The Department of Justice reached a $9 million settlement Wednesday with Westerly, R.I.-based Washington Trust over race-based lending discrimination and redlining in the state, saying the bank denied lending services to Black and Hispanic neighborhoods from 2016 to 2021.

The Federal Deposit Insurance Corp. Board's Vice Chair Travis Hill urged his fellow regulators Thursday to delay implementing new banking regulations until interest rates stabilize, saying rushed rules amid precarious economic conditions could impact consumer lending.

Federal Reserve Chair Jerome Powell said today's high mortgage rates are dissuading some would-be sellers from putting their homes on the market, further limiting lending opportunities in an environment already constrained by low inventory

Rep. Andy Barr, R-Ky., chairman of the House Financial Services Subcommittee on Financial Institutions and Monetary Policy, continued to say that the Basel III rulemaking might have violated the Administrative Procedures Act

The SEC could crimp effective investor communications, while IOSCO seeks feedback on 12 proposed "good practices" when operating in the leveraged loan and CLO markets.

Change can continue to originate loans through at least early December, after the U.S. Treasury Department agreed to extend a deadline to oppose the order.

A joint letter from the banking and financial trade groups is the latest effort by the industry and its representatives in Washington to push back against the Basel III capital proposals, which would raise capital significantly for the largest banks.

The Federal Deposit Insurance Corp. acknowledges in a new report that it didn't adequately monitor First Republic Bank's uninsured deposits, interest rate risk sensitivity and rapid growth — and as a result left the bank vulnerable to contagion.

The World Bank director and former top Labor Department economist will become the first Fed governor of Hispanic descent and will give the board a full compliment of members since former vice chair Lael Brainard resigned in February.

Philip Jefferson was the Biden administration's pick for the Fed's number two position following the departure of Lael Brainard earlier this year. Two more Fed nominees are expected to get confirmation votes this week.

The FDIC is launching joint ventures to market $33 billion of commercial real estate loans from the failed Signature Bank, prioritizing its statutory obligation to preserve low-income housing availability.

Banks have offered a more tepid critique of regulatory proposals to expand resolution planning and long-term debt for regional banks, suggesting the industry is intent on curbing July's Basel III capital proposal instead.

The Federal Reserve Board governors say they're worried about the added cost of the new requirement for non-systemically important banks as well as the implications for regulatory tailoring.

An industry organization is relieved as the regulators extend an exemption to CLOs, but they remain vigilant for how the new order will ripple through the market.

The lender was accused in a recent lawsuit of failing to meet its obligations to underserved borrowers in lieu of wealthy clients.

Banking and credit union regulators encouraged compassionate treatment of customers in Hawaii communities hit by wildfires. They also vowed to grant expedited approvals of temporary banking facilities, be flexible in compliance matters and provide other support to financial institutions.

The three former Washington Federal Bank for Savings board members were accused of giving the OCC false information in an attempt to hide embezzlement. They could face up to five years in prison for attempting to deceive the OCC.

The special assessment to refill the Deposit Insurance Fund should be based on uninsured deposits after the failures of Silicon Valley Bank and First Republic Bank, House Republicans said.

Much of the industry is slimming down, with some banks calling it quits on riskier sectors and selling loans they no longer want. The trend is particularly prominent at regional banks that are preparing to comply with new capital rules.

A Texas judge dealt the Consumer Financial Protection Bureau a setback that has changed the bureau's calculus for furthering its near-term agenda. But an ambitious Supreme Court could also call all of the bureau's final rules into question.