“Fed’s Powell Resists DOJ Probe”
Fed Chair Jerome Powell said Sunday that the Justice Department has subpoenaed the central bank over testimony he gave to the Senate Banking Committee last year and cost overruns tied to a building renovation. Powell warned the probe risks politicizing monetary policy, arguing it appears retaliatory rather than a good-faith enforcement action. Former Fed chairs and bipartisan lawmakers echoed concerns about threats to central bank independence.
JPMorgan CEO Jamie Dimon was among the voices warning against political interference in the Fed, prompting a swift rebuke from President Trump and further straining an already tense relationship.
“Trump Proposes Card Rate Cap; Banks Eschew Idea”
President Trump proposed a 10% cap on credit card interest rates, drawing swift opposition from banks and payments groups. Industry leaders warned the move would restrict credit access, especially for higher-risk borrowers, while analysts questioned whether the proposal has a viable path forward.
“Senate Banking Committee Cancels Crypto Market Structure Markup”
The Senate Banking Committee has postponed its markup of the crypto market structure bill amid growing opposition, including Coinbase CEO Brian Armstrong withdrawing his support and calling the proposal “worse than the status quo.” Committee leaders described the delay as a chance to continue negotiations, but divisions persist and the bill’s prospects are now uncertain.
“Vought Concedes on CFPB Funding”
Acting CFPB Director Russell Vought requested funding through March 31 after a court order compelled him to do so, even as litigation continues over potential mass layoffs at the agency. A D.C. Circuit rehearing set for late February underscores the limited runway for major structural changes under Vought’s acting tenure.
“M&A In 2026 May Put More Distance Between Big, Small Banks”
Faster regulatory approvals are changing the risk calculus for bank deals and pulling more acquirers off the sidelines. The industry’s barbell dynamic is intensifying, with midsize and regional banks scaling through acquisitions while many sub-$1 billion banks cluster at the other end as consolidation accelerates.
“How The Marriage Of Open Banking And Payments Will Change Everything”
The Financial Brand explores how open banking is converging with pay-by-bank and other account-to-account payment rails. Consumers expect card-like protections, especially dispute resolution, but many account-to-account systems weren’t built for them, creating growing challenges for banks.
“‘Value Banking’ Is the Only Differentiator Left Standing”
As digital features become commoditized, The Financial Brand argues banks must compete by delivering measurable financial value. The focus shifts from polish to pricing, guidance, and personalized experiences that demonstrably improve customers’ financial outcomes.
In Other News
Venezuelan opposition leader María Machado met Pope Leo to seek help securing the release of political prisoners, President Trump threatened to invoke the Insurrection Act in response to Minneapolis protests, and a Scottish soccer referee issued a red card—to a fan.
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