Trump administration

President Trump and Senate Banking Committee Chair Tim Scott, R-S.C., visited the Federal Reserve Board headquarters Thursday afternoon to inspect ongoing renovations whose cost overruns have heightened scrutiny of Fed chair Jerome Powell.

Complaints to the Consumer Financial Protection Bureau have skyrocketed in the first half of 2025, due in part to an increase in payment scams generated by social media that target peer-to-peer payment platforms such as Zelle, Venmo and other apps.

The Department of Justice has filed a notice that it will appeal a D.C. District Court ruling that reinstated two democratic members of the National Credit Union Administration who had been fired by President Trump earlier this year.

Luke Pettit, a Senate Banking Committee staffer, will serve as the Treasury Department's next assistant secretary of financial institutions.

President Trump and his lieutenants have been bullying Federal Reserve Chair Jerome Powell for months over the Fed's reluctance to lower interest rates. But even if that campaign is successful, the president may not really get what he wants.

Calls for applications for a bank-specific program within the Community Development Financial Institution Fund have been delayed, raising the possibility that those funds are unspent before the appropriated money expires.

The union representing the Consumer Financial Protection Bureau in their suit against mass firings at the agency said the Supreme Court's ruling allowing President Trump to proceed with mass reductions-in-force elsewhere does not impact the union's lawsuit.

Steep trade barriers that were set to go into effect on July 9 have once again been put on pause, giving banks a welcome reprieve, but adding still more pressure and uncertainty on the Federal Reserve and the broader economy.

A district court judge this week has denied allowing four groups — the American Fintech Council, Financial Data and Technology Association, Financial Health Network and Public Citizen — to file legal briefs in support of a rule on financial data rights.

Navy Federal Credit Union will not pay a $15 million fine or $80 million in restitution to service members who were illegally charged surprise overdraft fees when their accounts had sufficient funds.