Climate.gov, a key source of data and information about climate-related financial risks that threaten banks, will be shut down and its staff will be fired. The American people deserve—and the law requires—regulators to ensure banks identify and address all material risks, regardless of the source. Having accurate information about climate risks is vital to this work.

Shutting down NOAA’s Climate.gov will eliminate a necessary source of data that banks and regulators use to understand climate risk. This decision endangers lives and billions of dollars of property, which serves as collateral for loans.

The SEC extended the deadline for private funds like private equity and private credit to disclose basic information about their operations and strategies to the SEC.

The U.S. Senate confirmed Michelle Bowman as Vice Chair for Supervision at the Federal Reserve – a critical role established in the wake of the 2008 financial crisis to oversee regulation and supervision of the banking industry. However, Bowman supports Wall Street’s priorities at the expense of Main Street Americans. She also supports deregulation, which will contribute to another horrific economic crash.

Related Better Markets press release: Federal Reserve Governor Bowman’s Pro-Wall Street, Anti-Main Street Views Make Her the Wrong Choice for Fed Vice Chair for Supervision (6/3/2025)

FSOC held its second meeting of the new administration, but it only included a non-public executive session, and did not focus the discussion on important topics, such as regulation of nonbanks.

The FSOC is one of the most important financial regulatory agencies charged with protecting the country from financial crashes and taxpayer bailouts. The FSOC continues to have the wrong priorities and continues to ignore its responsibility to designate nonbanks for regulation. In short, rather than protect the American people, acting in a way that will endanger them.

Related Better Markets Press Release: Trump’s FSOC Priorities Risks Financial Crashes, Needless Pain on Main Street, and Taxpayer Bailouts  (3/19/2025)

The Fed removed the asset growth restriction that it had placed on Wells Fargo in response to misconduct, scandals, and customer abuses that caused harm to millions of consumers. Consumers rely on financial regulators to enforce the laws that are intended to protect and keep them, and their money, safe. In February 2018, the Federal Reserve issued a cease and desist order that limited the growth of Wells Fargo until it improved its governance and risk management processes. Janet Yellen, who was Fed Chair at the time the action was taken, said, “The enforcement action we are taking today will ensure that Wells Fargo will not expand until it is able to do so safely and with the protections needed to manage all of its risks and protect its customers.”

The growth restriction was removed by the Fed on June 3, 2025. The Fed said that the bank had improved its governance and risk management programs. However, Senators Warren and Waters say that this is a “direct giveaway to Wall Street at consumers’ expense” and that it “sets a dangerous precedent that a firm can defraud millions of customers and get away with it.” They detail the continuing pattern of misconduct at the bank and argue that the bank has not actually improved, and instead continues to engage in dangerous and damaging actions.

The CFPB has asked a federal court to vacate the Bureau’s Open Banking Rule, finalized in October 2024. The Rule calls for banks to make certain account data freely available for secure, consumer-authorized sharing with third parties, as well as addresses how such data can be shared and what usage restrictions apply.