Trump

The Consumer Financial Protection Bureau plans to transfer its entire enforcement and legal divisions to the Department of Justice and is likely to staff in those units, according to sources briefed by agency leadership.

House Financial Services Committee Chair French Hill, R-Ark., said he wants to consider a range of ideas on how to improve deposit insurance and other issues facing community banks beyond a Senate bill raising insurance for business accounts.

Travis Hill's nomination to lead the Federal Deposit Insurance Corp. was recommended favorably by the Senate Banking Committee to the full Senate Wednesday morning in a 13-11 party-line vote.

President Trump has nominated Stuart Levenbach, associate director of the Office of Management and Budget, to be the director of the Consumer Financial Protection Bureau. His selection allows acting CFPB Director Russell Vought to remain in place for at least another 210 days.

The Department of Justice told a court that the Consumer Financial Protection Bureau cannot legally request funding from the Federal Reserve System, arguing that the Fed has not turned a profit since 2022 and thus cannot fund the CFPB.

The Boston-based custody bank has acquired PriceStats, a private economic researcher. The move comes at a time when federal data agencies are weathering budget cuts, political attacks and a government shutdown.

The megabank is cooperating with a government request for information related to how it decides which customers to bank. It is the second large U.S. bank — along with Bank of America — to disclose such a probe.

Sen. John Kennedy, R-La., asked acting Federal Deposit Insurance Corp. Chair Travis Hill, who has been tapped to lead the agency permanently by President Trump, for a report within 30 days about progress made in the agency's sexual harassment scandal, saying his vote is contingent on that report.

The New York-based bank, which works with many Democratic campaigns, faces investor concerns that it might be targeted by the Trump administration. CEO Priscilla Sims Brown says the bank's "strong profitability" is its best shield from political threats.

A cohort of more than 100 Republican members of Congress sent a letter to Treasury Secretary Scott Bessent urging the administration to protect and fund a community lending program that has been gutted despite its legal mandate and Bessent's backing.