Senate Banking Committee

Powell, Mnuchin urge more congressional action to deliver pandemic aid


Capping a series of appearances on Capitol Hill this week, the Federal Reserve chair and Treasury secretary emphasized that they don’t have the authority to reallocate CARES Act funds to assist small businesses on their own.


Election 2020: What GOP holding Senate would mean for financial services


Legislation favorable to the industry would be unlikely to pass in a divided Congress, but the biggest benefit for banks and credit unions of Republicans retaining control of the chamber would be defending against the disruption of a Democratic blue wave.


As Fed helps businesses, Democrats ask: What about consumers?


The Senate Banking Committee met Wednesday to review central bank lending facilities such as the Main Street Lending Program, which provides bank-issued loans to middle-market firms. But some lawmakers on the panel said the focus of pandemic relief has been misplaced.


Banking super PAC moves closer to announcing Senate endorsements


Friends of Traditional Banking is focusing on four GOP senators in tight races as it prepares to endorse two incumbents for the November elections.


Sens. Warren, Schatz press Wells Fargo on forbearance practices


Democrats Elizabeth Warren of Massachusetts and Brian Schatz of Hawaii have sent a letter to CEO Charlie Scharf demanding a response to news reports that the bank has been placing borrowers into forbearance plans without their consent.


CFPB’s Kraninger faces Democratic firing squad over payday rule


Members of the Senate Banking Committee took the agency’s leader to task for eliminating underwriting requirements for small-dollar lenders, which lawmakers said has left consumers more vulnerable during the pandemic.


Senate confirms Wade as FHA commissioner


The housing agency's prior permanent chief, Brian Montgomery, left the position after he was tapped to become deputy HUD secretary.


Banks smell victory on key anti-laundering measure


After the House passed a defense spending bill that included the provision ahead of negotiations with the Senate, industry representatives are optimistic Congress will finally shift the burden of reporting true-owner information from banks to their business clients.


House passes AML reforms in defense spending bill


The National Defense Authorization Act, approved in a vote late Tuesday, includes measures to require companies to disclose their true owners at the point of incorporation and to improve information-sharing between banks and the government.


Fed board nominees move one step closer to Senate approval


Judy Shelton, President Trump’s contentious pick for an open seat, cleared a key hurdle by winning the approval of a majority on the Senate Banking Committee.