Trump administration

In a forum Tuesday, Senate Democrats railed against President Trump and Elon Musk's efforts to shutter the Consumer Financial Protection Bureau as anti-consumer and illegal.

The Justice Department said in a legal brief that the Consumer Financial Protection Bureau will continue to exist, but said instead that the agency will have fewer employees and a reduced budget under the Trump administration.

The third-largest Canadian bank by assets is preparing itself and clients for the Trump administration's proposed 25% tariffs on Canada and Mexico.

Consumer Financial Protection Bureau employees — most of whom are on administrative leave — were asked in an email to list what they accomplished last week. National Treasury Employees Union Chapter 335 said workers should list all the tasks they were told not to perform.

The agency's attempt to impose its oversight on asset managers who passively invest in banks is duplicative of efforts by the Federal Reserve. It will result in higher costs for banks and lower returns for investors.

President Trump's deregulatory promises have drawn praise from bank leaders, but leave experts worried of the potential for slipshod enforcement going forward.

The Office of the Comptroller of the Currency is the latest federal banking agency to let go of probationary employees.

The New York megabank facilitates much of the U.S. government's payment network domestically and internationally, making it a major federal contractor and vulnerable to the Trump administration's scrutiny.

President Donald Trump's concerted effort to bring the entirety of the executive branch under his direct control defies tradition, and in some cases, likely the law. Banks have thus far voiced little objection, but they should know how critical the rule of law is to their bottom line.

The Commerce secretary begins a Wall Street dynasty with his rapper and trader sons, Kyle and Brandon.