Politics

The Consumer Financial Protection Bureau has asked the high court to overrule a lower-court decision that threatens its funding structure. The justices didn't accept the case on Tuesday, but experts say it could still make the cut in the coming week.

A core issue in the upcoming fight over late fees involves what data is being collected on card issuers' costs and losses associated with late payments.

The Federal Reserve Chair urged Congress to raise the debt ceiling, warning the impacts of not doing so could go beyond the central bank's ability to mitigate.

The current president, Esther George, is set to leave office on Jan. 31. The reserve bank's search committee has no deadline for finding a full-time successor.

Repo markets and the bank deposit business, in particular, would be upended if the U.S. were to default on its debt, experts say.

Speaking at an event hosted by the Council on Foreign Relations, Federal Reserve Gov. Christopher Waller said the Federal Reserve has a long runway for its balance sheet reduction.

In a speech delivered Thursday afternoon, the Federal Reserve's vice chair said she does not see a wage-price spiral driving inflation, but rather a "price-price spiral."

The measure enacted on Dec. 30, 2022 applies retroactively and could add servicing risks that lending divisions will likely consider in underwriting and pricing on new loans originated in the state.

In remarks delivered at a central banking symposium, Federal Reserve Chair Jerome Powell called for changes to money market funds and the Treasury market.

Esther George, the president of the Federal Reserve Bank of Kansas City, is retiring later this month. What's taking the bank so long to find a successor?

Rohit Chopra, director of the Consumer Financial Protection Bureau, said the bank is "not making rapid progress" and hinted at the possibility of additional restrictions. But analysts saw positives for Wells in the $3.7 billion consent order.

Many experts think the Consumer Financial Protection Bureau's funding through the Federal Reserve could be the fatal flaw in the Dodd-Frank Act that created the agency, but differentiating the CFPB's structure from others may be tricky.

The Federal Reserve raised its benchmark interest rate by half a percent this week, but chair Jerome Powell said the question now is how long to keep monetary policy tight.

Federal Reserve Vice Chair for Supervision Michael Barr said his "holistic" review of capital standards is still underway, but noted the benefits of stronger requirements in a speech Thursday.

Federal Reserve Chair Jerome Powell said that interest rates could climb less quickly as early as December, but warned that cutting rates "is not something we want to do soon."

The Consumer Financial Protection Bureau is challenging a recent appeals court decision that its funding through the Federal Reserve Board violates the separation of powers doctrine. That ruling "threatens to inflict immense legal and practical harms" on financial regulation, the CFPB says.

The Federal Reserve notched two badly needed wins last week, as inflation showed signs of easing and the financial system withstood the collapse of one of the world's biggest crypto firms. Here's what that means for the central bank moving forward.

A ballot initiative that places additional restrictions on debt collectors and decreases the interest rates that can be charged on medical debt passed Tuesday by an overwhelming margin. Consumer advocates say it will ease the burden on households dealing with hardship, but industry groups contend that it will make credit more expensive.

The CFPB's recent guidance on so-called "unfair" bank fees has created legal turmoil for banks and financial firms after the White House claimed the bureau's actions were settled law.

The Federal Reserve's semiannual financial stability report said the threat of continued high prices and the Fed's response to them are top threats for banks and other market participants.