Wildfires are engulfing Los Angeles, Canada's Prime Minister Justin Trudeau announced his resignation, and President-elect Donald Trump is suddenly very interested in Greenland. Want to weigh in on the regulatory proposals affecting banking? These are the ones open for public comment. Here's what else you might want to read this week:
"Fed's Top Wall Street Regulator to Step Down After Trump's Advisers Pushed to Demote Him"
Michael Barr resigned as Fed vice chair earlier this week, claiming that attempts by the Trump administration to remove him would have been too distracting for the Fed. Officials in the Trump administration had already been targeting his leadership role, which could have led to a prolonged legal battle. With Barr's resignation, the legal debate over President-elect Trump's ability to demote or fire Fed officials is likely to continue.
It's increasingly looking like President-elect Trump will nominate Fed Governor Michelle Bowman to replace Barr as vice chair, though nothing is certain yet. Meanwhile, Barr will remain on the Fed's seven-member board of governors.
"Meet 4 New Lawmakers Likely to Have an Impact on Banking"
Speaking of crypto and deregulation, read up on several of the newest members of the House Financial Services Committee and Senate Banking Committee, as well as some of the notable omissions from both parties.
"CFPB Rules, M&A Standards Most Likely CRA Repeal Targets"
Most of the prudential banking regulations issued under the Biden administration can't be overturned under the Congressional Review Act, which gives Congress a limited window to overturn final rules issued by federal agencies. But some can, such as the OCC's final rule on M&A and new CFPB regulations on open banking and overdraft fees.
"How to Balance Human and Machine While Using Chatbots"
Community banks are known for their personal touch, but that doesn't mean they shouldn't use chatbots for simple tasks. Read how some are dividing labor between humans and robots.
"A Strong Hedging Strategy Is a Difference-Maker for Banks"
Over the past few years, banks managed through a global pandemic, a whipsawing between emergency rate cuts and the fastest hiking cycle on record, and several large failures. Institutions with sound hedging strategies-and the discipline to stick to them-performed more consistently than their peers. Read one expert's advice on how to build strong hedging programs.
"CFPB Proposes to Regulate Large Nonbanks in Personal Loan Market"
The CFPB announced it would pursue a rule to regulate large nonbanks that make personal loans after the Consumer Bankers Association and Center for Responsible Lending petitioned the agency to level the playing field for market providers. With President-elect Donald Trump likely to appoint a new director, the rulemaking's future is uncertain.
"A Short Guide to Financial Compliance"
Read about best practices to help banks keep abreast of myriad laws and regulations, including Sarbanes-Oxley, Gramm-Leach-Bliley, and the Payment Card Industry Data Security Standard.
"6 Banking Trends to Watch in 2025"
Analysts are expecting a rebound in M&A activity, deregulation at the federal level, and a "golden age" for crypto under the new Trump administration. Read why these trends and three others will be important to watch next year.
"Fed's Waller Unconcerned About 'Draconian' Tariff Policy"
President-elect Trump's tariffs will likely lead to a one-time jump in prices rather than broader pricing pressures, says Fed Governor Christopher Waller, who anticipates more Fed rate cuts in 2025.
"Ally Lays Off Hundreds of Employees"
In addition to slashing jobs, the Detroit-based bank is exiting the mortgage-origination business and considering strategic alternatives for its credit card business.
"New Federal Rule Will Remove Medical Debt from Credit Reports"
The CFPB issued a final rule to remove medical debt from credit reports, potentially improving the credit scores of millions of Americans while targeting what it refers to as the "abusive" practices of debt collectors. "No one should be denied economic opportunity because they got sick or experienced a medical emergency," said Vice President Kamala Harris, who announced the original proposal with CFPB Chief Rohit Chopra last June.
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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