Politics

A trio of high-profile lawsuits issued at the tail end of the Biden administration indicate that the agency cares more about pursuing a political agenda than it does about helping American consumers.

The Federal Reserve chair said banks are well situated to handle risks related to crypto customers, but added that regulatory scrutiny of banks' direct engagement with the assets will be greater than for simple custody arrangements.

M&A, economic growth and artificial intelligence are among the leading issues banks will encounter this year, economists said.

The nation's central bank held interest rates steady in its first decision of the year.

The Office of Management and Budget issued a sweeping directive Monday to overhaul the federal government to align with the Trump administration's priorities.

The Federal Reserve's monetary policy group is expected to hold rates steady, but the chairman will face a litany of questions about the year ahead and on the inflationary impact of implications of the Trump administration's early policy moves.

The National Treasury Employees Union told employees not to respond to the mass email asking federal workers to resign. The chief of staff at the Consumer Financial Protection Bureau said it is reviewing the directive.

John Asbury, who is CEO of Atlantic Union Bankshares, said credit unions that compete head-to-head with for-profit banks should lose their tax-exempt status. He also called for bank regulation based on complexity rather than size.

The FEMA-operated program has over 4.7 million policies in force, and lawmakers have kept it intact via dozens of short-term extensions since 2017.

The chair of the Senate Banking Committee said the Trump administration will soon address the future of the Consumer Financial Protection Bureau director. "I think we're going to be happy with the answer they give us and the person they give us as well," the Republican from South Carolina said.