A bipartisan group of senators is warning the Federal Deposit Insurance Corp. to give new industrial loan company charter applications due consideration, urging the regulator to "follow the laws that Congress carefully designed."

We write today to express support for the industrial loan company (ILC) charter and respectfully remind you to ensure the Federal Deposit Insurance Corporation (FDIC) continues to follow the laws that Congress carefully designed for the FDIC to consider new deposit insurance applicants, including ILCs.

It’s the first Friday in August, and the Senate is still in session. They will reconvene tomorrow to start voting on the Democrats’ reconciliation bill, also known as the Inflation Reduction Act. No Republicans are expected to vote for this bill, but Democrats are united after Senator Kyrsten Sinema (D-AZ) struck a deal with Senate Majority Leader Chuck Schumer (D-NY) to preserve the so-called carried interest loophole.

As big as the universe is, wouldn’t the answers to everything have to be out there somewhere? We took breaks from this week’s overloaded legislative schedule to look at the first images from NASA’s James Webb Space Telescope.

The House Financial Services Committee and its Subcommittee on Oversight & Investigations held two hearings this week to discuss the critical nationwide shortage of affordable housing.

Representatives of the tech industry, consumer groups, small businesses, and other stakeholders testified before the House Energy & Commerce Subcommittee on Consumer Protection and Commerce this week about draft legislation that would create a comprehensive data privacy framework to give consumers control of their personal data.

Federal Reserve Board Vice Chair Lael Brainard appeared before the House Financial Services Committee yesterday to talk about the Fed’s work on a central bank digital currency (CBDC).

This week President Joe Biden announced a five-year plan to increase the supply of housing nationwide and make housing more affordable for both renters and homebuyers.

The Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board, and Office of the Comptroller of the Currency (OCC) jointly released a much-anticipated proposal for changes to the implementation of the Community Reinvestment Act (CRA) yesterday.

Federal bank regulators moved forward on their major rewrite of the Community Reinvestment Act to wide applause from unusual bedfellows: banking trade organizations and community groups.

The National Association of Industrial Bankers (NAIB) has issued a letter and other materials in response to communications by various trade associations led by the Bank Policy Institute (BPI). In their emails and letters, these organizations made numerous allegations, without documentation, to develop support for H.R.5912 “Close the ILC Loophole Act” introduced by Representative Chuy Garcia (D-IL).

The Honorable Rohit Chopra, Director of the Consumer Financial Protection Bureau, was busy this week. On Monday, the CFPB announced that it would invoke “a largely unused” provision of the Dodd-Frank Act to examine nonbanks that the Bureau “has reasonable cause to determine pose risks to consumers.”