Politics

The Rhode Island company unveiled a feature that gives depositors extra time to bring their account balances positive. It also plans to launch an overdraft fee-free account early next year.

Democratic Gov. Gavin Newsom signed legislation that establishes a commission to analyze the possibility of offering federally insured, fee-free bank accounts.

American banks need the kind of clear rules European institutions have enjoyed for several years if they're to become leaders in sharing consumer data with fintechs.

Several chief executive officers of banks and other companies are expected to attend the White House gathering, including Citigroup’s Jane Fraser, Bank of America’s Brian Moynihan and JPMorgan Chase’s Jamie Dimon.

Rep. Patrick McHenry, the top GOP member on the Financial Services Committee, said lawmakers should take the lead in developing a policy framework for stablecoins and other cryptocurrencies. He criticized Securities and Exchange Commission Chair Gary Gensler for suggesting the agency already has authority to act.

Sen. Elizabeth Warren, D-Mass., said questionable financial transactions by senior Federal Reserve officials — two of whom have resigned — cast doubt on Fed Chair Jerome Powell’s ability to steer the central bank as President Biden mulls whether to reappoint him.

The new pilot program is only operating at four of more than 30,000 post offices nationwide. But it's drawing loud criticism from the banking industry and Republican lawmakers, along with strong praise from congressional Democrats.

Online lenders are a fast-growing sector of the financial system that hardly existed when the Consumer Financial Protection Bureau was created. The bureau should hold fintech lenders to the same standards as banks to eliminate a blind spot in supervision.

The levy targets large financial institutions as a source of revenue. Industry groups argued that it discriminates against out-of-state banks, but the Washington Supreme Court disagreed.

Having the U.S. Postal Service offer bank accounts is a bad idea for many reasons, including privacy concerns. The USPS, which has reportedly spied on Americans' social media accounts, cannot be trusted with a window into their finances.

If Congress fails to resolve the partisan stalemate by a crucial Oct. 18 deadline, the consequences for the financial industry may be higher borrowings costs, reduced credit supply and plummeting Treasury bond values.

Rohit Chopra, a liberal consumer watchdog, was approved as the agency’s director nine months after the Biden administration first announced him as the nominee.

Clothilde Hewlett, executive director and chief legal officer of the Cal Alumni Association, would succeed Manny Alvarez, who stepped down in June.

The Federal Reserve chairman told lawmakers that the central bank wouldn't try to block other cryptocurrency providers if it decides to issue a digital dollar. At the same hearing, Treasury Secretary Janet Yellen continued to defend a proposal requiring banks to report customer account information to the IRS.

Criticism from banking and other business groups of Saule Omarova’s candidacy could make it difficult for moderate Democrats to support President Biden's pick to lead the Office of the Comptroller of the Currency.

With Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell testifying, GOP senators expressed opposition to a proposal that would require financial institutions to report account data to the IRS. Lawmakers also weighed in on Powell’s job security.

The proposal calls for a 20-year mortgage with Ginnie Mae and Treasury participation, but critics suggest that other measures would be more effective in bridging the gap in home equity.

Federal Reserve Bank of Dallas President Robert Kaplan cited his desire “to eliminate any distractions” at the central bank just hours after his Boston Fed counterpart, Eric Rosengren, said he will leave earlier than planned because of a health issue. They had engaged in stock transactions that drew criticism in light of their knowledge about the Fed's pandemic response.

Eric Rosengren, the Federal Reserve Bank of Boston's president for 14 years, has been on a waiting list for an organ transplant since last year, the bank said in an email.

The financial sector had been outraged over a Senate proposal requiring data submissions for accounts with at least $600 of inflows and outflows. House leaders are aiming to raise that threshold to broaden support, but industry groups say they still oppose the idea.