Law and regulation

Senate Majority Leader Chuck Schumer, D-N.Y., tapped executive compensation and cannabis banking bills as bipartisan priorities that could see movement in the Senate in the "weeks and months ahead."

Rep. Andy Barr, R-Ky., will propose legislation on Friday that would curtail the Federal Reserve's ability to slow down the bank merger process by mandating that the central bank must approve or deny applications within 90 days of receiving them.

The original lawsuit was one of several filed in 2014 in a coordinated effort among federal and state regulators aimed at fraudsters trying to cheat distressed mortgage borrowers.

Republican lawmakers spelled out concerns that the Financial Stability Oversight Council's ability to designate nonbank financial companies as systemically important could circumvent the lawmaking process when it comes to cryptocurrency.

The American Bankers Association requested that President Joe Biden tell Treasury Secretary Janet Yellen to study the impact of more robust bank regulation.

The resolution to nullify the CFPB's small-business data rule, which would require lenders to collect demographic information before making loans to small-businesses, passed in both chambers with some bipartisan support.

The new rules also expand the use of "proven protections," such as multifactor authentication, according to Adrienne Harris, superintendent of the New York State Department of Financial Services.

Regulators will now accept feedback until Jan 16, 2024 — a six-week extension — concurrent with a Federal Reserve effort to gather additional information about the potential implications of the proposed capital changes.

The high court will hear oral arguments on Oct. 3 on whether the Consumer Financial Protection Bureau's funding violates the Appropriations clause. A key issue is whether parameters can be placed around Congress' authority over the federal purse strings.

The U.S. Securities and Exchange Commission is probing the non-QM lender, which pledges to promote homeownership in underserved communities, over its mortgage-backed securities, according to people with direct knowledge of the matter.