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
The Trump administration moved swiftly to deliver its deregulatory agenda to the mortgage industry in the president’s first 100 days. Some of those many changes could lead to lower housing costs, following President Trump’s day one executive order to address the constrained housing market. Other rollbacks of Biden-era initiatives and politically motivated actions however will
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
The separation of banking and commerce is becoming untenable. As the user experience becomes more digital, the distinction washes out. It all starts to look like data processing, writes Max Bonici, of Davis Wright Tremaine.Adobe Stock There is a pervasive myth that banking and commerce are — and must be — separate in the United
Even before President Trump unveiled his sweeping new tariffs, many Americans were struggling to afford car purchases, putting their loans in growing danger of default. Now hefty tariffs threaten to inflict further pain on U.S. car buyers, which could have negative consequences for auto lenders. “There are nearly unlimited permutations of the knock-on effects,” UBS
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
The North Carolina House of Representatives this week passed a measure that would allow credit unions to expand into markets underserved by banks./nd700 – stock.adobe.com Credit unions in North Carolina are campaigning to change state law so they can increase services in so-called “banking deserts” — often rural markets where traditional financial services are sparse.