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☆ Biden Fires Architect of the Capitol After Allegations of Wrongdoing
▼ + stars: | 2023-02-13 | by ( Andrew Ackerman | Ken Thomas | ) www.wsj.com time to read: 1 min

Architect of the U.S. Capitol J. Brett Blanton testifying before a House committee in Washington last week. WASHINGTON—The White House said President Biden fired the U.S. Architect of the Capitol amid accusations by an internal watchdog that he misused government vehicles and impersonated a police officer. A White House official said J. Brett Blanton was “terminated at the president’s direction,” after the administration conducted its due diligence of the situation.

☆ Risk Panel Discusses Possibility of New Rules for Nonbanks
▼ + stars: | 2023-02-11 | by ( Andrew Duehren | Andrew Ackerman | ) www.wsj.com time to read: 1 min

The Financial Stability Oversight Council on Friday heard a presentation from Treasury Department staff about establishing new oversight of nonbanks. WASHINGTON—The Biden administration’s top financial regulators discussed the possibility of stepping up oversight of financial firms operating outside the banking system, a sign they could move to ease or repeal Trump-era restrictions on regulating nonbank firms such as hedge funds or asset managers. During a closed meeting of the Financial Stability Oversight Council on Friday, regulators heard a presentation from Treasury Department staff about the process for establishing new oversight of nonbanks, the department said in a statement. The panel, charged with detecting risks to the financial system and led by Treasury Secretary Janet Yellen , said that nonbank financial activity was among its priorities for the year.

The U.S. food index, including meals eaten at home and in cafes and restaurants, increased 10.4% for the year ended in December. RETAILER PUSHBACKConsumer goods manufacturers - will continue to raise prices until they recover their profitability, said Bernstein analyst Bruno Monteyne. In December, the CEO of Walmart (WMT.N), the world's biggest retailer, warned that some "packaged goods suppliers are still pointing us towards more inflation next year on top of the mid-double digits this year". Tesco CEO Ken Murphy said last month he was hopeful inflation would peak by mid-2023 and then start to ebb. Barclays analyst Warren Ackerman said although food commodity prices on average were down 20% from March peaks, it will take time for this to reflect in companies' costs.

WASHINGTON—House Republicans held a pair of hearings Tuesday to weigh how best to counter Beijing’s economic and military power, including the Pentagon’s response to the suspected Chinese surveillance balloon shot down Saturday by the Air Force. China represents “the single greatest threat to America’s global standing,” said Rep. Patrick McHenry (R., N.C.) the chairman of the House Financial Services Committee, at the start of a hearing about China’s economic threats.

☆ Big Banks Might Face Breakup, Top Regulator Says
▼ + stars: | 2023-01-17 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

WASHINGTON—Big banks may need to be broken into smaller pieces if they become too big to manage and are unable to fix significant regulatory lapses, a top federal banking regulator said in a warning shot across Wall Street on Tuesday. A bank’s failure to resolve longstanding deficiencies despite reprimands from its regulators and onerous restrictions such as caps on its growth are evidence that a firm is unmanageable and needs to be broken up, acting Comptroller of the Currency Michael Hsu said.

☆ CFPB Weighs Tougher Rules for Overseas Money Transfers
▼ + stars: | 2023-01-16 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

The CFPB is studying whether fees on overseas money transfers are adequately disclosed to users, including immigrant workers who send billions of dollars a year abroad. WASHINGTON—The Consumer Financial Protection Bureau is weighing new restrictions tied to the fees money-transfer companies charge for wiring money abroad, as the bureau scrutinizes fees across the financial system. Bureau officials say they are studying whether differences in the way providers of overseas money transfers disclose exchange rates and certain fees can make it difficult for consumers to choose the lowest-cost option. Immigrants and other workers send billions of dollars from the U.S. to other countries each year in transfers known as remittances.

☆ Senate Confirms Martin Gruenberg to New Term Atop FDIC
▼ + stars: | 2022-12-19 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

Martin Gruenberg, chair of the Federal Deposit Insurance Corporation, first joined the FDIC board in 2005, during the George W. Bush administration. WASHINGTON—The Senate confirmed Martin Gruenberg for a second term as the head of the Federal Deposit Insurance Corp., capping a turbulent period for the agency and cementing Democratic leadership on the bank regulator’s board. The Senate move officially wraps up an episode from a year ago in which the board’s Democratic majority put pressure on its Republican chairwoman at the time, Jelena McWilliams , prompting her to resign more than a year before her term ended. The chamber on Monday also added two Republicans, Travis Hill and Jonathan McKernan, to the banking regulator’s board, in a deal that provided the five-member agency with a full complement of board members for the first time since 2015.

☆ Substack is having a moment, again. But can the startup live up to its massive $650 million valuation?
▼ + stars: | 2022-12-19 | by ( Samantha Stokes | Steven Perlberg | ) www.businessinsider.com time to read: +17 min

He provided a place where readers could find him "in case the bird app spirals into oblivion": his Substack newsletter. The epidemiologist Eric Feigl-Ding began promoting his Substack newsletter to his 722,000 Twitter followers in early November. They have been a welcome addition, Substack writers say. Substack has also recently rolled out mentions and cross-reporting functions, where writers can mention other Substack writers and share existing posts with their audiences. The irony, of course, is that many Substack writers rely on their Twitter audiences to promote their posts.

