Politics

Five organizations representing large banks sent a letter to Federal Reserve Chair Jerome Powell requesting a long and thorough public review process for rule changes that are expected to be rolled out this summer.

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.

Banks say more transparency is needed in the annual scenario testing regime to make capital planning more predictable. But amid a flurry of regulatory reforms, the expectation is that capital requirements are only going up from here.

Rising interest rates are putting pressure on multifamily housing borrowers — especially investors who were looking for a quick return.

The payment supplement partial claim the Federal Housing Administration proposed could be effective but not as is, according to the Mortgage Bankers Association and two other groups.

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.

The watchdog claims that during internal testing, the company illegally processed $2.3 billion in mortgage payments.

A report from the Treasury Department's Federal Insurance Office urges state regulators to spruce up their toolkits for monitoring and mitigating the impact of climate change on homeowners insurance.

The heads of the Federal Reserve and Federal Deposit Insurance Corp. say upcoming capital proposals won't be implemented for years, but banks tend to move fast to get ahead of upcoming changes.

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.