Senate Banking Committee

Senate rescue plan aims to calm depositors, debt holders


While analysts agree banks are in better shape than in 2008, lawmakers are dusting off a crisis-era tool used by the Federal Deposit Insurance Corp. to soothe potential liquidity fears during the coronavirus pandemic.


Coronavirus stimulus package: What do banks need to know?


Details of the $2 trillion deal were still fluid Wednesday, but lawmakers were closing in on a plan that would aim to put banks and consumers alike on stronger financial footing as they weather the coronavirus pandemic.


Sen. Brown proposes digital account for unbanked households


The legislation sponsored by Sen. Sherrod Brown, an Ohio Democrat, would require banks to offer the accounts so that consumers could easily access cornonavirus relief funds without turning to high-cost check cashers.


Dems' bid to pause negative credit reporting gets pushback from industry


Congressional Democrats want forceful action to prevent damage to millions of Americans' credit scores during the COVID-19 pandemic. But the credit bureaus argue that the tools needed to protect consumers are already in place.


Trump administration to halt foreclosures as pandemic worsens


The temporary foreclosure moratorium on loans backed by HUD, Fannie Mae and Freddie Mac comes after lawmakers and housing advocates had pushed for steps to avoid consumers getting booted from their homes.


Democratic senators quiz CFPB on its auto lending policies


Sens. Sherrod Brown and Elizabeth Warren criticized Director Kathy Kraninger for not issuing any public enforcement actions against auto lenders during her tenure.


Virus focus further dashes banks’ hopes of pot banking, AML reform


Financial institutions’ legislative agenda was already a low priority in Congress. Lawmakers’ efforts to stabilize the economy have shifted attention even farther away from bills that would benefit the industry.


Senator urges banks to stop stock buybacks during coronavirus outbreak


Sen. Sherrod Brown of Ohio, the top Democrat on the Banking Committee, said financial institutions "need to be investing in their communities right now, not investing in their CEOs’ stock portfolios.”


Democrats urge regulators to offer lenders more coronavirus guidance


Sen. Mark Warner led a group of Democratic senators in calling on bank, credit union and GSE regulators to give detailed instructions on helping consumer and commercial borrowers hurt by the COVID-19 outbreak.


Lawmakers say banks need guidance on virus-related workarounds


U.S. lawmakers are pushing regulators to provide room for banks to work out loans with businesses and consumers who may be affected by the coronavirus.