Claire Williams

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

Sen. Elizabeth Warren, D-Mass., and other Senate Democrats urged the Office of the Comptroller of the Currency to rescind regulations or guidance that contradict the way Dodd-Frank says the OCC should deal with state consumer protection rules.

Sens. Sherrod Brown, D-Ohio, and John Kennedy, R-La., have reintroduced their ILC bill that would subject companies that hold an ILC charter to similar oversight as traditional banks, while measures to cap interest rates and ban 'trigger leads' have also been introduced.

Sen. Jack Reed, D-R.I., also brought up concerns with synthetic risk transfers and so-called shadow banks, which he said are shifting risk from outside the banking system into private credit markets.

The fireworks that traditionally accompany big bank CEOs' appearances in Congress were absent Wednesday, but instead executives pushed their opposition to the Basel III capital rules and its impact on the economy. 

Rep. Patrick McHenry, chairman of the House Financial Services Committee, says he won't seek reelection next year. He is known for collaboration with Democrats on stablecoin and other issues.

During a second day of comparatively mild questioning from lawmakers in semiannual oversight hearings, Consumer Financial Protection Bureau Director Rohit Chopra said artificial intelligence could exacerbate existing weaknesses in the financial system without tighter protections.

While House Republicans and Consumer Financial Protection Bureau Director Rohit Chopra normally clash, Republicans offered unusual praise for Chopra's efforts around data privacy for consumers.

The financial services industry has run TV ads during football games and organized lobbying visits by small-business owners in its fight against the Basel III endgame plan to raise capital requirements for larger lenders. The tactics are beginning to show signs of working.

Senate Banking Committee ranking member Tim Scott, R-S.C., released one of his first major public  bank policy pushes in months after formally suspending his presidential campaign.