Though the Federal Reserve's stress test scenarios were announced ahead of the string of bank failures this spring, the results will be a significant peek into the health of the banking system.

Republican members of the House Financial Services Committee blasted Consumer Financial Protection Bureau Director Rohit Chopra as an 'extortionist' and labeled his efforts to rein in discrimination as 'McCarthyism' during a four-hour hearing Wednesday.

This week in global news: Stripe joins the MACH Alliance, GoCardless downsizes, CBA battles crypto crooks and more.

Bank regulators rolled out two joint proposals this month as part of a broader push to address discrimination in home valuations. Advocates see promise, but appraisers fear the changes could artificially inflate valuations.

Sen. JD Vance, R-Ohio, lambasted the Federal Reserve for increasing the dominance of "too big to fail" banks and failing to rein in systemic risk. He asked whether the Office of the Comptroller of the Currency is a better regulator than the Fed.

Just as the United States is getting good news in its war against inflation, the picture is very different across the pond. Some of that is bad luck, but there are lessons on what not to do as well.

House Financial Services Committee Chair Patrick McHenry, R-N.C., said that two new bills would make the Financial Crimes Enforcement Network more accountable to the public as it moves toward implementing its beneficial ownership reporting requirement rule.

The credit card company says it could raise interest rates, charge new fees and implement penalty-based pricing if late fees get capped at $8. But its ability to maneuver is constrained by a 14-year-old federal law.

Consumer Financial Protection Bureau Director Rohit Chopra warned that "powerful firms" must not dominate the new open banking landscape.

Federal Deposit Insurance Corp. Vice Chair Travis Hill said Silicon Valley Bank's failure raises concerns over the resolution process, and said regulators should work harder to find a buyer for distressed banks in the future. 

The Simplicity credit card from Citigroup has had staying power, suggesting that a card without late fees can be profitable. Its success shows how the U.S. card market might look different under a controversial CFPB proposal to slash those charges.

Economic analysis from the real estate advisory CBRE finds that community banks are particularly imperiled by their exposure to commercial real estate loans. Others see looming risks in indirect lending.

House Financial Services Committee Chair Patrick McHenry, R-N.C., has posted a discussion draft of stablecoin legislation that includes some concessions to committee Democrats.

Years of consolidation have damaged competition in the banking sector. Regulators should be more, not less, restrictive about approving mergers.

Acting Comptroller of the Currency Michael Hsu said customers' trust in banking relationships is critical to the financial system as the agency seeks comment on what a survey of trust and banking should look like.

Consumer Financial Protection Bureau Director Rohit Chopra faces tough questions next week testifying before the Senate Banking Committee and House Financial Services Committee.

The public will have an additional 32 days to contribute to the Consumer Financial Protection Bureau's inquiry into the market for collecting and selling consumer data.

Led by House Financial Services Committee Chair Patrick McHenry, R-N.C., Republican lawmakers asked the Financial Crimes Enforcement Network to develop a plan to make sure small businesses can come into compliance with its new beneficial ownership rule.

Federal bank regulators issued proposed guidelines for banks and other mortgage lenders to craft policies around reconsideration of value requests. The move is the latest aimed at rooting out bias in home appraisals.

The FDIC gave Cadence Bank in Mississippi the highest possible rating on its most recent Community Reinvestment Act evaluation. Cadence was the product of a 2021 merger completed just months after the acquired bank settled a federal lending discrimination case.