Inside the Beltway

The Senate Banking Committee will have a new leadership makeup in the next Congress. Sen. Tim Scott (R-S.C.) will move from the ranking member role to the chairmanship, and Sen. Elizabeth Warren (D-Mass.) will become the new committee’s new ranking member. Read on »

Senate Banking Committee Ranking Member Tim Scott (R-S.C.) released the committee’s legislative and oversight priorities for the 119th Congress, listing increasing access to credit, promoting innovation, and holding the Biden administration accountable among its top objectives. Read on »

Sens. Sherrod Brown (D-Ohio) and Jack Reed (D-R.I.) reiterated their recommendations that federal banking regulators take action to protect Americans against the growing risks posed by the private credit market in a letter to Federal Reserve Chair Jerome Powell and Vice Chair of Supervision Michael Barr. Read on »

The Senate voted 85-11 to extend current government funding levels to avoid a government shutdown and to implement a one-year extension to the 2018 Farm Bill, which includes a $10 billion farm aid package in the year-end continuing resolution. Read on »

The National Credit Union Administration issued a warning to credit unions about overdraft and non-sufficient funds fee practices that may violate consumer protection laws. The agency described practices that create reputational, compliance, and legal risks for institutions and potential unavailable harm for consumers. Read on »

The Securities and Exchange Commission obtained a record $8.2 billion in financial remedies for fiscal year (FY) 2024 despite issuing fewer enforcement actions than the previous year, according to the agency’s annual report detailing the results of its enforcement activity. Read on »

For the third time this year, the federal bank regulatory agencies announced a notice requesting comment on their statutorily required efforts to reduce regulatory burdens on the financial services system. The latest notice was focused on gathering comments about three categories of regulations: rules of procedure, safety and soundness, and securities. Read on »

Twenty House Republicans called for the Federal Deposit Insurance Corp. (FDIC) to withdraw its proposed rule to expand the definition of brokered deposits in a letter to FDIC Chair Martin Gruenberg. They claimed that expanding the rule would result in capturing many deposits that do not pose major liquidity or other risks. Read on »

The Farmer Assistance and Revenue Mitigation Act, legislation intended to provide targeted relief to farmers struggling from the impact of circumstances beyond their control, has received expressed support from the community banking sector. The bill includes language intended to support farmers who have suffered economic losses due to adverse weather conditions and low commodity prices. Read on »

Rumblings that Congress may be considering excluding language banning the use of “trigger leads” by creditors in the National Defense Authorization Act (NDAA) is causing some concern among industry advocates. The Community Home Lenders of America released a statement urging policymakers to address trigger leads in the NDAA. Read on »