Politics

Senate Democrats insist the GOP's boycott of President Biden's picks for the Federal Reserve is interfering with the central bank's handling of an economic crisis. But GOP lawmakers say the Fed is functioning fine and their concerns about nominee Sarah Bloom Raskin are material.

Lawmakers on the House Financial Services Committee clashed over the stalled nominations of Federal Reserve Chairman Jerome Powell and four others Wednesday. It was a prelude to the fireworks that could occur Thursday when Powell is scheduled to testify before the Senate Banking Committee.

Lawmakers in New Mexico recently approved a stringent rate limit, and similar efforts are underway in Rhode Island and Michigan. The state-level actions are among the "numerous headwinds" facing high-cost lenders, one analyst said.

CFPB Director Rohit Chopra said the bureau is concerned that the spike in car prices, due partly to the global chip shortage, could create incentives for servicers to illegally seize vehicles for their resale value.

Its modifications aim to help two government-sponsored mortgage investors manage risk and rebuild capital while retaining enough flexibility to fulfill their affordable housing missions, said the Federal Housing Finance Agency’s acting director, Sandra Thompson.

In a Senate Banking Committee hearing on the economy, Republicans reiterated their demand for more transparency from Sarah Bloom Raskin, President Biden's pick to serve as vice chairman for supervision at the Federal Reserve.

A crucial centrist vote among Democrats, the Montana lawmaker and Senate Banking Committee member predicts the full chamber will support Raskin's nomination for vice chair for supervision of the Federal Reserve Board if she advances out of committee on Tuesday.

Danny Yen, owner of Real Estate Educational Services, received a permanent ban on conducting future related training and agreed to testify in any legal proceedings against originators he assisted.

Democrats cited the increasing share of home purchases by Wall Street firms while Republicans pointed to rising conforming loan limits and other measures by Fannie Mae and Freddie Mac during the Senate Banking, Housing and Urban Affairs committee hearing.

Six members of the Senate Banking Committee are asking questions about a flurry of lawsuits against credit card customers. The bank denies that it has resumed using robo-signing.