Election 2024
The Federal Reserve's struggle in bringing inflation down from its current level to its 2% target may come down to how the government measures shelter costs in the U.S., leading some experts to question whether the problem is in the economy or in how it is measured.
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The failures of Silicon Valley Bank, Signature Bank and First Republic shook the banking system and sparked renewed debate among regulators and lawmakers about deposit insurance, bank capital and liquidity rules and resolvability. One year later, some of those policy debates have fallen by the wayside while others have been amplified.
Senate Banking Committee Chairman Sherrod Brown faces a tough 2024 campaign to recapture his Ohio senate seat in a state that's increasingly Red. Can the same state that elected conservative populist firebrand J.D. Vance also re-elect Sherrod Brown? And what do the political undercurrents apparent in Ohio mean for banks?
A pair of rulings upended the deference afforded to agency interpretations of the law and extended the statute of limitations to bring regulatory challenges. But experts say the impact on banking regulation will likely be limited.
The excision of the Chevron doctrine from administrative law is the crest of a wave of litigative enthusiasm that has been building in the banking industry for years. But defanging the administrative state could also establish binding legal precedents that can cut both ways.
Federal Reserve Chair Jerome Powell brushed away concerns that a second Trump presidency could imperil the central bank's independence.
Old Glory Bank, which has ties to conservative political figures and touts itself as "pro-America," needs to raise more capital to meet its regulator's requirements. "Failure is not an option. We're going to figure this out," the bank's president and CEO said.
The Federal Deposit Insurance Corp.'s framework for resolving a large bank failure is inadequate and leaves the door open to future taxpayer-subsidized bailouts.
Sen. Sherrod Brown, D-Ohio, chairman of the Senate Banking Committee, told Synapse's partner banks, fintech companies and investors to pool together resources to immediately restore customer's access to deposits frozen in lengthy bankruptcy proceedings.
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Banking experts are divided on how regulators will reshape the capital overhaul and if reported revisions being floated by regulators will meet the banking industry's demands.
June 30
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The Treasury Department's Financial Crimes Enforcement Network issued a proposal mandating banks enhance their anti-money-laundering and counterterrorism financing programs, including measures to address fentanyl trafficking and Russian money laundering.
June 28 -
Banks and financial institutions face a barrage of lawsuits from consumers alleging they failed to investigate inaccurate information on a credit report. Industry blames the uptick in litigation on social media sites and the proliferation of credit repair companies.
June 26 -
The Federal Reserve attributes the uptick in simulated losses in this year's stress test examination to heightened risks on bank balance sheets and higher expense levels. Credit cards and corporate lending were top areas of concern for the central bank.
June 26 -
Customers caught up in the Synapse bankruptcy are met with deafening silence from Washington as they discover their savings — or what is left of them — are held in accounts that fall between the cracks of the bank regulatory apparatus.
June 24
As the 2024 election approaches, the banking sector is paying close attention to who controls the White House, both houses of Congress, and important state offices. American Banker's exclusive research and articles explain what's at stake in this election for banks and the financial services industry.
What bankers think about the election
American Banker conducted a survey of industry professionals about their attitudes toward the election.