☆ Biden Administration Calls on Congress to Rein In Crypto Risks
▼ + stars: | 2022-12-16 | by ( Andrew Ackerman | Paul Kiernan | ) www.wsj.com time to read: 1 min

WASHINGTON—The Biden administration called on Congress to cover gaps in the regulation of cryptocurrencies, renewing a push for tougher oversight following the collapse of crypto exchange FTX. The Financial Stability Oversight Council, chaired by Treasury Secretary Janet Yellen , said Congress should take steps to ensure the crypto industry is subject to a framework to ensure orderly and transparent trading, investor protections and other rules imposed on traditional financial firms.

☆ Fed’s Top Banking Regulator Signals Tougher Bank-Capital Rules
▼ + stars: | 2022-12-01 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

Michael Barr, the Fed’s vice chairman for banking supervision, suggested overall capital requirements appeared to be lower than they ought to be. WASHINGTON—The Federal Reserve’s new regulatory chief on Thursday signaled plans to beef up big-bank capital requirements, potentially revisiting financial rules that were eased during the Trump administration. Michael Barr , the Fed’s vice chairman for banking supervision, said that the central bank is still conducting a broad review of its capital requirements but suggested the overall requirements appeared to be lower than they ought to be.

☆ U.S. Government to Backstop Mortgages Above $1 Million Mark for First Time
▼ + stars: | 2022-11-29 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

WASHINGTON—The federal government is about to backstop mortgages of more than $1 million for the first time, a reflection of the rapid appreciation in home prices nationally over the past few years even as the mortgage market has recently cooled. The maximum size of home-mortgage loans eligible for backing by Fannie Mae and Freddie Mac will rise to $1,089,300 next year in high-cost markets, such as parts of California and New York, from $970,800 this year, the Federal Housing Finance Agency said Tuesday.

☆ U.S. Government to Backstop Mortgages Above $1 Million in High-Cost Areas
▼ + stars: | 2022-11-29 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

WASHINGTON—The federal government is about to backstop mortgages of more than $1 million for the first time in high-cost markets, such as parts of California and New York. The increase reflects the rapid appreciation in home prices over the past few years, even as the mortgage market has recently cooled.

☆ Biden Officials to Target Nonbanks for Tougher Oversight
▼ + stars: | 2022-11-23 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

Treasury Secretary Janet Yellen advocates for the FSOC to use all the powers granted to it by Congress to rein in risks to financial stability. WASHINGTON—The Biden administration is laying the groundwork to target nonbank firms with stricter federal oversight as regulators grow concerned about financial threats from companies operating outside of the tightly supervised banking system. The move from the Financial Stability Oversight Council, a panel of top regulators tasked with monitoring the stability of the financial system, would likely ease or repeal Trump-era restrictions that sought to limit the regulation of nonbanks, according to people familiar with the process.

☆ Housing Agency Reports Record Financial Cushion as It Braces for Market Downturn
▼ + stars: | 2022-11-15 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

WASHINGTON—A federal housing agency on Tuesday said its financial reserves have reached record levels and that it was well positioned to weather a mortgage-market downturn. The audit, released by the Federal Housing Administration on Tuesday, likely gives officials room to trim mortgage costs over the coming months as part of a push by the administration to address housing affordability.

☆ Fed’s Michael Barr Says Crypto Turmoil Highlights Potential Risks to Financial System
▼ + stars: | 2022-11-15 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

WASHINGTON—Tumult in the cryptocurrency market represents a red flag to the broader financial system, the Federal Reserve’s top banking regulator plans to tell lawmakers Tuesday, while pressing for tougher guardrails in the wake of the rapid collapse of crypto exchange FTX. Michael Barr , the Fed’s vice chairman for supervision, is expected to tell lawmakers that crypto-related activities need to be regulated in a manner similar to more traditional financial services providers, according to written remarks distributed ahead of Tuesday’s hearing before the Senate Banking Committee. While most crypto activities are occurring “outside of the ambit of banking regulation,” he said, that could change over time.

☆ White House to Nominate Martin Gruenberg for New Term as FDIC Chairman
▼ + stars: | 2022-11-14 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

Martin Gruenberg, acting chairman of the Federal Deposit Insurance Corp., in Washington in June. WASHINGTON—The White House on Monday said it would tap Martin Gruenberg , the acting head of the Federal Deposit Insurance Corp., for a second term as the banking regulator’s leader. The move comes during a lengthy period of uncertainty over leadership at the agency and is certain to please progressive Democrats, who favor Mr. Gruenberg as an experienced policy hand generally favoring stricter industry oversight.

