Neil Haggerty

The agency finalized a policy allowing companies to submit formal requests for clarification on a regulatory issue. The bureau said it will publish the advisory rulings in the Federal Register.

If the GOP can hold its majority in the chamber, Sen. Pat Toomey, R-Pa., will likely become the panel's chairman. His ardent support for free-market principles could set up partisan clashes with Democrats over pandemic relief, money laundering rules and more.

If Republicans keep their majority, the incoming administration will likely have to pick moderates over progressives to have any chance of getting its nominees approved.

The legislation would extend to the banking system the Civil Rights Act's protections for customers of hotels and restaurants.

The industry says the 2017 cut in the corporate rate helped position lenders to support the economy when the pandemic hit. But a plan proposed by Democratic nominee Joe Biden could strain banks' capital investment and hiring, observers say.

New research reveals the financial services industry both prefers and predicts an incumbent win in November.

Measures designed to give banks and credit unions more flexibility to help customers weather the coronavirus pandemic are set to expire Dec. 31 unless Congress renews them.

The future of Fannie Mae and Freddie Mac, the Fed’s supervisory regime for the biggest financial institutions, reform of the Community Reinvestment Act and a host of other industry-related issues are on the ballot this November.

Fannie Mae and Freddie Mac have been slammed for planning an additional refinancing charge to cover COVID-related losses, but the head of the Federal Housing Finance Agency defended the policy in House testimony.

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.

The Federal Reserve could ease capital rules, foster the creation of special-purpose banks and take other steps to strengthen minority communities and businesses without legislation being sought in Congress — if it has the will to do so, experts say.

Senate Democrats asked a watchdog to examine whether the bank regulator failed to investigate claims of discrimination against at least six banks.

A second-term Trump administration would likely continue its deregulatory efforts, focus on Fannie Mae and Freddie Mac's exit from conservatorship, and seek to facilitate fintech participation in the banking system.

Kathy Kraninger told the House Financial Services Committee that she supports proposed action to revamp the bureau's leadership framework following a major Supreme Court decision.

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.

The enhanced jobless benefits in the coronavirus relief law enacted in March helped limit delinquencies and maintain consumer spending, analysts say. In their follow-up stimulus plan, Senate Republicans want to cut those benefits from $600 to $200 a week.

Fannie Mae and Freddie Mac have imposed heavy price adjustments for loans that were granted relief under the pandemic relief law enacted in March.

Commemorating the law's anniversary, the ex-president, joined by former Sen. Chris Dodd and Rep. Barney Frank, said years of tenacious GOP opposition did little to change the post-crisis regulatory regime.

Chris Dodd and Barney Frank said the legislation — nearing its 10th anniversary — put banks in position to be a stabilizing force during the coronavirus crisis.

Several Senate Banking Committee members from both parties are facing tough reelection challenges in a year when control of the entire chamber — and the banking policy agenda — may be up for grabs.