Politics

Treasury Secretary Scott Bessent on Wednesday defended cuts to the Community Development Financial Institution Fund in the president's 2027 budget, telling the Senate Appropriations Committee that the program had pursued a "partisan wish list."

The Consumer Financial Protection Bureau has finalized changes to Regulation B, which implements the Equal Credit Opportunity Act, to eliminate any liability for indirect discrimination by lenders. The change represents a major shift in how the agency polices lending discrimination.

As capital requirements on U.S. banks are relaxed, and regulatory oversight is pulled back, bankers remain ultimately responsible for managing the risk on their books. This will require drawing clear, internal lines of accountability.

Economists and policy analysts say a prolonged disruption in the Strait of Hormuz — and uncertainty about the duration of the conflict — could drive up inflation and further weaken consumer sentiment, which could weigh on bank earnings.

Federal Reserve Gov. Christopher Waller said certain corporate functions at the 12 regional banks, including information technology and human resources, could be consolidated under one structure to increase standardization and reduce costs.

Kevin Warsh, President Donald Trump's pick to lead the Federal Reserve, denied that he would act as Trump's "sock puppet" if he's confirmed and said the president has directed him to lower interest rates.

As the Senate Banking Committee is slated to consider the nomination of former Federal Reserve Gov. Kevin Warsh to lead the central bank, an ongoing investigation by the Justice Department into Fed chair Jerome Powell makes the nomination's passage out of committee uncertain.

Involuntary medical debt continues to impair the credit of an untold number of otherwise creditworthy Americans. Federal courts have left the door open for Congress to amend the Fair Credit Reporting Act in a way that would address the problem.

Iran is charging tolls to cross the Strait of Hormuz, and demanding payment in crypto, which helps it both raise money and evade U.S. sanctions.

Banks are pushing back on the Consumer Financial Protection Bureau's draft of a five-year strategic plan, which includes a notable pullback from supervising nonbanks.

The president's nominee for Fed chair should get a hearing, and there will be a lot of questions. What he isn't getting, at least right now, is a vote.

The former Fed governor's upcoming confirmation hearing will test whether he can satisfy both a president demanding lower rates and a Congress demanding independence.

Federal Reserve Gov. Christopher Waller said Friday that the length of time the Strait of Hormuz remains blocked will be a key factor in the longer-term inflation outlook — and, by extension, the Federal Reserve's monetary policy path.

Questions about the single-report option and whether VantageScore should be introduced before FICO 10T arose during a hearing on broader legislative proposals.

The U.S. is preparing to turn its conflict with Iran into the kind of economic war that Iran has been waging since the start.

Federal Reserve Gov. Stephen Miran Thursday said that the Iran war and tariffs will not have long-term impacts on inflation, but did say he is reconsidering his rate cut outlook for the year.

Office of Management and Budget Director Russell Vought told the House Budget Committee Wednesday that the Community Development Financial Institutions Fund is still a target for elimination by the administration because it promotes "woke" ideology.

President Donald Trump said he would fire Federal Reserve Chair Jerome Powell if he does not resign after his term as head of the central bank ends in May. Trump made a similar threat against Fed Gov. Lisa Cook before attempting to fire her last August.

Senate Banking Committee ranking member Elizabeth Warren, D-Mass., is pushing the Federal Reserve for records related to Fed chair-designate Kevin Warsh's actions as a member of the Fed board during the 2008 financial crisis.

A federal judge refused to sign a settlement agreement between the Department of Justice and Houston developer Colony Ridge because it failed to provide any consumer relief. DOJ agreed to an out-of-court settlement instead.