The Latest

A senior U.S. Republican lawmaker accused China of a broad campaign to obtain confidential information from the Federal Reserve, including recruiting central bank staffers and detaining a Fed employee visiting Shanghai.

Pagaya, which drew attention for wild swings in its stock price last week, says uncertainty is part of what makes its product compelling.

The jury at an upcoming trial can draw an adverse inference about evidence destruction by the Chicago-based bank, a federal judge ruled. The plaintiff is seeking $1.9 billion from the bank, in addition to punitive damages and other funds in a bankruptcy-related case stemming from a Ponzi scheme.

The Consumer Financial Protection Bureau said “time is running out” for military student loan borrowers to obtain debt relief under the Public Service Loan Forgiveness program.

Rumors of a bipartisan bill to set common standards for stablecoins have been circulating for more than a week, but any legislation will now have to wait until after the August recess.

The National Credit Union Administration voted to raise the asset threshold for credit unions falling under its Office of National Examinations and Supervision to $15 billion, making sure that office remains focused on only the biggest institutions.

A July 8 outage affected emergency services, financial payment systems, government offices and businesses — some of which were forced to do cash-only sales. 

Dominica Groom Williams succeeds Wendy McSweeney, who’s joining a new team at the bank focusing on environmental, social and governance issues.

The Onyx Digital Assets unit is the largest blockchain and digital asset team at a U.S. bank, and a window into what other large banks are likely to do in the future.

A former Goldman Sachs Group banker was accused of passing insider trading information to a squash buddy, part of a group of nine people charged Monday by federal prosecutors in New York.