Politics

The banking industry, which often questions aggressive moves by the agency, urged the Consumer Financial Protection Bureau to level the regulatory playing field between the financial and technology sectors.

In an unprecedented move, two Democrats on the Federal Deposit Insurance Corp.’s board said they had approved a review of the policy without the consent of Trump-appointed Chair Jelena McWilliams. The agency released a statement saying the action had no legal standing.

Lawmakers approved legislation designed to protect trillions of dollars of assets when the London interbank offered rate expires.

Executives representing leading cryptocurrency firms such as Circle and FTX told Congress that some federal oversight of their industry is worthwhile, but they criticized a recent report by a Biden administration working group recommending that stablecoin issuance be limited to FDIC-insured banks.

Current regulations barring out-of-state banks from siphoning deposits from local communities are effectively toothless, as the experience in Miami has shown.

The economic tremors caused by the COVID-19 crisis led some analysts to argue that it was only a matter of time before some financial institutions collapsed. But thanks to government stimulus, the industry’s ample capital levels and moderate risk exposure, bank closings have become a rarity.

Rohit Chopra, director of the Consumer Financial Protection Bureau, pledged to make it easier for state attorneys general to draw on the Consumer Financial Protection Act in filing lawsuits against corporate wrongdoers.

Bankers say the Biden administration’s call for regulatory greater scrutiny of mergers and acquisitions is causing holdups and could slow dealmaking activity in 2022.

President Biden said he had accepted Saule Omarova’s request that her nomination be withdrawn to be head of the Office of the Comptroller of the Currency. She faced stiff opposition from banks and members of Congress over views that many saw as too extreme for a federal regulator.

The Financial Crimes Enforcement Network proposed standards to determine which companies must report their beneficial owners under a law enacted in January. Banks hope the new requirements will free them of the burden of collecting true-owner information about their customers.

The guessing game is over about President Biden’s pick for Federal Reserve chair, but several names are in the mix for three additional vacancies on the board, including vice chair for supervision.

The city and the nonprofit Operation HOPE will offer $100 to kids from low-income households, with banks playing an assisting role. “Once you own some stock, once you have an account, now you're watching that grow and you’re a participant in the” financial system, said John Hope Bryant, the nonprofit's founder and CEO.

Reps. Rashida Tlaib and Alexandria Ocasio-Cortez called on Treasury Secretary Janet Yellen and Fed Chair Jerome Powell to be more aggressive in using their oversight of the financial system to combat risks associated with a warming planet. Recent recommendations from the Financial Stability Oversight Council do not go far enough, they said.

Some of the biggest names in crypto will head to Capitol Hill next week as lawmakers weigh new rules for the white-hot asset class.

Rohit Chopra, the new director of the Consumer Financial Protection Bureau, announced enhanced monitoring of overdraft programs and said the agency plans to crack down on executives responsible for conduct that violates consumer laws.

Demand for advances from the Home Loan banks has plummeted as the Federal Reserve has flooded the financial system with liquidity. But with a nudge from Congress, these government-sponsored enterprises could remain relevant by broadening their mission and opening membership to more lenders.

The Consumer Financial Protection Bureau’s new director, Rohit Chopra, has settled a lawsuit that said a task force assembled by his Republican predecessor was illegal. Here's what it means for his ability to advance a more pro-consumer agenda.

Banking industry advocates are urging the Senate to follow the House's lead and pass the National Defense Authorization Act with a provision that includes a safe harbor for financial institutions working with cannabis firms.

Higher interchange fees and a giveback of loan-loss provisions helped banks overcome rising expenses and other headwinds in the third quarter, according to the Federal Deposit Insurance Corp.'s Quarterly Banking Profile.

The White House is considering nominating Richard Cordray, who led the Consumer Financial Protection Bureau from 2013 to 2017, as the Federal Reserve's next vice chairman of supervision, according to a report in The Wall Street Journal.