Rep. Maxine Waters, D-Calif., who is poised to take over as chair of the House Financial Services Committee, introduced a bill last month that would reverse several changes made to the Consumer Financial Protection Bureau. Democrats want to restore functions of the bureau that have been watered down or consolidated under acting Director Mick Mulvaney, and although they may not have enough votes to make changes, they likely have enough to stop further limitations on the agency's powers.
Sens. Sherrod Brown, D-Ohio, and Elizabeth Warren, D-Mass., both members of the Senate banking committee, are considering runs for president in 2020, and empty seats on the committee could be filled by other possible candidates, including Sens. Cory Booker, D-N.J.; Kirsten Gillibrand, D-N.Y.; and Kamala Harris, D-Calif. Such a spotlight on committee members, however, could make it difficult for the panel to make progress on big issues.
JPMorgan Chase has committed to a minimum wage of $18 per hour at branches in Washington, D.C., which requires hourly minimum pay of $13.25. "We think it's important to pay people fairly, and we think that will allow us to attract top talent and retain top talent," says Peter Scher, chairman of the Mid-Atlantic region.
First Interstate BancSystem's $181.3 million purchase of Idaho Independent Bank and $21.5 million takeover of Community 1st Bank are among 34 bank mergers and acquisitions announced since Sept. 1, according to S&P Global Market Intelligence. The deals total $3.3 billion.
Bank of America's latest advertising campaign, "The Power to Make a Difference," features CEO Brian Moynihan. Actor Matt Damon and filmmaker Ken Burns also are part of the campaign, which explains how the bank addresses social and environmental issues.
Rep.-elect Alexandria Ocasio-Cortez, D-N.Y., has joined an effort to oust incumbent Democrats to move the party further left. Ocasio-Cortez and Justice Democrats want candidates who reject corporate PAC donations and who endorse liberal policies.
Libor is likely to be discontinued, and other benchmarks are available, but Libor alternatives aren't being written into financial contracts. Banks say there is too much uncertainty to reference alternative benchmarks, despite regulators' frustration the process is moving slowly.
The Securities and Exchange Commission's Office of the Whistleblower received 5,282 reports in fiscal 2018, an 18% increase compared with fiscal 2017, according to an SEC report to Congress. The agency paid $168 million to 13 whistleblowers in fiscal 2018, up from almost $50 million to 12 individuals in fiscal 2017.
Banks in areas hit by California's wildfires will not be penalized for missing reporting requirements, state and federal regulators say. Regulators also agreed that banks could ease some loan terms to help borrowers.