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Discover Financial Services' stock tumbled after revealing a new FDIC consent order regarding consumer compliance. Separately, the financial institution also copped to misclassifying certain credit card accounts into its highest merchant-pricing tier beginning in 2007.

The Crypto-Asset National Security Enhancement and Enforcement Act would increase regulatory oversight of cryptocurrencies traded on public blockchains and guard against money laundering and sanctions evasion, particularly by holding the largest crypto investors accountable for compliance.

Both Senate Banking Committee Chairman Sherrod Brown, D-Ohio, and ranking member Tim Scott, R-S.C., said they would consider what reforms "if any" are necessary post Silicon Valley Bank failure.

The 30-year fixed, which was threatening going above 7% again according to Freddie Mac data, was 18 basis points lower this week.

The Federal Reserve says its findings related to "unsafe and unsound practices and violations" of previous agreements with the central bank related to the lender's prior relationship with the Estonian branch of Danske Bank.

The bank said it would continue to make multifamily loans to current customers that have depository or other bank relationships. The move comes amid rising concerns about the impact of high interest rates on the apartment sector.

Cincinnati-based Fifth Third Securities is the seventh firm charged by the Commission for failing to comply with the appropriate disclosures in connection with the limited offering exemption.

The Small Business and Entrepreneurship Committee voted nearly unanimously to advance a bill that would halt a plan by the Small Business Administration to open up some of its loan programs to fintech companies.

The launch of FedNow, the Federal Reserve's instant-settlement system, raises many questions for banks, card networks and fintechs regarding costs, routing and other concerns.

Officials at the central bank have been discussing a real-time payment system for a decade. Work on FedNow began in 2019.