Capitol Account

A daily evening newsletter about financial regulation by Robert Schmidt and @ryanjtracy. Posting headlines from the previous editions.

[Ryan Tracy @ryanjtracy]

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?

[Ryan Tracy @ryanjtracy]

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...
https://t.co/8S1Yw8tl74

[Capitol Account @CapitolAccount]

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: https://t.co/dAY7r2RHck

[Capitol Account @CapitolAccount]

@AmericaInvests Details on the trade groups' perks and more, for subscribers. Plus coverage of yesterday's NCUA firings and OCC reorg:
https://t.co/jaad9j10Tf

[Capitol Account @CapitolAccount]

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.

[Capitol Account @CapitolAccount]

@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

[Capitol Account @CapitolAccount]

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 https://t.co/FSIpL5VmZL

[Capitol Account @CapitolAccount]

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:
https://t.co/oSAvy2MRL2

[Capitol Account @CapitolAccount]

Last night: Banks Tread Carefully on Stablecoins https://t.co/LRKsR8ZapS

[Capitol Account @CapitolAccount]

ICYMI from Monday: Fired at Will: A New Normal for Regulatory Commissioner? https://t.co/x7mLcIVFuH

[Capitol Account @CapitolAccount]

@paoloardoino https://t.co/NZkgv4xcP3

[Capitol Account @CapitolAccount]

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

[Capitol Account @CapitolAccount]

@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.

[Capitol Account @CapitolAccount]

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!
https://t.co/HcOW6fGuNo

[Capitol Account @CapitolAccount]

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: https://t.co/X0AVF7kR40

[Capitol Account @CapitolAccount]

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.

[Capitol Account @CapitolAccount]

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.