Federal Reserve Governor Michelle Bowman has reportedly been tapped to serve as the central bank’s vice-chair of supervision. President Donald Trump plans to nominate Bowman to that regulation-focused post, according to unnamed White House officials cited in reports by the Financial Times (FT) and New...
Federal Reserve Governor Michelle Bowman is reportedly the front-runner to become the next vice chair for bank supervision. Bowman, who was appointed to her current role by President Donald Trump in 2018, is a top candidate for the bank supervision seat, The Wall Street Journal...
Senate Banking Committee Chairman Tim Scott, R-S.C., has introduced a bill that would stop federal banking agencies from using reputational risk as a measure to determine regulated financial institutions’ safety and soundness. Scott was joined on the bill by all other Republicans on the Senate Banking...
Treasury Secretary Scott Bessent reportedly said Thursday (March 6) that his department will work to see that financial regulators focus on material financial risks. Speaking at The Economic Club of New York, Bessent also addressed media reports that the Trump administration is considering consolidating the...
Wednesday’s (March 5) actions in Congress against two Consumer Financial Protection Bureau (CFPB) rules — one governing digital payments providers, the other focused on bank overdraft fees — open up a new front against the embattled agency. But the joint resolutions of disapproval, part of...
The Bank of England is weighing an increase to its retail deposits leverage ratio threshold. Such a move, the central bank’s Prudential Regulation Authority (PRA) said Wednesday (March 5), would exempt smaller banks from the rules governing the U.K.’s banking giants. “Guarding against excessive leverage in our banking system...
The Federal Deposit Insurance Corp. (FDIC), like other regulatory agencies, is rapidly being reshaped. The very structure of the agency may be drastically altered. A continuing rollback of rules and enforcement actions will have repercussions for banks and FinTechs alike. The ultimate impacts of the...
Evolve Bank & Trust said Tuesday (March 4) that it is set to return some funds to end users impacted by the Synapse bankruptcy but does not yet have the information it needs to return additional funds. The bank is working with Ankura to analyze...
The FDIC wants to roll back a policy that had increased oversight into large bank mergers. The proposal unveiled by the Federal Deposit Insurance Corp. (FDIC) Monday (March 3) would rescind the group’s 2024 Statement of Policy on Bank Merger Transactions, replacing it — for...
