GOP lawmakers, Trump admin promise ‘golden age’ of crypto
Sen. Tim Scott, R-S.C., the chairman of the Senate Banking Committee, said they would try to pass crypto and stablecoin bills in the first 100 days of the Trump administration.
Treasury brings in 2 members from Musk’s DOGE team
Tom Krause, the chief executive of Cloud Software Group, and Marko Elez, an engineer who has worked for SpaceX and social-media platform X, have offices in the Treasury Department, according to sources.
California financial watchdogs hit Patelco with $100,000 fine
The credit union suffered a ransomware attack in June 2024 that affected nearly all of its banking systems.
Sanders, Hawley draft bill to cap credit card interest at 10%
The senators introduced legislation that would limit the interest rate card issuers are able to charge holders for the next five years.
General Motors’ GM Financial resubmits ILC application
The finance arm of the Detroit automaker has resubmitted its application for an industrial loan company charter to the Federal Deposit Insurance Corp. after withdrawing its prior application last year.
Banks clean up balance sheets, see stronger 2025
Small lenders beset by the fallout from high interest rates took losses in the fourth quarter when they unloaded underperforming securities and loans. But they are reinvesting the proceeds into higher-yielding assets.
Wells Fargo freed from a pair of 13-year-old consent orders
The Federal Reserve Board lifted two enforcement actions against the megabank dating back to 2011. But the Fed’s seven-year-old asset cap remains in effect.
Trump policy ‘chaos’ could imperil dollar as reserve currency
The president’s rough-and-tumble trade negotiations have throttled financial markets, causing investors to flock to the safety of dollars and Treasuries. But some economists say this style of policymaking could have hurt the U.S.’s safe haven status in the long run.
Coinbase urges U.S. to lift barriers for crypto bank services
A letter from three law firms retained by Coinbase argued that existing federal laws and regulations already authorize banks to provide cryptocurrency services and to engage with third-party service providers like Coinbase.
House tees up resolution to nullify CFPB’s overdraft cap
The House Financial Services Committee released a draft resolution under the Congressional Review Act to cancel the Consumer Financial Protections Bureau’s rule limiting bank overdrafts to $5 in most cases.