Bessent emerges as contender to succeed Powell as Fed chair
The Treasury secretary is being touted to lead the central bank after President Donald Trump said he would name Jerome Powell’s successor “very soon.” Powell’s term as Fed chair ends in May 2026.
When it comes to CAMELS, ‘M’ should stand for ‘modernization’
The HUMPS Act, pending in Congress, would take necessary steps to begin putting some guardrails around regulators’ assessment of the quality of banks’ “management.”
Fed likely to hold steady after muted tariff impact in CPI
The government measure of inflation for May ticked up modestly, adding to the signals that the Federal Reserve is unlikely to move on interest rates when it meets next month.
CFPB lawsuit hinges on Trump’s ‘faithful’ execution of laws
The Trump administration’s plan to fire 90% of the staff at the Consumer Financial Protection Bureau has raised constitutional questions about whether courts can decide whether a president is taking “care that the Laws be faithfully executed.”
Jamie Dimon bemoans ‘grossly unfair’ Wells Fargo asset cap
The JPMorgan Chase CEO also sounded off on regulatory requirements, expressing optimism that capital rules will be scaled back.
Former FDIC chair fears deregulation could spur new crisis
Shelia Bair, who chaired the Federal Deposit Insurance Corp. from 2006 to 2011, said that while post-crisis reforms may have overregulated banks, the current deregulatory swing could undermine important protections and lead to another banking crisis.
Senate curtails path for swipe fee bill addition to stablecoin legislation
Sen. John Thune, R-S.D., filed for cloture and filled the amendment tree on the stablecoin bill, effectively closing the path for the credit card legislation offered by Sens. Dick Durbin, D-Ill., and Roger Marshall, R-Kan., that would address credit card swipe fees.
CFPB’s top enforcement official, Cara Petersen, resigns
Cara Petersen, the Consumer Financial Protection Bureau’s top enforcement official, said the Trump administration has “no intention to enforce the law in any meaningful way.”
Wells Fargo: End of asset cap is not a “light-switch moment”
Regulators’ decision to lift a seven-year-old cap on the size of the megabank’s balance sheet will produce benefits over the long haul, but it won’t result in any sudden gains, according to CFO Michael Santomassimo.
What Societe Generale’s stablecoin means for banks
The French institution is one of the first to take advantage of new regulations that are supportive of crypto. Payment experts say banks have work to do to beat existing stablecoins.