McConnell to step down as Senate Republican leader

Sen. Thom Tillis (R-N.C.) released a discussion draft of proposed legislation to address alleged debanking by banks and banking regulators by creating a national standard for account access and establishing new watchdog mechanisms for banking agencies.

ABA joined 15 associations representing a wide range of industries in urging lawmakers to end the government shutdown, noting that it is imposing “real, escalating costs” on the U.S. economy.

The Federal Reserve will reduce its bank supervision staff by 30% by the end of next year, the Wall Street Journal reported.

The rate for a 30-year fixed-rate mortgage was 6.17% this week. The rate for a 15-year fixed-rate mortgage was 5.41%.

Banking agencies are required by Congress to review their regulations every 10 years but their past reviews have been “underwhelming,” resulting in no reduction in regulatory burden, Federal Reserve Vice Chair for Supervision Michelle Bowman said.

FDIC Acting Chairman Travis Hill appeared before the Senate Banking Committee for his nomination hearing, where he once again pledged to refocus agency supervision on material financial risks.