Powell: Fed made ‘mistakes’ in regulation and supervision on his watch
The Federal Reserve chair said he holds himself accountable for ensuring proper regulatory and supervisory changes are enacted in response to recent bank failures.
Politics and policy
Bills seek to roll back recent change to mortgage pricing
The legislative proposals backed by Republican members of congress seek to undo the latest cross-subsidized adjustments to loan fees that two large government-related mortgage investors charge.
Banks, experts call for accountability above all else in Fed’s SVB report
On Friday, Federal Reserve Vice Chair for Supervision Michael Barr will share findings from his review of the supervision of Silicon Valley Bank before its failure last month.
Fed’s Barr to release Silicon Valley Bank report Friday
Federal Reserve Vice Chair for Supervision Michael Barr had promised to share findings from his review of the Fed's oversight efforts for the failed bank by May 1.
House Speaker McCarthy proposes debt ceiling plan on Wall Street
The proposal marks a concession for Republicans, but it's designed more to start negotiations with the White House rather than pass the Democratic-controlled Senate.
Chopra calls for “automatic triggers” to curb excessive bank risk
In wide-ranging remarks on the recent banking crisis, the head of the Consumer Financial Protection Bureau said other regulators aren't using enough of their powers to supervise banks.
Appetite to claw back compensation for failed bank executives grows
Executive compensation legislation could be one of the few areas of bipartisan agreement in Congress in the wake of the Silicon Valley Bank and Signature Bank failures.
CFPB issues policy statement redefining what constitutes ‘abusive’
The Consumer Financial Protection Bureau issued a broad policy statement on what constitutes an "abusive" act or practice. Industry has long sought to narrow the definition.
Fed accountability bill reemerges in the aftermath of bank failures
More congressional scrutiny is being directed at the San Francisco Federal Reserve bank and its role in supervising Silicon Valley Bank.
Biden calls for tougher bank rules, but omits calls for legislation
The rules President Joe Biden calls for include minimizing the financial burden that replenishing the Deposit Insurance Fund would impose on community banks.
Former FDIC Chair McWilliams warns against unlimited deposit insurance
Jelena McWilliams, who chaired the agency during the Trump administration, said removing the cap on insured deposits would impact the banking sector in three key ways.
Bank borrowing from Fed facilities stabilizes
The use of the Federal Reserve's emergency lending facilities was largely unchanged this week, indicating to some that the recent liquidity crisis isn't getting any worse.
Yellen says U.S. prepared for additional deposit actions if needed
Treasury Secretary Janet Yellen repeated her comment from a day earlier that the government's recent actions were "taken to ensure that Americans' deposits are safe." She sought to clarify it with a new line: "Certainly, we would be prepared to take additional actions if warranted."
Second Circuit rules that CFPB’s funding is constitutional
A federal appeals court ruled in favor of the Consumer Financial Protection Bureau, setting up a court split ahead of a highly anticipated Supreme Court hearing in October. The Fifth Circuit previously ruled that the agency's funding mechanism violates the Constitution's separation of powers doctrine.
Regulators opened can of worms with Silicon Valley-Signature rescues
The incentive structures for both banks and large, sophisticated depositors have changed because of federal regulators' decision to guarantee the uninsured deposits of Silicon Valley Bank and Signature Bank.
FHFA delays debt-to-income pricing change for mortgages
The new fees based on the DTI, which lenders have said is too likely to vary throughout the origination process for a single loan, will now go into effect in August.
The Fed has a lot of options for adjusting midtier bank regulation
After the failure of two banks between $100 billion and $250 billion of assets, many are asking regulators to change their oversight practices for these banks. The Fed has a wide berth to make a wide array of changes.
After big bank failure, renewed questions about Home Loan Bank System
A $13.5 billion advance to Silicon Valley Bank months before its collapse is another sign that the Home Loan banks encourage risk-taking that can burden the Federal Deposit Insurance Corp. or even the system itself, critics say.
Powell says Fed does not give CFPB a ‘blank check’ for budget
During his second day of congressional testimony this week, the Federal Reserve chair faced several questions about the Consumer Financial Protection Bureau's embattled funding mechanism.
The post-Dodd Frank Republicans won’t be as kind to banks
For some political strategists, rising economic populism in the Republican party could mean that more financial services firms could face more political risk.
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