Claire Williams

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.

The Federal Housing Finance Agency said in a long-awaited report that it will set up new guardrails for the Federal Home Loan Banks to ensure that the institutions are serving a housing-centric mission.

Rep. Andy Barr, R-Ky., said that international cooperation in the Basel III endgame proposal is latest iteration of an opaque standard-setting process.

An Office of Management and Budget memo took issue with cuts to the Treasury Department and an attempt to take the Consumer Financial Protection Bureau into the congressional appropriations process.

President Joe Biden's executive order tackling artificial intelligence could reprioritize the Consumer Financial Protection Bureau's work in fair lending on artificial intelligence algorithms.

Rep. Andy Barr, R-Ky., a senior Republican on the House Financial Services Committee, said he intends to press Federal Reserve Chair Jerome Powell to refine the Basel III capital proposal before it is finalized.

Rep. Andy Barr, R-Ky., again pressed the Federal Reserve for economic analysis of capital proposals, while Rep. French Hill, R-Ark., reintroduced a bill that would limit the Fed's ability to extend money to the Consumer Financial Protection Bureau.

At a Senate Banking subcommittee meeting, Republican and Democratic lawmakers both promoted the mission of community development financial institutions and warned of upcoming threats to their funding and proposals to revamp the CDFI certification process.

Consumer Financial Protection Bureau Director Rohit Chopra said the CFPB is enforcing a long-dormant provision of Dodd-Frank in its advisory opinion prohibiting banks from charging fees to obtain basic account information.

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 indictment of Sen. Bob Menendez, D-N.J., is inconvenient for some Democratic priorities, but unlikely to impact a cannabis banking bill up for debate in the Senate Banking Committee.

Rep. Andy Barr, R-Ky., chairman of the House Financial Services Subcommittee on Financial Institutions and Monetary Policy, continued to say that the Basel III rulemaking might have violated the Administrative Procedures Act

Rep. Andy Barr, R-Ky., pressed one witness to say that bank regulators' Basel III endgame proposal, which would raise capital significantly for the largest banks, may have violated the Administrative Procedure Act.

Cannabis banking, the Durbin-Marshall credit card bill and executive compensation legislation could be on the agenda this fall, but banking regulators' Basel III endgame proposal has made bipartisan compromise more complicated.

Two related cases the Supreme Court is considering hing on whether state laws preempt the National Banking Act on the payment of interest on mortgage escrow accounts.

Though the Federal Reserve's stress test scenarios were announced ahead of the string of bank failures this spring, the results will be a significant peek into the health of the banking system.