Politics

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.

The Senate Banking Committee is considering hearings as early as December on the nominations of Federal Reserve Chair Jerome Powell for a second term as leader of the nation’s central bank and the elevation of Fed Gov. Lael Brainard to become vice chair.

Some Senate Democrats are mulling a revised proposal that would require banks and credit unions to report account data tied only to business, not personal, income. Despite the change and attempts to minimize compliance costs, industry officials remain opposed.

The Federal Deposit Insurance Corp. might need to borrow money from the Treasury Department to manage the orderly liquidation of a systemically important bank. But if Treasury can’t legally issue more debt, that money may not be available.

With nearly $20 billion of exposure in the world’s second-largest economy, JPMorgan Chase has a lot riding on maintaining cordial relations with a government that’s sensitive about anything that might be construed as questioning its legitimacy.

The Office of the Comptroller of the Currency reaffirmed national banks' ability to offer cryptocurrency services — with the caveat that its permission is necessary. Meanwhile, it joined other regulators in previewing additional crypto-related guidance.

JPMorgan Chase Chief Executive Jamie Dimon quipped that his bank is likely to outlast China’s Communist Party, while reiterating his company’s commitment to doing business in the country.

Despite naming key leaders of the Federal Reserve this week, including renominating Chair Jerome Powell, the Biden administration delayed its pick for vice chair of supervision. Moving a nominee for the post later through the divided Senate could prove difficult, analysts said.

President Biden's announcement that he is reappointing Jerome Powell as chair of the Federal Reserve suggests that not much will change regarding supervision, capital requirements and approval of merger applications. But the still-open position for vice chair of supervision could go to a more progressive nominee.

The president has selected Jerome Powell to serve a second four-year term as Federal Reserve chair and chosen Gov. Lael Brainard as the next vice chair.

After Democrats failed last year to rally support for a federal 36% limit, House and Senate proponents are trying to capitalize on the momentum from state rate caps that recently passed on a bipartisan basis.

U.S. legislation designed to protect trillions of dollars of assets from chaos when global regulators phase out the interest-rate benchmark Libor is being held up in the House, over a dispute involving tax-related language, according to lawmakers and congressional aides.

Two progressive Democratic senators said they oppose the renomination of Federal Reserve Chair Jerome Powell to a second term, joining Elizabeth Warren in urging President Biden to choose someone else.

The National Credit Union Administration backed off measures that would have let credit unions sign up members in areas where they have ATMs and online services, but no branches. The move was seen as a partial victory for banks, though the matter could ultimately be decided by Congress.