Latest Banking and credit regulation News

Biden to keep Powell as Fed chair, Brainard gets vice chair

Nov. 22, 2021 15:18 PM EST

WASHINGTON (AP) — President Joe Biden said Monday he is nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing his stewardship of the economy through a brutal pandemic recession in which the Fed's ultra-low rate policies helped bolster confidence and...

Two Democratic senators oppose Powell as Fed chair

Nov. 19, 2021 12:04 PM EST

WASHINGTON (AP) — Two Democratic senators said Friday that they oppose the nomination of Jerome Powell to a second term as chair of the Federal Reserve, saying Powell has been insufficiently committed to fighting climate change, an issue that the world's central banks are increasingly...

GOP paints Biden's choice for bank regulator as radical

Nov. 18, 2021 14:34 PM EST

WASHINGTON (AP) — President Joe Biden’s choice to become one of the top banking regulators endured a contentious nomination hearing Thursday, with Republican senators warning she would nationalize the U.S. banking system and Democrats saying she's eminently qualified and would be tough...

Entergy Louisiana: Storm restoration will cost up to $4.1B

Nov. 17, 2021 19:09 PM EST

BATON ROUGE, La. (AP) — Entergy Louisiana told utility regulators Wednesday that it owes up to $4.4 billion for getting the lights back on after a string of storms and needed a $1 billion loan to meet those costs in the short-term. The Advocate reports the utility...

Biden's nominee for bank regulator faces hostile opposition

Nov. 17, 2021 14:13 PM EST

NEW YORK (AP) — A fierce battle is being waged in Washington over President Biden's choice to lead a typically low-profile agency that oversees the banking industry. Saule Omarova, 55, was nominated in September to be the nation’s next comptroller of the currency. If...

Amid crypto's Wild West, Binance says a sheriff is needed

Nov. 17, 2021 07:37 AM EST

NEW YORK (AP) — The cryptocurrency market gets likened to the Wild West by critics, and now a key player is asking for sheriffs to come to town. Binance, the world’s largest exchange for trading Bitcoin and other cryptocurrencies, says it’s time for global...

Latest exit from Fed's board gives Biden three slots to fill

Nov. 08, 2021 16:33 PM EST

WASHINGTON (AP) — Randal Quarles announced Monday that he will resign from the Federal Reserve's Board of Governors at the end of the year after completing a four-year term as its top bank regulator, opening up another vacancy on the Fed's influential board for President Joe Biden to fill. ...

Prosecutor declines to file charges in fatal police shooting

Nov. 04, 2021 14:49 PM EDT

WICHITA, Kan. (AP) — A Wichita police officer who fatally shot a fleeing bank robbery suspect last year is immune from prosecution under Kansas law, a prosecutor said Thursday. Sedgwick County District Attorney Marc Bennett released his findings into the Dec. 21 death...

Bowdoin College trustee resigns after probe into Epstein tie

Nov. 02, 2021 14:28 PM EDT

BRUNSWICK, Maine (AP) — A Bowdoin College trustee with connections to the late Jeffrey Epstein resigned from the board of trustees on Monday, the college said. James Staley, a board trustee since 2007, also left his position as CEO of the Barclays bank in London after a...

Treasury report calls for stricter oversight of stablecoins

Nov. 01, 2021 16:53 PM EDT

WASHINGTON (AP) — The Biden administration is calling on Congress to pass legislation that would strengthen government regulation of stablecoins, a form of cryptocurrency that has soared in popularity in the past year. In a 22-page report issued Monday, the Treasury...