The industry generally likes a National Credit Union Administration plan that would count Treasury funds as secondary capital. But it opposes the exclusion of 30-year investments under the the Emergency Capital Investment Program, which credit unions say are essential to revitalizing Black and Hispanic communities.

Federal and state banking agencies released a joint statement calling on financial institutions to conduct the "due diligence necessary" to select a new reference rate benchmark that is suitable for their risk profile.

Government must adapt supervision to account for fintechs, cryptocurrencies and other innovations. Otherwise it could contribute to a debacle like when it failed to grasp the impact that new financial instruments such as money market funds would have on traditional financial institutions.

After permitting remote appraisals on an interim basis during the pandemic, Fannie Mae and Freddie Mac will accept them outright starting in early 2022, the acting head of the Federal Housing Finance Agency said.

The unnamed firms must shut down because they lack securities registration, according to an order issued by state Attorney General Letitia James. Her office asked three other cryptocurrency-related companies to submit detailed explanations of their business models.

As the expiration of a national eviction moratorium puts economic pressure on low-income households, the Consumer Financial Protection Bureau is said to be considering investigating credit bureaus, debt collectors and large landlords accused of harming renters. But some argue the agency would be overreaching.

Consumers are saving more and borrowing less, making it harder for credit unions to meet a key ratio that the National Credit Union Administration uses to gauge their financial health.

Bill Demchak, whose company plans to allow crypto trading through a mobile app, nonetheless expressed concern that digital currencies pegged to the dollar could affect central banks’ ability to control the money supply.

Tether will pay $41 million to settle allegations it lied in claiming its digital tokens were fully backed by fiat currencies, putting a major compliance headache behind the world’s biggest issuer of stablecoins even as regulatory scrutiny intensifies.

During a House hearing, Democrats advocated for measures that ensure businesses keep accepting paper money, while Republicans argued in favor of chartering more fintechs and promoted stablecoins to extend access to the underbanked.

Charlie Scharf faced tough questions Thursday in the wake of a recent $250 million fine. Analysts did not get the clarity they sought on how much longer the bank will be constrained by a three-year-old consent order with the Fed.

Jane Fraser told analysts the company will spend what’s necessary to satisfy regulators’ concerns about risk management and internal controls. That includes incentives to encourage senior executives to resolve the problems promptly.

Gov. Randal Quarles is no longer vice chair for supervision, and the Federal Reserve Board will make bank regulatory policy only when multiple members reach consensus. Observers expect inaction until the Biden administration fills key leadership posts.

After extending its deadline for request for comment on cryptocurrency by a month, the National Credit Union Administration heard from credit unions and other organizations that want clarity on the boundaries the agency plans to set.

Financial advisors have a variety of objectives in working with their investment-planning clients. But when all is said and done, clients are usually mainly interested in a successful road map to growing and protecting their wealth to and through retirement.

Zixta Q. Martinez has been with the Consumer Financial Protection Bureau since its inception a decade ago and most recently was a senior advisor in the supervision, enforcement and fair-lending division.

The cryptocurrency market is double the size of the subprime debt in the U.S. on the eve of the financial crisis and poses a threat unless urgently regulated, the Bank of England said.

Regulators’ efforts to open the federal banking system to crypto firms and other nonbanks have been hampered by differing legal interpretations and challenges by state regulators. Congressional action updating the 19th-century law could bring much-needed clarity, observers say.

Banks, credit card issuers and debt collectors all supported the Consumer Financial Protection Bureau’s revised regulations. But they face a steep learning curve in complying with the rules, which take effect Nov. 30.

More than two dozen banks have said they can continue working with Texas and its local governments in the wake of new state laws seeking to punish financial institutions that have policies aimed at the gun and fossil fuel industries.