Politics

House Financial Services Committee ranking member Maxine Waters, D-Calif., led a group of Democrats in challenging Treasury Secretary Scott Bessent over the current state of the Community Development Financial Institutions Fund.

The Consumer Financial Protection Bureau is laying off more than 1,400 employees just days after a panel of judges said the bureau couldn't fire employees without an assessment of whether the workers are unnecessary to perform the bureau's legally mandated duties.

The Federal Housing Administration has accelerated the timeline and will make the wait time for repeat home retention requests longer than originally planned.

Omeed Malik, who runs a merchant bank and a hedge fund, is a Republican donor and works with Republican-linked businessmen including Donald Trump Jr.

A Department of Government Efficiency team is working with FDIC leadership to "increase efficiency," which could include cuts to contracts and streamlining staff. FDIC says DOGE staffers have "appropriate clearances."

In a speech at the American Bankers Association Washington Summit Wednesday morning, Treasury Secretary Scott Bessent downplayed economic risks from tariffs, floated capital reforms and urged regulatory relief for community banks.

Senate Banking Committee Chairman Tim Scott said Jonathan McKernan's final confirmation vote to lead the Consumer Financial Protection Bureau is "imminent."

Federal Reserve officials want to see how exactly new trade policies impact the U.S. economy before adjusting interest rates. Markets and monetarists have different ideas about what that might look like.

JPMorgan Chase's CEO emphasized his concerns about geopolitical conflict and brought up recent culture shifts at the bank in his annual letter to shareholders.

The central bank wants to let Trump's policies play out across the economy before deciding which way to move interest rates, and it's too soon to know what the impacts will be, the Federal Reserve chair said.