Politics

In a surprise move, the Consumer Financial Protection Bureau said that it will not enforce or supervise lenders for the final payday lending rule. The bureau also plans to  narrow the scope of the rule.

The Federal Reserve governor said it is healthy to examine the regulatory architecture, but stressed the importance of the central bank having insight into the banking system.

A group of states are pursuing similar efforts to cap credit card interchange fees, endangering rewards programs that customers value and raising concerns about an illegal interstate compact.

The Treasury Department told the OMB that all 11 programs in the CDFI Fund are statutorily mandated. The White House said "no final decisions have been made" about the programs.

The Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency say they will move to rescind a 2023 reform to the Community Reinvestment Act, citing litigation concerns about the rule.

The SEC had sued the cryptocurrency exchange for allegedly operating as an unregistered securities exchange, broker, dealer and clearing agency. The case was dropped with prejudice.

The acting chairman of the agency had laid out an ambitious agenda for revamping regulations and encouraging innovation, but there are dangers in trying to do too much, too soon.

The challenge comes on the heels of decisions from judges in Maryland and California ruling in favor of laid off probationary employees.

Democratic lawmakers signed an amicus brief with the D.C. District Court supporting a preliminary injunction to stop mass firings by the Trump administration at the Consumer Financial Protection Bureau.

A new Office of External Relations and Strategic Partnerships will continue the work of helping banks develop affordable credit for consumers lacking a credit score using untraditional methods of determining creditworthiness, the agency's acting head said.

The Senate Banking Committee considered the nomination of Paul Atkins to lead the Securities and Exchange Commission, whose track record on deregulation in the lead up to the 2008 financial crisis was questioned by Democratic lawmakers. Lawmakers also considered the nomination of Jonathan Gould to lead the Office of the Comptroller of the Currency and Luke Pettit for a key bank regulatory role at Treasury.

The veto aligns with President Trump's executive order on AI, which focuses on innovation and leadership rather than consumer protection.

The Senate voted 52-48 to overturn the Consumer Financial Protection Bureau's rule that would cap overdraft fees at many banks at $5.

The Senate Banking Committee will consider the nominations of Jonathan Gould to lead to Office of the Comptroller of the Currency, Paul Atkins to lead the Securities and Exchange Commission and Luke Pettit as Assistant Secretary of the Treasury Thursday morning.

In a paper, former central bank researchers make the case that the Federal Reserve could better support the Treasury market from disruptions in the cash-futures basis trade by hedging its asset purchases.

The Consumer Financial Protection Bureau asked a federal judge to vacate and set aside a settlement against a Chicago mortgage lender, accusing the CFPB of misconduct in a case brought under former Director Kathy Kraninger, a Trump appointee.

The North Carolina House of Representatives this week passed a measure that would allow credit unions to expand into geographic areas with few, if any, bank branches. Banks say such a change could open the door for credit unions to expand far beyond their limited missions.

The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency took a measured approach to developing the international capital standards, according to a Government Accountability Office report.

Rep. Andy Barr, R-Ky., who chairs the House Financial Services Subcommittee on Financial Institutions, called the CFPB under the Biden administration and former Director Rohit Chopra an "Orwellian predator."

The Treasury will phase out the use of paper checks for most government payments in about six months. The Trump administration says the move will improve efficiency and reduce the cost of payment processing.