A 2019 state law limits annual interest rates on many loans to 36%, but some high-cost lenders have found a way to continue operating in California by partnering with banks. Now Democratic legislators want the Federal Deposit Insurance Corp. to take action.

The Senate voted 80-19 Thursday to confirm Powell to the top spot on the Federal Reserve Board of Governors. He joins Philip Jefferson, who was confirmed by the Senate to serve on the board Wednesday night, and Lisa Cook, who was confirmed Tuesday night.

Lorie Logan manages the Fed’s System Open Market Account and played key roles in the central bank’s crisis responses in 2020 and 2008. She replaces Robert Kaplan, who resigned amid a stock trading scandal last fall.

Consumer Financial Protection Bureau Director Rohit Chopra is pushing the envelope of the bureau's power and jurisdiction in untested ways. More companies are disputing the CFPB’s allegations, refusing to pay large fines or admit wrongdoing, and vowing to defend themselves in court. 

The move from Republican senators mirrors an effort launched in the House, where Citibank also provides credit cards for congressional business. Republicans will be unable to enact such changes unless they take either chamber in upcoming elections.

Bankers object to the Consumer Financial Protection Bureau's request on “exploitative junk fees” that produce billions in income for financial institutions, arguing that banks are compliant with statutes that require fees be disclosed to customers.

The Consumer Financial Protection Bureau director told Congress he will revise some rules as the bureau looks to address late fees.

The Consumer Financial Protection Bureau will conduct supervisory exams of nonbank fintech companies that pose risks to consumers as Director Rohit Chopra seeks to level the regulatory playing field with supervised banks.

The White House says the president will nominate Michael Barr, a Treasury Department veteran and one of the architects of the Dodd-Frank Act, as the central bank's vice chair for supervision.

Suburban pushback against a proposal that would have loosened regulations of new units in New York State led to its removal from the state budget.