Trump administration

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.

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.

President Donald Trump issued an executive order Wednesday night disbanding of three bank and credit union advisory groups.