Senate Democrats who voted for a bill to relax portions of the Dodd-Frank Act say they did so based on the bill's merit. Banks have had less access to capital, especially in rural areas, under Dodd-Frank, says Sen. Mark Warner, D-Va., one of 17 Democrats who voted for the bill.
The average rate of a one-year certificate of deposit has climbed to 0.49%, according to Bankrate, ahead of potentially another increase-rate increase from the Federal Reserve. The central bank has given five increases in short-term rates since late 2015, but banks are cautious about raising deposit rates.
Germany's N26 plans to establish a challenger bank in the US and seeks a banking partner, US CEO Nicolas Kopp says. The mobile bank has raised $160 million for product development and for expansion into other countries.
Former Federal Reserve Chair Janet Yellen says she is impressed with Chairman Jerome Powell and his efforts to understand relevant scholarship. Yellen was not reappointed at the central bank and has become a distinguished fellow at the Brookings Institution.
House Financial Services Committee Chairman Jeb Hensarling, R-Texas, wants changes in a bipartisan banking bill the Senate has passed. Hensarling says he has support from House Speaker Paul Ryan, R-Wis., but some say changes could put the bill in peril.
Jerome Powell's first policy meeting as chairman of the Federal Reserve is likely to result in an interest-rate increase to 1.5% to 1.75%, market forecasters say. This week's meeting "could set the tone for the rest of this year and beyond, and investors will be wondering whether Mr. Powell sanctions a more aggressive stance than the markets currently expect," says Russ Mould of AJ Bell.
Edward DeMarco, president of FSR's Housing Policy Council, will be a keynote speaker when policymakers meet with industry leaders April 3 to discuss housing finance at the Five Star Government Forum. "We're seeing some new ideas emerging about how to encourage sustainable homeownership that's affordable to folks," DeMarco said.
The Office of the Comptroller of the Currency has rescinded a 2002 consent order that prohibited partnerships between small-dollar loan chain ACE Cash Express and national banks. An OCC spokesman said changes to the law have placed the company under supervision of the Consumer Financial Protection Bureau.
A Federal Communications Commission regulation aimed at reducing robocalls was thrown out Friday in a unanimous ruling by the US Court of Appeals for the District of Columbia Circuit. The court said the rule, which would treat "any uninvited call or message" as a violation, was written too broadly.