Politics

Ex-National Credit Union Administration board member Todd Harper outlined legal, economic and political dangers of recent firings of independent regulators.

In a recent executive order, President Trump tried to wipe out a legal concept used to root out discrimination. But banks, worried about what will happen the next time a Democrat is in the White House, may be reluctant to change their policies.

A new survey conducted by IntraFi found that nearly three-quarters of bank executives say a recession is here or imminent, and tariffs now rank among their top three economic concerns.

A budget bill passed by the House Financial Services Committee would eliminate the Public Company Accounting Oversight Board and cap the Consumer Financial Protection Bureau's budget at roughly $249 million.

The Federal Reserve's preferred inflation reading fell in March, but the positive reading came before new trade policies hit the economy.

Inflation-adjusted gross domestic product decreased an annualized 0.3% in the first quarter, well below average growth of about 3% in the prior two years, according to the government's initial estimate.

The administration's major moves include weakening the Consumer Financial Protection Bureau and rolling back numerous Biden-era regulations.

At a House subcommittee hearing, Republicans proposed "tailoring" regulations for community banks while Democrats railed against Trump's tariffs and cuts to the Consumer Financial Protection Bureau.

Senate Banking Committee ranking member Elizabeth Warren, D-Mass., and House Financial Services Committee ranking member Maxine Waters, D-Calif., urged the National Credit Union Administration's Inspector general to look into President Trump's removal of two board members.

Rapid deregulation, tariffs and a campaign to dismantle the Consumer Financial Protection Bureau have defined the early days of President Donald Trump's second term for bankers.