Trump administration

Thirty members of the Senate Banking and House Financial Services committees signed a letter petitioning the administration to name a new vice chair for supervision — and quickly.

The union representing Consumer Financial Protection Bureau employees said in a court filing that the Trump administration's actions to reduce the agency's workforce and cut spending violate the law.

Under grilling from Senate Democrats, Consumer Financial Protection Bureau Director-designate Jonathan McKernan agreed to continue the statutory mandates of the bureau, but refused to comment on Elon Musk, stop-work orders, or litigation that has been dropped against financial firms.

"We have made certain adjustments to reflect developments in the law in the U.S.," Chief Executive Officer David Solomon said.

President Donald Trump's 25% tariffs on Canada and Mexico are on track to go into place on Tuesday and he plans to impose an additional 10% tax on Chinese imports, moves that would deepen his fight with the nation's largest trading partners.

Banks' latest annual reports, filed in the early weeks of the second Trump administration, provide a window into how the industry is adjusting to a new political climate.

Federal agencies have a little more than two weeks to devise plans for achieving significant staff reductions and cost savings.

The Independent Community Bankers of America issued a statement supporting agency independence and called for "careful study" before the administration pursues merging bank regulatory agencies.

House Financial Services Committee ranking member Maxine Waters, D-Calif., asked trade groups representing large banks to detail how their members' compliance regimes have changed since the Consumer Financial Protection Bureau was effectively shuttered.

Rising populist sentiment in the Republican Party means that banks will have to work harder to get the same kinds of wins they did in 2017.