Politics

Germany has emerged as the main roadblock to broaden European Union sanctions against Russia by targeting the country’s biggest bank and its energy sector. 

A Biden administration cryptocurrency executive order strikes the right balance between encouraging responsible innovation and addressing potential risks to consumers and the broader financial system, Treasury Secretary Janet Yellen said in a statement posted to the Treasury Department’s website Tuesday night.

The president is set to sign an executive order Wednesday directing federal financial regulators to address risks associated with digital assets and explore the establishment of a digital currency.

Visa and Mastercard are set to cut interchange rates for some transactions, but merchants argue that they will still pay more overall and want Congress to put a stop to the card networks' plan.

The business of influencing cryptocurrency policy in Washington exploded last year and has more than quadrupled in the past four years, according to a new study.

Rep. Patrick McHenry, R-N.C., said at an American Bankers Association summit that if Republicans win majority control of the House in the upcoming congressional elections, they would “unleash the free market” by pursuing innovation-friendly policies.

The Biden administration's decision to bar oil and gas imports from Russia could increase domestic production and energy lending yet impede overall growth and demand for credit.

As Visa and Mastercard move swiftly to limit their business in Russia, their nascent rivals face a challenge to fill the gap.

U.S. payment giants like Visa, Mastercard, American Express and PayPal — along with smaller companies like Paysera in Lithuania — have blocked transactions or pulled out of Russia and Belarus in response to the invasion of Ukraine.

President Biden is set to sign an executive order this week that will outline the U.S. government’s strategy for cryptocurrencies, according to several people familiar with the administration’s plans.

Sberbank said it’s looking at the possibility of issuing cards using the Russian payments system Mir and China’s UnionPay after Visa and Mastercard suspended operations following the invasion of Ukraine. 

U.S. credit unions that serve Ukrainian immigrants are coordinating efforts to provide aid in Ukraine while bracing for cyberattacks at home.

A portion of Goldman Sachs Group’s Russia staff is relocating out of the country as firms react to a global effort to shut off the Russian economy after the invasion of Ukraine.

The companies' moves came a day after Visa and Mastercard said they were halting business in Russia because of its attack on Ukraine.

The White House is rejecting Republican demands to split up its nominees to the Federal Reserve, with President Biden’s spokeswoman telling GOP lawmakers to show up and vote no on Sarah Bloom Raskin rather than further stalling consideration.

Russia reverberations, a rebranding, a resignation and more in banking news this week.

Senate Democrats insist the GOP's boycott of President Biden's picks for the Federal Reserve is interfering with the central bank's handling of an economic crisis. But GOP lawmakers say the Fed is functioning fine and their concerns about nominee Sarah Bloom Raskin are material.

Treasury Secretary Janet Yellen outlined steps the department is taking to mitigate climate risk, including a report on the regulatory gaps in the insurance industry.

Lawmakers on the House Financial Services Committee clashed over the stalled nominations of Federal Reserve Chairman Jerome Powell and four others Wednesday. It was a prelude to the fireworks that could occur Thursday when Powell is scheduled to testify before the Senate Banking Committee.

Mastercard said it got about 4% of its net revenues last year from business linked to Russia, as Western nations level sanctions against the country for its invasion of Ukraine.