US Chief Justice John Roberts let President Donald Trump temporarily oust a Democratic member of the Federal Trade Commission, signaling that the Supreme Court is likely to back Trump’s bid to assert control over the independent agency. Rebecca Kelly Slaughter, the FTC’s only Democrat, had briefly returned to her job after a federal appeals court […]
US chief justice lets Trump oust FTC commissioner for now Read More »
Key Insight: Kevin Hassett, a top White House economist and possible successor to Jerome Powell as chair of the Federal Reserve, said political independence is critical to the Fed and the lack of independence drives inflation. What’s at stake: President Trump has embarked on a campaign to gain a voting majority on the Fed’s Board
Hassett backs Fed independence Read More »
As the trigger leads bill becomes a reality, lenders are considering whether its impact on the mortgage industry goes beyond simply cutting down consumer calls and texts. The restrictions regarding credit reports won’t go into effect until six months after Trump’s signature Friday. While the Homebuyers Privacy Protection Act should undercut the leads and messages
How a trigger leads crackdown could lift retention rates Read More »
Key insight: The Consumer Financial Protection Bureau released a jam-packed rulemaking agenda for the year ahead. Supporting data: The latest unified agenda lists 24 rulemakings including five final rules, 10 proposed rules, 9 pre-rules and one long-term item. What’s at stake: The bureau is in a legal battle to fire between 80% and 90% of
CFPB’s deregulatory agenda aims to rewrite Biden-era rules Read More »
Bloomberg News WASHINGTON — The Bureau of Labor Statistics reported that the economy added 22,000 jobs in August, an anemic growth rate that could pave the way for the Federal Reserve to lower interest rates during their next meeting later this month. BLS reported that the unemployment rate ticked up slightly to 4.3%, while the
Economy adds anemic 22,000 jobs in August Read More »
Stephen Miran, chairman of the Council of Economic Advisers and nominee to serve on the Federal Reserve Board of Governors.Bloomberg News The news: Stephen Miran will take unpaid leave from the Council of Economic Advisers, rather than resigning So what?: Democrats spent the confirmation hearing attacking Miran’s conflict of interest and the decline in Fed
Trump Fed nominee won’t resign from White House Read More »
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
Justice Department probing Lisa Cook for mortgage fraud Read More »
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
Wall Street strategists see more unease on Fed independence Read More »
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
Fed’s Musalem: ‘Accountable’ central bank independence is key Read More »
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
Fintechs want Congress to preempt state privacy laws Read More »