Politics

Some policymakers in the nation’s capital have urged the Federal Reserve banks of Boston and Dallas to consider people of color and women while selecting new presidents. Republicans led by Sen. Pat Toomey of Pennsylvania say the process should be left to the local bank boards.

Even financial institutions that have updated their practices still don’t hit the basic benchmarks of transparency and fairness.

Federal Reserve Vice Chairman for Supervision Randal Quarles will be removed from his role as the main watchdog of Wall Street lenders after his title officially expires this week.

Allowing the Small Business Administration to originate, rather than just guarantee, loans would provide much-needed capital to startups and mom-and-pop shops that many banks, credit unions and other lenders view as risky credits.

A new state law effectively bans the deposit of state public assistance funds into certain accounts that charge the fees. Supporters say it prevents companies from exploiting a loophole in existing prepaid card rules, while firms that will likely be affected say it limits options for underserved consumers.

An Indiana housing nonprofit wants the Fed to take a closer look at the proposed merger. Its latest move is a lawsuit that alleges racial discrimination by the regional bank.

Lawmakers appeared supportive of Alanna McCargo's nomination at a Senate hearing Thursday. If confirmed, the former Urban Institute vice president would fill a role that has been vacant since 2017.

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.