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Posted Date: Friday, February 7, 2025
Bipartisan legislation seeking to establish a five-year annual percentage rate cap for credit cards met with strong pushback from organizations representing banks and credit unions. The bill aligns with a campaign promise by President Donald Trump calling for a 10 percent cap on credit card interest rates. Read on »
Posted Date: Tuesday, February 4, 2025
The Consumer Financial Protection Bureau’s statutory funding cap is in the crosshairs of legislation introduced by Sen. Ted Cruz (R-Texas). The “Defund the CFPB Act” would reduce the bureau’s budget allocated by the Federal Reserve to $0, effectively eliminating the agency. Rep. Keith Self introduced companion legislation in the House. Read on »
Posted Date: Friday, January 31, 2025
The Federal Open Market Committee (FOMC) statement, released Jan. 29, explained the Federal Reserve’s decision to maintain the federal funds rate at a target range between 4-1/4 to 4-1/2 percent. The FOMC pointed to indicators concerning the labor market and inflation as the basis for its decision. Read on »
Posted Date: Tuesday, January 28, 2025
The Senate Banking Committee voted 13-11 to advance Scott Turner’s nomination to become the new secretary of the Department of Housing and Urban Development in a party-line vote. Mortgage Bankers Association President and CEO Bob Broeksmit suggested a way the Trump administration could lower housing costs for low- to moderate-income Americans. Read on »
Posted Date: Tuesday, January 21, 2025
Newly inaugurated President Donald Trump made several designations to acting roles at the Federal Deposit Insurance Corp., Securities Exchange Commission and the National Credit Union Administration, among others. Read on »
Posted Date: Friday, January 17, 2025
Legislation introduced by Sen. Cindy Hyde-Smith (R-Miss.) and Rep. Andy Barr (R-Ky.) is intended to renew efforts to encourage the creation of banks serving rural and other underserved communities by easing federal regulatory restrictions for newly established institutions in these areas. Read on »
Posted Date: Tuesday, January 14, 2025
A newly revealed final rule by the U.S. Department of Housing and Urban Development is intended to strengthen and modernize regulations for the HOME Investment Partnership Program, the largest federal grant program specifically for creating housing for disadvantaged households. Read on »
Posted Date: Friday, January 10, 2025
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 »
Posted Date: Tuesday, January 7, 2025
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 »
Posted Date: Friday, January 3, 2025
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 »
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