Nestle and P&G both raised prices by less than 9.5% in the same period, having roughly matched one another since mid-2021. Unilever said price rises vary by category and market and not all consumers were experiencing the 12.5% hikes. Unilever has high exposure to regions and countries with high inflation including Latin America, Turkey and Russia, while P&G is more U.S.-focused, Bernstein analyst Bruno Monteyne said. "These countries have high inflation, linked to weak foreign exchange. "We are still absorbing significant cost, which has led to a notable decline in our gross profit margin," a Nestle spokesperson said.

☆ Communities Offer Kids First-Aid Training for Gun Violence
▼ + stars: | 2022-11-11 | by ( Dan Frosch | Photographs Amber N. Ford For The Wall Street Journal | ) www.wsj.com time to read: 1 min

CANTON, Ohio— Don Ackerman was checking on some vacant homes that his church is refurbishing when a 6-year-old boy in the neighborhood began talking about how gunfire doesn’t frighten him. “My mom tells me to stay back, because gunshots can go through the wall,” the boy said, standing in his yard strewn with bikes and toys on a recent October afternoon. “I don’t get scared at all. They’re not very loud.”

☆ Regulators Look to Lessen Treasury Market Reliance on Big Bank Dealers
▼ + stars: | 2022-11-10 | by ( Andrew Ackerman | Jon Hilsenrath | ) www.wsj.com time to read: 1 min

In recent months, officials have noticed that Treasury markets have grown less liquid and become more volatile. Regulators are looking to broaden trading in the immense $24 trillion market for U.S. Treasury securities, a potential power shift away from the small club of big banks that have dominated the market for decades, according to a federal report to be released Thursday. Regulators have been on heightened alert about the stability of the market since March 2020, when Covid-19 disrupted the economy and markets, freezing up trading in Treasury securities. Recent volatility in the Treasury market has added to concerns.

☆ Why Costco, Trader Joe's stopped selling your favorites
▼ + stars: | 2022-11-05 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

Fans run social media accounts dedicated to tracking discontinued products at Trader Joe’s, and others blog about long-lost items at Costco. “We understand that it can be disappointing — devastating, even,” Trader Joe’s says on its “discontinued product feedback” contact page for customers. There are several reasons Trader Joe’s, Costco (COST) and other stores suddenly stop selling customer favorites. Also, for stores like Costco and Trader Joe’s, discontinuing items can reinforce the treasure hunt-like appeal of these stores. One major factor: It’s difficult to get shelf space inside Trader Joe’s and Costco and stay there.

☆ Elevated Inflation Presents Risk to U.S. Economy, Fed Report Finds
▼ + stars: | 2022-11-04 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

WASHINGTON—Elevated and persistent inflation is among the greatest near-term risks to the U.S. economic system, the Federal Reserve said, while also warning about rising friction in trading of U.S. government debt. Fed Vice Chairwoman Lael Brainard said Friday there is a risk that an unexpected shock could amplify existing vulnerabilities in the financial system, in a statement accompanying the release of the central bank’s latest report on financial stability.

ST. PAUL, Minn.—This northern city is trying to bring back workers, small businesses and a sense of security after the Covid-19 pandemic, not only to its downtown streets, but to a parallel world one flight up: a 5-mile warren of glassed-in bridges and passages through private buildings called the Skyway. “We’ve got two levels—and twice as much area that we need to make sure gets revitalized,” said Joe Spencer, president of the St. Paul Downtown Alliance in the city of about 320,000, which built the Skyway to allow people to get around downtown without going outside in Minnesota’s frigid winters.

☆ Biden Touts U.S. Steps to Curb Fees Tied to Banking, Concerts and Travel
▼ + stars: | 2022-10-26 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

President Biden, flanked by Consumer Financial Protection Bureau Director Rohit Chopra and Federal Trade Commission head Lina Khan, says his administration will crack down on unfair and deceptive fees. WASHINGTON— President Biden on Wednesday highlighted steps his administration is taking to rein in fees and restrict hidden costs imposed on consumers across the economy, from travel to banking, in remarks that come about two weeks ahead of the midterm elections. Mr. Biden, speaking from the White House complex, said the measures are aimed at giving consumers more financial breathing room, by reducing fees tied to concert tickets, hotel resorts, airfare and cable companies.

☆ Mortgage Lenders Should Use FICO and VantageScore for Loans Sold to Fannie and Freddie, FHFA Says
▼ + stars: | 2022-10-24 | by ( Annamaria Andriotis | Andrew Ackerman | ) www.wsj.com time to read: 1 min

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☆ Appeals Court Ruling Casts Shadow Over CFPB Activities
▼ + stars: | 2022-10-21 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

WASHINGTON—An appellate court ruling that the U.S. Consumer Financial Protection Bureau is unconstitutionally funded could undermine the agency’s work over its nearly 12 years of existence, legal experts said, including rules that ensure smooth functioning of the $13 trillion mortgage market. The decision, by a three-judge panel of the Fifth U.S. Circuit Court of Appeals in New Orleans, is the latest blow to hit the consumer financial regulator that has long been politically polarizing.

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