
Neil Haggerty
ReporterNeil Haggerty is the Congress reporter for American Banker. He previously was a financial regulation reporter at MLex Market Insight.
Neil Haggerty is the Congress reporter for American Banker. He previously was a financial regulation reporter at MLex Market Insight.
A Senate hearing highlighted the two parties' starkly different views of digital assets, with Democrats warning of price manipulation and Republicans saying the government should just get out of the way.
Banks weren't involved in the trading frenzy, but some observers say the regulatory response should address risks to all financial institutions.
If Republicans keep their majority, the incoming administration will likely have to pick moderates over progressives to have any chance of getting its nominees approved.
The uncertainty could lead to market volatility, delayed stimulus negotiations and complicate planning for a potentially new regulatory environment.
A second-term Trump administration would likely continue its deregulatory efforts, focus on Fannie Mae and Freddie Mac's exit from conservatorship, and seek to facilitate fintech participation in the banking system.
Democrats Elizabeth Warren of Massachusetts and Brian Schatz of Hawaii have sent a letter to CEO Charlie Scharf demanding a response to news reports that the bank has been placing borrowers into forbearance plans without their consent.
The Democrats’ presumptive presidential nominee called for a public credit reporting agency and for the Postal Service to offer financial services, among other proposals issued through a unity task force with Bernie Sanders. But analysts suggest the recommendations are more about electoral politics than pushing for real reforms.
Evidence suggests some minority-owned businesses can’t access loans, and the Trump administration is under pressure to report borrower demographics. The issue is gaining attention against the backdrop of protests over the George Floyd killing.
The Massachusetts senator asked Richard Fairbank in a letter why the bank didn’t detect the breach for nearly four months and how it plans to prevent future cyber intrusions.
The panel has had 13 public meetings since the Massachusetts senator’s last appearance, in May.