Risk in Banking

Federal Reserve Chairman Jerome Powell said there was “less volatility” on the Fed board before the creation of a vice chairman for supervision, and that volatility is not helpful for the financial institutions it regulates.

Lawmakers should apply the principle of “same activity, same risk, same regulation” and ensure the resulting ecosystem operates with safeguards that appropriately mitigate financial stability and consumer protection risk, ABA said.

Federal Reserve Chairman Jerome Powell said that “no other federal regulator” is examining large banks to ensure they are complying with certain consumer protection laws following the Trump administration decision to suspend all CFPB activities.

President Trump confirmed that he plans to close down the CFPB, which he said “was set up to destroy some very good people.”

The House voted to pass bipartisan legislation to extend the Corporate Transparency Act's beneficial ownership information reporting deadline by one year until Jan. 1, 2026.

OFAC has updated its online license application portal with the option to establish an account to submit requests for specific licenses or interpretive guidance, or submit reports required by some specific licenses.