WASHINGTON — A group representing state legislatures is criticizing the Senate stablecoin bill championed by congressional Republicans, arguing that a provision added to the bill after it passed through the Senate Banking Committee will undermine the rights of states to determine which financial institutions operate there. The National Conference of State Legislatures urged leading lawmakers
The Consumer Financial Protection Bureau has asked a federal court to vacate its own open banking rule because it believes the rule exceeds the bureau’s authority and is arbitrary and capricious in its scope. In a motion for summary judgment filed Friday evening in the U.S. District Court for the Eastern District of Kentucky, the
The Consumer Financial Protection Bureau signaled that its embattled consumer financial data rights rule may soon be nullified, according to a legal filing submitted just before Memorial Day weekend. In a filing Friday in the Eastern District of Kentucky, CFPB Chief Legal Officer Mark Paoletta said the bureau leadership aims to table the rule after
A federal judge granted the Financial Technology Association the right to intervene in the Consumer Financial Protection Bureau’s open banking rule, allowing the fintech industry to defend a rule on consumer financial data rights that the Trump administration refused to uphold. On Wednesday, U.S. District Court Judge Danny Reeves said the FTA has a substantial
The Consumer Financial Protection Bureau is expected to amend, or rescind and reissue, the rule on consumer financial data rights, potentially throwing out years of work under the Biden administration on a regulation that banks have long opposed, experts say. How the Trump administration will change the open banking rule is still unknown, but there
WASHINGTON — The White House’s proposed budget pitches eliminating Community Development Financial Institution Fund’s discretionary awards. In President Donald Trump’s proposed budget, the White House said that past awards have “made race a determinant of access to loan programs to ‘advance racial equity,’ funded products and services that built so-called climate resiliency,’ and framed American
House Financial Services Committee ranking member Maxine Waters, D-Calif., left, and chair French Hill, R-Ark. Bloomberg News The House Financial Services Committee passed a budget bill Wednesday that eliminates the Public Company Accounting Oversight Board and caps the Consumer Financial Protection Bureau’s budget at roughly $249 million, a drastic reduction from its recent budgets. Committee
A cohort of Democratic Senate Banking Committee members Thursday demanded answers from the nation’s deposit insurer regarding an ongoing Department of Government Efficiency-led effort to cut over a thousand agency staffers. In the letter to acting Federal Deposit Insurance Corp. Chair Travis Hill, Senators Elizabeth Warren, D-Mass.; Raphael Warnock, D-Ga.; Chris Van Hollen, D-Md.; and
From left: Securities and Exchange Commission Chair-designate Paul Atkins; Comptroller of the Currency-designate Jonathan Gould; Assistant Secretary of Treasury-designate Luke Pettit; and Marcus Molinaro, Federal Transit administrator-designate. Bloomberg News WASHINGTON — The Senate Banking Committee voted to advance the nominations of key bank regulatory roles to the full Senate. The panel approved the nomination of
Rep. Maxine Waters, D-Calif., left, and House Financial Services Committee Chair French Hill, R-Ark. Bloomberg News WASHINGTON — House Republicans couldn’t quickly pass their stablecoin bill out of committee as Democratic lawmakers exhaustively introduced amendments to address fears that President Donald Trump’s cryptocurrency ambitions pose a significant conflict of interest. No votes had been taken