Politics

Six members of the Senate Banking Committee are asking questions about a flurry of lawsuits against credit card customers. The bank denies that it has resumed using robo-signing.

Martin Gruenberg, who on Monday took the reins of the agency for the third time, vowed the Federal Deposit Insurance Corp. would set tougher standards for bank mergers, cryptocurrency-related activities and risk management tied to climate change. It will remain committed to CRA reform and support for minority banks, he said.

CFPB Director Rohit Chopra launched an inquiry into so-called “junk fees,” with bankers and lenders countering that the fees they charge are related to specific types of work performed and that existing laws already prohibit excessive fees.

Fifteen consumer groups said the Federal Deposit Insurance Corp. appears to have “done nothing to curtail the predatory lending that has exploded on its watch.” They urged the agency’s Democratic board members to take action as Chair Jelena McWilliams, a Republican appointee, prepared to step down.

Though Jelena McWilliams is leaving the Federal Deposit Insurance Corp. on Friday, her comment could carry weight among regulators and lawmakers mulling the creation of a legal framework for private digital currencies and a federal insurance fund for them.

The White House's pick for vice chair for supervision, Sarah Bloom Raskin, took the brunt of criticism from Republicans on Thursday. But it seemed to do little to sow doubt among the Senate Banking Committee's moderate Democrats about Raskin or fellow nominees Lisa Cook and Philip Jefferson.

Republicans have knocked Sarah Bloom Raskin as too liberal on climate change and Lisa Cook as underqualified ahead of a Senate Banking Committee hearing Thursday. Meanwhile, a Democratic senator's illness threatens to stall nomination votes in the full chamber.

Treasury Secretary Janet Yellen said it’s too early to contemplate adjusting capital requirements for U.S. banks based on how much risk they face from climate change.

Congress waited too long to address the out-of-control housing market, leading to a crisis in 2008. Now, with home prices soaring and the government-sponsored enterprises' portfolios at record levels, lawmakers are in danger of repeating that mistake.

Democratic Sen. Joe Manchin praised all five of President Biden's nominees for the Federal Reserve, an important signal for their confirmations in the 50-50 Senate.

Three housing finance organizations asked for an interactive process similar to that used previously for originations and said they preferred less reliance on life-of-loan indemnification as a remedy.

Overdraft fees have been a reliable revenue source for decades, but the charges have fallen into disfavor amid regulatory scrutiny and competition from neobanks. Here's a look at the steps various large and midsize banks are taking to reduce or eliminate the fees, as well as their plans for what's next.

In an open letter to Sandra L. Thompson, President Biden’s nominee for director of the Federal Housing Finance Agency, two longtime advocates of the Federal Home Loan banks suggest a new path forward.

The business lobby has been uncharacteristically critical of some key White House picks like Sarah Bloom Raskin for Fed governor, a sign that banking policy is seen as having a more direct economic impact than in the past.

The Federal Reserve, FDIC, OCC and CFPB — increasingly under the leadership of Democratic appointees — are gearing up to regulate cryptocurrency, modernize the Community Reinvestment Act and give consumers more control of their personal data. Here's a look at the policy changes they're mulling.

Rohit Chopra, the director of the Consumer Financial Protection Bureau, described many charges by banks, credit unions and fintechs as "junk fees" and said they often exceed the cost of providing the service. Several trade groups called Chopra's claims "distorted and misleading."

The Texas attorney general’s office is seeking more information on Citigroup’s gun policies as the bank stages a comeback in the state’s municipal-bond market after a GOP law upended its public-finance business there last year.

Pat Toomey, the top Republican on the Senate Banking panel, questioned the backgrounds of President Biden’s Federal Reserve picks amid a brewing conflict over diversity at the central bank and its role in dealing with climate change.

The Consumer Financial Protection Bureau is in the early stages of developing a rule that could give bank customers far more say in how their information is being accessed by fintechs and data aggregators. What the final rule looks like will depend on how much consumers already know about the way their data is collected, stored and sold.

A proposal by the Financial Crimes Enforcement Network would create a pilot program allowing banks to do something they've long wanted: share suspicious activity reports with their own units in other countries. But many banks may take a pass if the agency doesn't ease the compliance requirements, experts say.