Key insight: Treasury Secretary Scott Bessent said that the smallest banks should be deregulated, but didn’t endorse any specific policies to do so. Forward look: Chairman French Hill’s, R-Ark., community bank policy package has been overtaken by crypto bills and other priorities on the House floor and the Senate. Expert quote: “Stop being his flunky.” […]
Bessent offers deregulatory vision, but few specifics Read More »
Key insight: Treasury Secretary Scott Bessent avoided confronting the rate cap directly, but argued banks already are benefitting from deregulation elsewhere. Supporting data: Bessent argued that banks enjoy trillions in extra lending capacity, freed up by the unwinding of compliance standards. Forward look: The White House appears increasingly serious about passing a credit card interest
Bessent tells banks deregulation makes up for 10% rate cap Read More »
Supporting data: Cloudflare dominates the “internet plumbing” sector with an estimated 82% market share for reverse proxy services, meaning a single glitch can ripple through global commerce. What’s at stake: The disruption reignites concerns detailed by the Treasury Department regarding the financial sector’s dangerous over-reliance on a small concentration of cloud service providers. Forward look:
Cloudflare disruption hit SoFi, Varo, other banks Read More »
Key insight: Bessent says Trump policies boost Treasury market, lower borrowing costs. Supporting data: Treasury returns are up 6% this year. Forward look: Treasury to keep auctions steady, avoid market shocks. Treasury Secretary Scott Bessent Wednesday said the administration’s economic policies were addressing affordability for Americans.Speaking Wednesday at the New York Fed’s Treasury Market Conference
Bessent credits Trump policies for bond market Read More »
Key insight: The trade association letter urges the White House to reverse cuts to the congressionally mandated program. Supporting data: The Office of Management and Budget has let go CDFI Fund staff as part of a reduction in force across the government, and the administration has singled out the program for cuts to the extent
Banks urge Trump admin to restore CDFI Fund staff, funding Read More »
Key Insight: McKernan’s confirmation comes as the Trump administration’s deregulatory financial agenda begins in earnest, positioning a seasoned industry ally in a key Treasury post. Supporting data: McKernan was confirmed in a 51–47 vote. McKernan was nominated to lead the Consumer Financial Protection Bureau earlier this year but his nomination was withdrawn in May. Forward
Former FDIC board member confirmed to top Treasury role Read More »
Annabelle Gordon/Bloomberg Advocates for military credit unions Tuesday urged top lawmakers on a senate appropriations subcommittee to restore funding for the Community Development Financial Institutions Fund, after the White House proposed eliminating new funding. In the letter, addressed to Financial Services and General Government Subcommittee Chair Bill Hagerty, R-Tenn., and Ranking Member Jack Reed, D-R.I.,
Military credit union group urges Congress to fund CDFIs Read More »
The president should unwind the federal government’s stake in Fannie Mae and Freddie Mac, and direct the proceeds to a housing remainder trust designed to close critical gaps in real estate lending, writes Joshua Rosner, of Graham Foster & Co.Adobe Stock America’s post-pandemic paradox is clear: The economy keeps adding jobs, but the supply of
Trump could solve the housing crisis with no help from Congress Read More »
Stefani Reynolds/Bloomberg The Treasury Department is working with the bank regulators to finish the U.S.’s Basel committee-pursuant capital standards with an eye to clearing obstacles for American firms and “harmonizing” regulation of the financial system, the deputy secretary said Friday. Michael Faulkender said parts of the capital framework issued by the Basel committee would be
Top Treasury official wants to ‘Americanize’ any Basel rule Read More »