"Scott Bessent spent the past 40 years studying economic history. Now, as Donald Trump's choice to lead the Treasury Department, he has the chance to make his mark on it.

As a hedge-fund manager, first at George Soros's firm and later at his own, Bessent specialized in macroinvesting, or analyzing geopolitical situations and economic data to wager on big-picture market moves. He generated billions of dollars in profits betting on and against currencies, interest rates, stocks and other asset classes around the world."

"Russell Vought, a prominent contributor to the Heritage Foundation's Project 2025, will return as director of the Office of Management and Budget in Donald Trump's second administration, the president-elect announced Friday.

Vought will lead the powerful office tasked with reviewing federal regulations and developing the president's budget, Trump said in a post on his social media platform."

"Federal Deposit Insurance Corp. Chairman Martin Gruenberg — the agency's longest serving board member — said Tuesday that he would retire from the agency in January.

In an email sent to staff, Gruenberg said he had given President Biden notice that he plans to retire as chairman and member of the board of directors of the FDIC effective Jan. 19, the day before President-elect Donald Trump is sworn in."

"President Joe Biden is requesting nearly $100 billion in emergency disaster aid after Hurricanes Helene and Milton, and other natural disasters, telling lawmakers that the money is 'urgently needed.'

The letter Monday to House Speaker Mike Johnson comes as lawmakers meet during a lame-duck session to finish key priorities before making way for a new Congress and the incoming Trump administration. Biden said he has met firsthand with those harmed by the storms and he heard what residents and businesses needed from the federal government."

"Consumer Financial Protection Bureau Director Rohit Chopra is asking Congress to reconsider deposit insurance limits after the failure of an Oklahoma bank will likely cause some to take a haircut on their deposits.

The tiny First National Bank of Lindsay in Oklahoma was shuttered in October after the Office of the Comptroller of the Currency found "false and deceptive bank records and other information suggesting fraud." At the time, the Federal Deposit Insurance Corp. said that it would make 50% of uninsured funds available to depositors."

CDBA extends congratulations to all of our members that have made this distinguished list!

"Banks spent the past year grappling with familiar challenges. The second year of sustained high interest rates continued to drive higher deposit costs and lower loan demand, which in turn squeezed margins. The regulatory landscape grew more fraught following the banking crisis in 2023 and fraud activity increased. Employee recruitment and retention remained difficult at some banks. Toss in election-year uncertainties and growing geopolitical concerns, and there were plenty of headaches at... Read more

"Former US President Donald Trump's victory and anticipated Republican control of the Senate and possibly the House should lead to a shakeup of some key legislative and regulatory positions affecting the bank sector.

Financial stock investors seemed pleased overall the day after Election Day, as the KBW Nasdaq Bank index closed up 10.69%, while the S&P 500 closed up 2.53%. The bounce was driven by expectations for regulatory relief.

'In general, we expect aggressive actions by the next group of financial regulators, who will feel emboldened to undo many Biden-era rules,'... Read more

"The Bank Policy Institute, the Kentucky Bankers Association and a community bank in Lexington, Kentucky, filed a lawsuit late Tuesday against the Consumer Financial Protection Bureau and Director Rohit Chopra, challenging the agency's open banking rule.

The 56-page lawsuit, which was filed on the same day that the CFPB released its final rule on open banking, alleges that the bureau exceeded its statutory authority. The lawsuit also claims the CFPB is jeopardizing the safety and soundness of the banking system by limiting banks' discretion to deny third parties access to sensitive... Read more

"We need more housing supply in America. It is the most important thing we can do to lower the cost of housing. It is true that accomplishing this goal is going to take more than federal money; it is also going to require state and local governments to put in place reforms that make it easier to build housing. But we should not underestimate the important role federal dollars can play buying down the cost of capital as well as creating incentives for local and state governments to support housing construction."