Politics

The Senate Banking Committee and House Oversight Committee will hold hearings next week on banks dropping customers, an issue that has gained currency from crypto enthusiasts in recent months.

Bankers applauded the news, which means that it's possible for crypto-custody efforts at depository institutions to scale.

The subcommittee to be chaired by Sen. Katie Britt, R.- Ala. will oversee servicing and HUD at a time when Republicans are resurfacing legislative proposals they now have more power to advance.

The Supreme Court nullified one of two nationwide injunctions on the Corporate Transparency Act, a law requiring corporations to disclose their beneficial owners. A separate injunction in another circuit remains in effect, however. 

Experts say the Trump administration is waiting for Scott Bessent to be confirmed as treasury secretary and for other appointees to clear the Senate before naming acting heads at federal banking agencies.

Greg Baer, head of the Bank Policy Institute, echoed the president's assertion that unchecked supervisors are urging banks to drop risky clients .

A document circulated by the House Ways and Means Committee makes a number of suggestions for cutting federal spending, including revoking the federal tax exemption for credit unions and eliminating the Federal Deposit Insurance Corp.'s orderly liquidation authority.

A Government Accountability Office report Thursday said emergency actions taken by federal regulators in the wake of Silicon Valley Bank's failure were justified and appear to have stemmed further disruption, but noted those actions could contribute to moral hazard.

Scott Turner, President Trump's pick to head the U.S. Department of Housing and Urban Development, faced opposition from Democrats on the Senate Banking Committee, but his nomination was nonetheless approved by a vote of 13-11.

The president has signed dozens of executive orders touching a wide range of government functions, but banking policy has largely gone untouched — so far.