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Politics and policy

Justice Department probing Lisa Cook for mortgage fraud

Justice Department probing Lisa Cook for mortgage fraud

Federal Reserve, Litigation, Monetary policy, Politics and policy, Trump administration /

Bloomberg News (Bloomberg) — The Justice Department opened a criminal investigation into whether Federal Reserve Governor Lisa Cook committed mortgage fraud — ratcheting up pressure in President Donald Trump’s bid to oust her from the central bank. Federal prosecutors have issued subpoenas seeking information related to allegations that Cook misrepresented information on mortgage applications, according […]

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Wall Street strategists see more unease on Fed independence

Federal Reserve, Politics and policy /

Wall Street strategists say investors are becoming more concerned about Federal Reserve independence as President Donald Trump seeks to impose his will on the central bank and pushes for interest-rate cuts. The gold rally and a rotation to value stocks, as well as the widening spread between yields on five- and 30-year Treasuries, show that

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Fed’s Musalem: ‘Accountable’ central bank independence is key

Fed’s Musalem: ‘Accountable’ central bank independence is key

Economy, Federal Reserve, Monetary policy, Politics and policy /

Alberto Musalem, president of the Federal Reserve Bank of St. Louis.Bloomberg News WASHINGTON — A member of the Federal Reserve’s interest rate-setting committee emphasized the importance of the central bank’s independence amid a looming challenge from the Trump administration. Federal Reserve Bank of St. Louis President Alberto G. Musalem, speaking at an event at the

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Fintechs want Congress to preempt state privacy laws

Fintechs want Congress to preempt state privacy laws

Data privacy, Politics and policy, Regulation and compliance /

Bloomberg News Financial technology companies want lawmakers to preempt state privacy laws by amending the Gramm-Leach-Bliley Act, which prohibits the disclosure of information to any third party unless the consumer is provided notice and an opportunity to opt out.  On Tuesday, the American Fintech Council sent a comment letter to the House Financial Services Committee

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Trump weighs declaring national housing emergency, Bessent says

Affordable housing, Housing affordability, Politics and policy /

Treasury Secretary Scott Bessent said the Trump administration may declare a national housing emergency this fall as the White House looks to highlight key issues for midterm campaign voters. “We’re trying to figure out what we can do, and we don’t want to step into the business of states, counties, and municipal governments,” Bessent told

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Fed sets this year’s capital requirements for large banks

Fed sets this year’s capital requirements for large banks

Federal Reserve, Politics and policy, Regulation and compliance /

Graeme Sloan/Bloomberg Following its annual stress tests, the Federal Reserve on Friday set new capital requirements for the nation’s largest banks, setting the minimum equity they must hold to absorb losses in a downturn. Vice Chair for Supervision Michelle Bowman said the requirements come during a “period of transition” for the Fed’s stress testing system,

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No ruling on whether Fed. Gov. Lisa Cook stays on the job

No ruling on whether Fed. Gov. Lisa Cook stays on the job

Federal Reserve, Monetary policy, Politics and policy, Trump administration /

Bloomberg News An emergency court hearing to determine whether Federal Reserve Gov. Lisa Cook can remain on the central bank’s board while her lawsuit against President Donald Trump unfolds concluded without a ruling Friday. On Thursday, Cook sued the president in the U.S. District Court for the District of Columbia over Trump’s attempts to oust

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Pulte posts new criminal referral as Cook escalates lawsuit

FHFA, Fraud, Politics and policy, Secondary markets /

The battle between Federal Reserve Board Governor Lisa Cook and the Trump Administration over mortgage fraud allegations and their implications intensified this week. Cook filed a temporary restraining order and issued court summons to several high profile officials in a lawsuit filed to block attempts to fire her over alleged misrepresentation, and housing regulator Bill

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Democrats urge FHFA’s Pulte to ‘do his job’

Democrats urge FHFA’s Pulte to ‘do his job’

Federal Reserve, Housing, Politics and policy /

Eric Lee/Bloomberg A group of Democratic lawmakers called on Federal Housing Finance Agency’s Director Bill Pulte to “do his job” and focus on finding solutions to make housing more affordable, rather than concentrating on matters outside his purview — such as who runs the Federal Reserve. In a letter Friday, U.S. Sens. Elizabeth Warren, D-Mass.,

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Exclusive: Pulte slashes Federal Home Loan Bank board seats

Exclusive: Pulte slashes Federal Home Loan Bank board seats

GSEs, Liquidity, Politics and policy, Trump administration /

William Pulte, director of the Federal Housing Finance Agency.Bloomberg News WASHINGTON — The Federal Housing Finance Agency, led by Bill Pulte, took an unusual step by reducing the number of Federal Home Loan Bank board director seats at most of the 11 Federal Home Loan Banks, with the steepest reductions at institutions located in heavily-Democratic

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