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‘Proper contract oversight’ thwarted by agency’s lack of compliance with own policies during failure of three banks, report asserts

June 11, 2025 0

Lack of compliance with some of the federal bank deposit insurance agency’s acquisition policies and procedures thwarted its ability to ensure proper contract oversight management during the failure of three large regional banks in 2023, according to a report by [...]
UPDATED: McKernan nominated to head Treasury domestic finance office; CFPB director nomination withdrawn

June 10, 2025 0

Jonathan McKernan, previously nominated to be director of the Consumer Financial Protection Bureau (CFPB), is now instead nominated to succeed former Treasury Under Secretary for Domestic Finance Nellie Liang, who reportedly resigned from the post early this year. Treasury’s domestic [...]
Bowman sworn in as Fed’s top supervision official

June 9, 2025 0

Federal Reserve Board Gov. Michelle W. Bowman was sworn in Monday as the board’s vice chair for supervision, with Fed Chair Jerome H. (“Jay”) Powell administering the oath of office, the Fed announced. Bowman was nominated to the post in [...]
Comptroller rejects demand by state regulators to jettison rules pre-empting state consumer financial laws

June 9, 2025 0

A demand to jettison regulations that pre-empt state consumer financial laws was denied Monday by the national bank regulator, who told a group of state supervisors that the national rule is compliant with federal law and Supreme Court precedent, the [...]