Politics

Los Angeles-based Dave got sued Tuesday by the Federal Trade Commission. Its stock price briefly plunged before soaring in the wake of Donald Trump's election.

President Trump initiated changes at the Consumer Financial Protection Bureau in his first term, and the industry's frustration with the bureau has grown since he left office. But how far a second Trump administration can or will go depends on factors outside the president's control.

Experts anticipate that Trump's victory and expected shifts in regulatory leadership will delay finalizing Biden-era capital rules for large banks, with new officials likely favoring a less stringent Basel III framework and softer capital requirements.

An index of bank stocks rose 8.5% early Wednesday after Donald Trump won his bid to return to the White House.

Former President Donald Trump rode waves of voter discontent over inflation to win key swing states that he lost in 2020 and reach the necessary 270 votes. He told supporters Wednesday morning that he's been given "an unprecedented and powerful mandate."

California's 47th Congressional district, which is being vacated by Rep. Katie Porter, D-Calif., after her unsuccessful bid for California's senate seat, is being sought by law professor and Democrat David Min, who has been an outspoken progressive on banking issues. Running against him is Republican Scott Baugh, who ran unsuccessfully against Porter in 2022.

The impact of both presidential candidates' fiscal promises around taxation and spending could have dramatic effects on the Federal Reserve's outlook for monetary policy, which has become more aggressive toward rooting out inflation.

American Banker is live-blogging the U.S. election, providing quick updates on races that matter for bankers on Election Day.

Banks have favored the low-regulation vision of former President Donald Trump in the 2024 election, but his victory could imperil institutions and norms that banks rely on. Vice President Kamala Harris is more likely to preserve the status quo — including the Biden regulatory agenda.

Consumer groups and banks are pushing for increased regulation on credit unions, aligning on concerns over tax exemptions, consumer protection standards, and the rising trend of credit union acquisitions of community banks.