Person Root Tag

Senator Elizabeth Warren and three Democratic colleagues urged Federal Reserve Chair Jerome Powell to lower interest rates to help bring down housing costs ahead of the central bank's policy meeting this week.

After holding at its last meeting, the Federal Open Market Committee may decide to raise rates again in July.

Many believe the Federal Reserve will slow down rate increases beginning in December.. Steve Friedman, senior macroeconomist at MacKay Shields, will join us the day after the meeting to discuss what was done and what he expects in the future.

The former president said in a statement that he plans to apply to create 2,300 luxury homes as well as retail and commercial space in the first phase of construction at Trump National Doral.

The congresswoman urged the Federal Housing Administration to double the six-month term it offers for more recent forbearance requests.

While federal regulators attempt to overhaul the Community Reinvestment Act for banks, Congress has shown little interest in applying it to other lenders. But recent moves in Illinois and New York have given some stakeholders hope that state lawmakers will pick up the slack.

Graham Steele, a former Senate Banking Committee staffer who has supported strong regulation, was named as the administration's choice for assistant secretary of financial institutions.

Rohit Chopra, President Biden’s pick to head the Consumer Financial Protection Bureau, is expected to be the type of aggressive leader the agency had at its inception. Is that what consumers need?

Rep. Patrick McHenry, the ranking GOP member of the House Financial Services Committee, requested a hearing with Dave Uejio to address policy actions “traditionally ... reserved for a Senate-confirmed Director.”

The president has a chance to make his mark on the central bank as the terms of Federal Reserve Chair Jerome Powell and Vice Chair of Supervision Randal Quarles near their end. He will face pressure from progressives to pick reform-minded leaders, while moderate Democrats and Republicans in the narrowly divided Senate might favor reappointing Powell.

The Federal Housing Finance Agency recently became the third agency along with the Office of the Comptroller of the Currency and Consumer Financial Protection Bureau without a Senate-confirmed leader. But analysts say the appointment of interim chiefs gives the administration even more control over regulatory initiatives.

President Biden removed Mark Calabria as Federal Housing Finance Agency director hours after a Supreme Court ruling made the move possible. The administration is expected to offer up a nominee who will prioritize affordable housing and racial equity in housing instead of reforming Fannie Mae and Freddie Mac.

A majority of the justices concluded that the law establishing the Federal Housing Finance Agency violated the Constitution when it said a president may only remove the agency's chief "for cause."

A congressional hearing on reforming the National Flood Insurance Program focused on whether mortgage companies need to disclose incremental risks even if a homeowner lives outside a federally designated floodplain.

The Federal Housing Finance Agency said it is reviewing compensation policies for Fannie Mae and Freddie Mac and requesting feedback from the public. Some have said the $600,000 limit for executives imposed by Congress makes it hard to find talent.

Sen. Pat Toomey of Pennsylvania, the Banking Committee's top Republican, is talking up the prospects of a bipartisan deal to overhaul Fannie Mae and Freddie Mac. But Democratic leaders sound less motivated to change the status quo for the government-sponsored enterprises.

Federal Reserve Vice Chair Randal Quarles has made it clear that banks failing to make the transition away from the benchmark rate could face supervisory consequences.

The Treasury secretary previewed President Biden's budget by urging lawmakers to fund the Financial Crimes Enforcement Network's establishment of a beneficial ownership regime.

Mortgage lenders have much riding on a yearslong effort to overhaul a program that requires homeowners to hold policies in flood-prone areas. A congressional panel meeting to discuss the issue was once again split between lawmakers from storm-threatened states and those concerned about government costs.

The head of the Federal Reserve appeared to support Congress’s expanding the scope of the Community Reinvestment Act to unregulated institutions, just as regulators weigh how to modernize the framework for banks.