Claire Williams

The special assessment to refill the Deposit Insurance Fund should be based on uninsured deposits after the failures of Silicon Valley Bank and First Republic Bank, House Republicans said.

Voters so far are lukewarm on the president's efforts to change the narrative around his handling of the economy, but the administration's bid to win the economic messaging war could cause Washington to come down more harshly on banks.

Sen. Elizabeth Warren, D-Mass., in a letter to the Consumer Financial Protection Bureau, challenged the idea that credit card late fees serve as a deterrent to delinquency, instead saying issuers told her office that some of them earn tens of millions of dollars collecting late fees.

Philip Jefferson, a current Federal Reserve Board member, is President Biden's nominee to be vice chairman of the central bank. At a Senate hearing, he gave measured responses to questions about the potential for heightened regulation of midsize banks.

House Republicans will likely need to gain support from Democrats to get the debt limit deal through a critical vote in the House Wednesday evening.

Democratic and Republican lawmakers alike pilloried former Silicon Valley Bank CEO Greg Becker over his compensation package.

First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. San Francisco-based First Republic was undone by low-rate mortgages it made to its wealthy customers as well as by the fallout from last month's banking crisis.

The Federal Deposit Insurance Corp. said in a report released Friday that Signature's rapid, unrestrained growth and inadequate risk management practices outpaced supervisors' ratings and responses, even though the issues were known to the agency.

The proposal marks a concession for Republicans, but it's designed more to start negotiations with the White House rather than pass the Democratic-controlled Senate.

Executive compensation legislation could be one of the few areas of bipartisan agreement in Congress in the wake of the Silicon Valley Bank and Signature Bank failures.