Politics

Hill, who has been serving as acting chair since January, has steered the agency toward deregulation and away from Biden-era priorities, with strong backing from big banks.

The Consumer Financial Protection Bureau's union is appealing an appellate panel's ruling that allows acting CFPB Director Russell Vought to fire 90% of the bureau's staff.

Legal experts say the outcome of Slaughter v. Trump, which considers Trump's termination of a Federal Trade Commission member, could have profound implications for Federal Reserve Governor Lisa Cook's litigation, which in turn could determine the future autonomy of the central bank.

Adrienne Harris, head of the New York Department of Financial Services, will step down after four years in the job. She will be replaced by Kaitlin Asrow as acting superintendent beginning on Oct. 18.

Washington Federal Bank and Planet Home Lending are both off the hook for the remainder of their consent orders, which the bureau quietly terminated.

A bipartisan bill offered Monday by Senate Banking Committee member Katie Britt, R-Ala., and Andy Kim, D-N.J., would force the Securities and Exchange Commission to update a 25-year-old threshold that holds small financial firms to higher regulatory standards.

Senate Banking Committee ranking member Elizabeth Warren, D-Mass., led a group of congressional Democrats in a letter to bank regulators telling them that loosening capital rules wouldn't improve the Treasury market's functioning.

The CDFI Fund is updating definitions of eligible activity to be considered for the funds, including removing climate-focused financing and references to race and ethnicity.

In its recently passed bill, Congress prohibited stablecoin issuers from offering interest, but left the door open to "rewards" from exchanges. That provision could drive adoption of stablecoins and compete for deposits, but experts say the technology would have a long way to go.

The embattled regulator has dropped more than half its Biden-era docket, including cases against Apple and U.S. Bank. But insiders at the bureau say that's just the beginning.

We don't need to reinvent banking to support cannabis. But we do need a clear, federally coordinated compliance framework tailored to the sector. That means establishing uniform standards.

The Consumer Financial Protection Bureau received pointed pushback from banks in their public comments on a proposed rule that would slash the number of nonbanks being supervised in four key markets.

There's no designated lender of last resort for nonbank stablecoin issuers in either the recently-passed stablecoin bill or the crypto market structure bill being considered, which experts say could mean bailouts down the road.

Excluded from the stablecoin revolution by law, banks deserve the opportunity to participate in the evolution of digital finance. Regulatory clarity on the treatment of tokenized deposits is an essential first step.

The Supreme Court will hear a case in December that could overturn a longstanding precedent bolstering regulatory independence. Should the court strike down that precedent, it could have major implications for the independence of the Federal Reserve.

Federal Reserve Governor Stephan Miran floated the idea of conducting monetary policy with an eye toward the neutral rate and suggested that the president's immigration and fiscal policies will exert downward pressure on inflation.

The agency's announcement that it will consider debanking as part of Community Reinvestment Act examinations is the latest in a series of mystifying pivots by federal banking regulators.

Federal Reserve Bank of St. Louis President Alberto G. Musalem would not directly say whether central bank independence is under threat, instead highlighting that the topic has received more attention.

Prior to this week's Federal Open Market Committee meeting, many onlookers thought a Trump-aligned and oppositional voting bloc could emerge, complicating the central bank's message. But the quarterly economic projections show that not to be the case.