state attorneys general is asking JPMorgan Chase, Bank of America, Wells Fargo and U.S. Bancorp to scrap the controversial charges entirely, as competitors like Citigroup and Capital One have done. The four banks targeted have all announced significant changes that will likely reduce their overdraft revenue.

The Consumer Financial Protection Bureau said in a report that by driving customers to roll over their loans repeatedly, rather than availing themselves of a cheaper option, the payday industry may be deceiving borrowers.

The legislation would grant stablecoin issuers a high degree of flexibility, allowing firms to be regulated state by state, as a bank, or as a “limited national limited payment stablecoin issuer” supervised by the Office of the Comptroller of the Currency.

Even as the Biden administration ramped up sanctions against Russia on Wednesday, Treasury Secretary Janet Yellen faced questions from Republican lawmakers who want to go further. Yellen, meanwhile, stressed the value of working together with allies.

Vocal in their opposition to some restrictive state laws in recent years, most institutions are silent on similar laws being pursued today. Why?

The Consumer Financial Protection Bureau argues borrowers in the case had a right to answers even if the inquiries were origination related and foreclosure litigation was pending.

Two Republican lawmakers are calling for the cancellation of U.S. government contracts with Citigroup after the banking giant vowed to cover travel costs for employees seeking abortions

Senate Banking Chairman Sherrod Brown said he and Majority Leader Chuck Schumer are pushing to confirm all four Federal Reserve nominees this week, but doing so will require Republican cooperation.

Louisiana's Transportation Secretary and the former Assistant to the President for Infrastructure discuss the state of play in the U.S. P3 sector, the impact of the new infrastructure law, and what's in store for the next decade.

The core function of the Federal Home Loan Bank System — advances to member institutions — plummeted 20% last year to $350 billion, its lowest level in 15 years. That erosion of purpose is emboldening critics, who say the Home Loan banks need to change or face irrelevance.