Political Risk

President Donald Trump Wednesday signed a continuing resolution to fund the government through December, averting a government shutdown at least until after November's elections.

The Republican proposal would bring the CFPB under congressional appropriations and curb several of its regulatory powers.

A continuing resolution to fund the government through mid-December would prevent the White House from blocking grants — including some in the banking sector — to states and municipalities that voted against President Donald Trump.

A federal judge Wednesday said the Department of Housing and Urban Development failed to justify a sharp overhaul of a long-standing fair-housing grant program.

Federal Reserve Gov. Lisa Cook pushed back against the Trump administration's second attempt to remove her from the central bank over unproven allegations of mortgage fraud.

A group of community development financial institutions are asking a federal court in California to compel Treasury to disburse funds from the CDFI Fund before they expire in September.

President Donald Trump's administration has reportedly sent a letter to Federal Reserve Gov. Lisa Cook detailing his reasons for finding cause to remove her from office after the Supreme Court ruled in her favor earlier this summer.

The Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency issued a joint notice of proposed rulemaking for the Community Reinvestment Act that would tailor requirements for smaller institutions and monitor which groups receive community development grants.

Brian Johnson, President Trump's nominee to lead the Consumer Financial Protection Bureau, navigated a somewhat contentious Senate Banking Committee hearing dominated by Democratic opposition but without giving away specific plans he has for the agency.

The Senate Banking Committee will hold a hearing Thursday on whether to confirm Brian Johnson, a former Capital One executive and deputy director of the Consumer Financial Protection Bureau in Trump's first term to lead the agency permanently.

The package of banking measures will need 60 votes — including a number of Democrats — to pass the Senate on a tight time frame ahead of November's elections. But the bipartisan House vote signals that future work on the issues is possible.

House Republicans floated discussion legislative drafts aimed, in part, at strengthening the Federal Home Loan Banks' role providing liquidity to the financial system.

The bipartisan housing package, dismissed by President Trump as a "yawn," takes effect automatically after he declined to sign it in protest over stalled voter ID legislation.

The bill, which passed with wide bipartisan support, will become law at midnight if President Donald Trump doesn't veto it.

Lisa Cook can keep her seat on the Federal Reserve Board thanks to the Supreme Court's procedural concerns. Deeper questions about the central bank might not come for years — if at all.

The Supreme Court found that President Donald Trump did not provide Lisa Cook requisite due process when he sought to remove her from the Fed last year, and for that reason denied the White House's motion to remove her immediately.

House Speaker Mike Johnson, R-La., reportedly plans to send the recently passed housing bill to the White House on Monday, starting a 10-day clock for the president to sign the bill.

The Senate Banking Committee is slated to consider Christopher Phelan to be the chair of the Council of Economic Advisers on Thursday. Phelan has said in past academic papers that fractional reserve banking is "highly problematic."

President Donald Trump said he wouldn't sign the housing bill, which includes several riders aimed at helping community banks, until Congress passes the SAVE Act.

The bipartisan legislation aimed at reducing barriers to new home construction, which included certain community bank riders, passed the lower chamber by a 358-32 vote.