Contributor

Elizabeth Dexheimer

Consumer Watchdog Cracks Down on Payday Lenders, Bucking Trump

The deregulatory winds blowing through Washington aren’t benefiting the $3.6 billion payday-loan industry, as the U.S.’s top consumer watchdog issued rules Thursday that will dramatically change how many companies providing expensive credit to cash-strapped borrowers do business.

Finance Industry Plans Lawsuit to Overturn CFPB Rule

A coalition of corporate lobbying groups, led by the U.S. Chamber of Commerce, sued the Consumer Financial Protection Bureau to overturn a rule that makes it easier for aggrieved customers to file lawsuits against financial firms.

SEC Says It Told U.S. Security Officials of Hack Months Ago

The U.S. Securities and Exchange Commission told government cybersecurity officials about a hack into its database of corporate filings soon after it happened last year, months before the agency’s new chairman made the breach public.

Dozens of Senators Seek Probe of Equifax Executives’ Stock Sales

More than one-third of U.S. senators want the Securities and Exchange Commission and the Department of Justice to get to the bottom of whether Equifax Inc. managers violated insider trading laws when they sold stock days after the company found out it was hacked.

Equifax Breach Complicates Banks' Efforts to Fend off Lawsuits

JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. are defending their practice of requiring customers to resolve disputes through arbitration, just as Equifax Inc.’s massive data breach complicates efforts to fend off rules that would make it much easier for consumers to sue banks.

Key Republican Says Harvey Will Spur Deal on Flood Insurance

A key Republican said Hurricane Harvey will spur Congress to reach a deal to fund the nation’s flood insurance program before it expires next month, even though divisions persist over how much the federal government should be on the hook for future disasters.

Trump Pick for Fed's Wall Street Watchdog Plans to Ease Rules

President Donald Trump’s pick to be the Federal Reserve’s top Wall Street watchdog said it’s time to reconsider the restrictions imposed on banks in recent years, even as he credited regulations with helping stabilize the financial system after the 2008 crisis.

Taking Wall Street’s Side, Young Congressman Infuriates Allies

Ted Budd, a GOP congressman, got a hard lesson in the limits of his small-government philosophy early in his first term. But the new Wall Street allies he picked up during the debate over financial regulation give Americans a glimpse of how their legislative sausage is made.

U.S. Navy Sends Warship Near Disputed South China Sea Island

The Trump administration has sent a guided-missile destroyer near Triton Island in the South China Sea, according to a U.S. official, which may cause concern ahead of President Donald Trump’s meeting with his Chinese counterpart this week.

Trump Said Likely to Name Hester Peirce as SEC Commissioner

Hester Peirce, a former U.S. Securities and Exchange Commission counsel and Senate aide, is the Trump administration’s likely choice to fill the open Republican seat at the Wall Street regulator, according to people familiar with the matter.

The Wish List From Business for How to Change Finance Rules

BlackRock Inc. wants Congress to change an aspect of the Volcker Rule that is causing headaches within its hedge fund business. Billionaire Paul Singer wants risky derivative bets curtailed and says regulators should lose their authority to step in when large banks are failing. Uber Technologies Inc. says Washington should eliminate red tape that makes it difficult for the private ride-hailing company to issue shares to its drivers.

Banks Want to Raise Debit-Card Swipe Fees. Republicans Say No

Wal-Mart and other retailers have beat back the finance industry’s latest lobbying campaign to let banks charge stores higher fees when customers use debit cards, according to two congressional aides with direct knowledge of the matter.

Mnuchin's Senate Testimony Eclipsed by Trump's Comey Saga

Steven Mnuchin will be overshadowed during his first congressional testimony as Treasury secretary on Thursday by a deepening political crisis at the White House that threatens his aspirations for tax and regulatory overhauls.

McConnell Is Pessimistic Congress Will Overhaul Dodd-Frank

Senate Majority Leader Mitch McConnell said he’s pessimistic Congress will overhaul the Dodd-Frank Act because he doubts Republicans can secure enough Democratic votes to make major changes to the sweeping legislation that tightened oversight of banks after the financial crisis.

Banks Ask Lawmakers to Ease Capital Rules, End Card Fee Cap

Chief executives at the biggest U.S. regional banks are asking U.S. lawmakers to consider easing capital requirements and repealing part of the Dodd-Frank financial overhaul that caps fees banks charge retailers on debit-card transactions.

Trump’s Dodd-Frank Do-Over Diverted to Slow Lane With Obamacare

President Donald Trump’s pledge to dismantle the Dodd-Frank financial overhaul is colliding with the same reality as his pledge to gut Obamacare: The Republican majority in Congress can’t decide how to make it happen and Democrats are vowing to fight.

Trump to Order Dodd-Frank Review, Halt Obama Fiduciary Rule

President Donald Trump will order a sweeping review of the Dodd-Frank Act rules enacted in response to the 2008 financial crisis, a White House official said, signing an executive action Friday designed to significantly scale back the regulatory system put in place in 2010.

Mnuchin Dims Banks’ Hopes He Will Allow a Prop-Trading Revival

Steven Mnuchin made clear he doesn’t want Wall Street banks getting back into the business of making risky market bets with their own capital, after Senate Democrats pushed him to clarify his responses to questions they asked during his confirmation process to be Treasury secretary.

Clinton Raises $154 Million in September

Hillary Clinton raised $154 million for her campaign and the Democratic Party last month, the biggest monthly fundraising haul yet in her bid for the White House.

Trump’s Call for Rules Freeze Gets Cold Shoulder From Bank Lobby

Donald Trump’s call for a moratorium on new regulations is getting a chilly reception in Washington’s financial-services lobbying community, where battle-weary trade groups are warning that the Republican presidential nominee’s plans could bring risks along with any rewards.