House Democrats seek to bar tech firms from operating like banks


Lawmakers circulated a bill just ahead of hearings on Facebook’s Libra cryptocurrency that would prohibit companies with over $25 billion in annual revenue from launching a digital financial asset.


Fed working group proposes SOFR-based mortgage by 2021


The Alternative Reference Rates Committee promotes the adoption of a new Secured Overnight Financing Rate index rate to replace Libor in pricing hybrid adjustable-rate mortgages within the next two years. The change would be the first application of SOFR to a consumer-loan product.


SCOTUS ruling means less deference for bank regulators in court


A recent high court decision said judges no longer have to automatically give agencies the benefit of the doubt when interpreting their regulations.


Two Fed nominees likely to support Trump push for easier rate policy


Christopher Waller is a conventional choice drawn from within the Fed’s own ranks. Judy Shelton has spent decades outside mainstream economics. But both are expected to echo the president’s call for lowering interest rates.


Senators: Decision to halt FHA lending to DACA recipients is unacceptable


A group of Senate Democrats have called on HUD Secretary Ben Carson to reverse his agency’s opinion that borrowers in the Deferred Action for Childhood Arrivals program are ineligible for FHA loans.


Trump forms White House council to ease barriers to affordable housing


The president signed an executive order Tuesday establishing a White House council dedicated to examining regulatory barriers to affordable housing.


House passes pot banking amendment to spending bill


The House passed a spending bill amendment aimed at providing further clarity to banks looking to provide services to cannabis businesses.


Senate Banking panel sets hearing on Facebook's Libra


Senators will examine the social media giant’s plan to offer a digital currency. House Financial Services Committee leaders have already criticized the idea.


Dear Congress: Leave accounting standards to FASB


Lawmakers recently introduced legislation to delay implementation of a new accounting standard for current expected loan losses. But policymakers should seek to preserve the accounting body’s independence.


Fed essential to ensuring equal access in real-time payments


Public-sector development of a speedier settlement service, to operate alongside the one being developed by The Clearing House, is crucial for seeing that institutions of all sizes are able to take advantage of this technology.