WASHINGTON— President Trump’s escalating clash with Federal Reserve Chair Jerome Powell took a new turn this past week, as the Justice Department moved to close its criminal probe of Powell even as Trump has continued to pressure him to leave the Fed entirely—keeping markets and Washington focused on the central bank’s independence and the increasingly messy transition at the top of the Fed.
WASHINGTON— The Office of the Comptroller of the Currency has now formally advanced two interim final actions aimed at shielding national banks from Illinois’ Interchange Fee Prohibition Act, escalating the federal fight over the state’s controversial swipe-fee law and intensifying pressure on NCUA to determine quickly whether it will provide similar protection for federal credit unions ahead of the law’s July 1 effective date.
WASHINGTON—Federal banking regulators have finalized a rule lowering the community bank leverage ratio to 8% from 9%, giving qualifying banks under $10 billion in assets more flexibility to use the simplified capital framework and easing a key regulatory threshold for smaller institutions.
WASHINGTON— The Treasury Department said Thursday the IRS plans to revise Form 990 to require clearer reporting by 501(c)(3) tax-exempt organizations on government contracts, government grants and fiscal sponsorship arrangements, in what Treasury said is aimed at improving transparency, strengthening tax administration and making it easier to detect misconduct.
MADISON, Wis.— The National Credit Union Foundation said Fred Robinson, president and CEO of the Tennessee and Mississippi Credit Union Association, has been elected to its board of directors, filling a vacant league president seat.
BISMARCK, N.D.— The Dakota Credit Union Association has named Joe Keller as its next president and CEO, with the appointment taking effect May 11.
SEATAC, Wash.—A Las Vegas woman has filed a proposed class action against $130-million Alaska Air Group Credit Union here, alleging the CU failed to use reasonable cybersecurity safeguards before a March cyberattack exposed member data, according to Law360.
WASHINGTON—Bank lending to private equity funds, private credit firms and other nondepository financial institutions climbed to $1.4 trillion at year-end 2025, making it the fastest-growing loan category for banks since the 2008 financial crisis, according to the FDIC, which said the exposure is increasingly concentrated among the largest institutions, Law360 reported.
WASHINGTON--The Financial Crimes Enforcement Network (FinCEN) should use its existing statutory and regulatory authority to update Currency Transactions Report (CTR) and Suspicious Activity Report (SAR) thresholds. A letter sent to FinCEN Thursday from America’s Credit Unions details why the updates are needed, based on direct feedback from credit unions.
WASHINGTON--A Capitol Hill meeting brought America’s Credit Unions leaders—including President/CEO Scott Simpson—together with House Financial Services Subcommittee on Financial Institutions Chairman Andy Barr (R-KY) Thursday.
