Capitol Account

Tonight in @CapitolAccount: When @russvought surrendered on the CFPB's open banking rule, he took a 180-degree turn on a fundamental legal question: When consumers authorize a financial app to access their account data, are banks required to share?

Small businesses “buried” in paperwork. A trade group reports compliance costs are “financially ruinous.” 2 federal judges have concluded that the policy likely violates the APA. A Biden rule? Nope, this one is a March order from the Trump Treasury... capitolaccountdc.com/p/a-bad-joke-s…

Latest Q&A: @mansourtarek_, whose Kalshi platform is prompting court battles, raising novel policy questions, and drawing opposition from casinos and even MLB. He still sees it as a better mousetrap. Subscribers get the full talk but here’s a free excerpt: capitolaccountdc.com/p/talking-pred…

@AmericaInvests Details on the trade groups' perks and more, for subscribers. Plus coverage of yesterday's NCUA firings and OCC reorg: capitolaccountdc.com/p/earning-the-…

@AmericaInvests A couple notes on the data: - They are from the most recent publicly available 990 filings, which means either 2022 or 2023 (thanks to some vagaries of the groups' fiscal years) - We excluded @ConsumerBanker b/c their year included a leadership transition

Running a financial trade group isn't easy. But don't feel to badly for their CEOs. They're well compensated. Here's Capitol Account's annual salary survey of association leaders. @AmericaInvests' Drew Maloney tops the heap.

NEW: Our exit interview with Acting SEC Chief Mark Uyeda on he and @HesterPeirce's coordinated policy push, what it's like to work with DOGE, and what's next at the agency capitolaccountdc.com/p/talking-with…

Trump has all his FinReg leaders save one: FDIC. The delay is a bit of a mystery, but a perceived horse race has captivated Washington’s financial regulatory community: Acting FDIC Chairman Travis Hill and Acting Comptroller Rodney Hood. Our breakdown: capitolaccountdc.com/p/race-for-fdi…

Last night: Banks Tread Carefully on Stablecoins capitolaccountdc.com/p/banks-tread-…

ICYMI from Monday: Fired at Will: A New Normal for Regulatory Commissioner? capitolaccountdc.com/p/fired-at-wil…

@paoloardoino capitolaccountdc.com/p/a-tricky-tet…

@paoloardoino Cap Account subscribers got a breakdown of the Tether debate, and how it is playing out in what might end up being the most consequential digital assets legislation Congress has passed to date.

Last night: The big crypto industry player emerging as a tricky obstacle to consensus on the fast-moving stablecoin legislation...Tether. 🧵

How are FinTech firms grappling with the good and the uncertain in the new Washington? We sat down with @pennyleedc of @fintechassoc to talk about CFPB Chaos, Trump 2.0, and what "fintech" really means. Weekly Q&A here! capitolaccountdc.com/p/talking-fint…

Small lenders are building a grassroots pushback, too - and they’re confident the popular program will survive. It’s been targeted since its inception in the Clinton administration. A rundown in tonight’s edition: capitolaccountdc.com/p/treasury-sec…

Bessent’s office wasn’t told about the EO before it happened, sources tell us, and his public statement this week makes it clear he’s not readily supporting a wind-down of the fund.

News of the late Friday executive order spread rapidly: The CDFI fund was on RussVought’s chopping block. Defenders of the program scrambled, working the weekend to mobilize. And soon a powerful ally spoke up: the Treasury Secretary.