Politics

Sheila Bair, who served under presidents of different parties, says she is worried about the potential aftermath of the recent partisan power struggle on the board of the Federal Deposit Insurance Corp. She recommends President Biden appoint Republicans or independents to its two open seats to ensure a diversity of ideas.

The White House’s ambition to bring new oversight to the banking industry and reverse Trump-era deregulation was dealt a blow when Sen. Joe Manchin of West Virginia said he would oppose Sarah Bloom Raskin's nomination as the Federal Reserve's vice chair of supervision.

West Virginia’s legislature has approved a proposal that could restrict the state’s work with financial institutions that have limited their business with coal and oil companies. 

The West Virginia Democrat released a statement Monday saying that Sarah Bloom Raskin, President Biden's nominee to serve as the Federal Reserve's top regulator, "failed to satisfactorily address my concerns" and that he would not support her. Manchin's "no" vote puts her confirmation very much in doubt.

Amid concerns that fees for overdrawn accounts lead to financial exclusion, the National Credit Union Administration is focusing its attention on such policies this year.

Under procedural changes recently adopted by the Consumer Financial Protection Bureau, the director could pursue more enforcement actions administratively without federal court approval. Financial firms may have a harder time defending themselves as a result.

Citigroup, the U.S. bank with the largest presence in Russia, will broaden its withdrawal beyond previously announced plans to dispose of consumer operations there.

Russia's invasion has disrupted life at Lithuanian startup Paysera, which has a dozen employees in Ukraine, including Yevhen Matasar, who fled from Kyiv to a nearby town where he still does some programming when he can. "This is a very difficult situation … it's helpful to be able to continue to work," Matasar said.

Deutsche Bank reversed course and is now joining Wall Street banks Goldman Sachs Group and JPMorgan Chase in pulling back from business in Russia following the country’s invasion of Ukraine.

M&T-People's closing date set, U.S. Bank's WNBA deal and more in banking news this week.

The bill, part of the omnibus spending package, would force banks and other critical infrastructure providers to tell the government right away when they’ve been breached.

A supervisory letter detailing their failings in assessing exposure to a collapsed hedge fund suggests that the Federal Reserve believes banks are falling short in basic risk management.

Thousands of staff, billions of dollars and three decades of complicated relationships. Some of the world’s largest banks are starting to pull back from Russia, but it’s not going to be easy.

JPMorgan Chase is actively unwinding its Russia business, joining Goldman Sachs Group in pulling back in response to the country’s invasion of Ukraine last month.

With the Russia-Ukraine conflict intensifying and prices soaring, the bank could be among many to report similar issues in the first quarter.

Sarah Bloom Raskin’s nomination to be Federal Reserve vice chair of supervision has been dealt another blow as key Senate Democrat Joe Manchin suggested President Biden’s other four central bank nominees move forward without her. 

Goldman Sachs Group said it plans to close its operations in Russia, the first major Wall Street bank to leave in response to the nation’s invasion of Ukraine.

The legislation by Sens. Rob Portman and Gary Peters has bankers worried about burdensome reporting requirements.

The Montana Democrat also urged his Senate colleagues to pass the SAFE Banking Act, while Sen. Jerry Moran of Kansas claimed that the Republican boycott of Sarah Bloom Raskin had nothing to do with her views on climate change.

Citigroup, in the midst of overhauling its businesses in Russia when the country went to war, has seen efforts to sell a consumer banking unit there stall and is helping some employees transfer abroad.