Ebrima Santos Sanneh

The ongoing government shutdown prevented the Bureau of Labor Statistics from releasing its September jobs report Friday, but job growth appears to be softening. The lack of reliable government data comes as the Federal Reserve mulls further interest rate cuts. 

Hill, who has been serving as acting chair since January, has steered the agency toward deregulation and away from Biden-era priorities, with strong backing from big banks.

Adrienne Harris, head of the New York Department of Financial Services, will step down after four years in the job. She will be replaced by Kaitlin Asrow as acting superintendent beginning on Oct. 18.

The Treasury Department's Financial Crimes Enforcement Network is seeking public comment on a survey of anti-money-laundering compliance costs from a variety of nonbanks, including casinos, insurers, lenders and other nonbanks, a possible precursor to deregulatory proposals down the road.

Personal income, which rose $95.7B in August, was overtaken by consumer spending, which jumped $129.2B, pushing the saving rate to 4.6% amid steady inflation and higher wages.

In its recently passed bill, Congress prohibited stablecoin issuers from offering interest, but left the door open to "rewards" from exchanges. That provision could drive adoption of stablecoins and compete for deposits, but experts say the technology would have a long way to go.

The Treasury Department proposed a rule delaying investment adviser AML requirements to 2028 and sought public comment on implementing regulations for a stablecoin bill passed earlier this summer.

The Office of the Comptroller of the Currency will announce Senior staffers overseeing large, regional and community banks early next month, apparently reversing the unified approach to supervision it implemented earlier in the year.

A report from Democratic staff on the Senate Permanent Subcommittee on Investigations said accounting firm KPMG gave Silicon Valley Bank, Signature Bank and First Republic clean audits despite internal warnings, fraud allegations and apparent risks of failure.

A group of Democratic Senators led by Elizabeth Warren, D-Mass., urged regulators to keep the 2023 Community Reinvestment Act overhaul, saying the rule was carefully crafted with bipartisan input.

The Office of the Comptroller of the Currency's recent bulletin warning banks that past debanking actions could affect supervisory reviews is the latest effort to put the president's executive order on debanking into action. But industry sources say the order itself forces banks to choose between pleasing their regulators and taking on unwanted risk.

Consumer prices rose 0.4% in August, up from 0.2% in July, as weak job growth and lingering tariff uncertainty reinforce expectations for a September Fed rate cut.

The Office of the Comptroller of the Currency announced that Stephen Lybarger will assume the role of Senior Deputy Comptroller for Chartering and Will Giles will be Principal Deputy Chief Counsel amid a surge in fintech and crypto trust charter applications.

Republicans on the House Financial Services Committee voted to table a motion by Rep. Joyce Beatty, D-Ohio., to compel the Treasury Department to provide unredacted financial records related to the late child sex trafficker Jeffrey Epstein, effectively quashing the subpoena.

The Office of the Comptroller of the Currency said in a bulletin to banks that it will consider whether firms engaged in "politicized or unlawful debanking" when considering bank's licensing applications and Community Reinvestment Act reviews.

White House National Economic Council NEC Director Kevin Hassett endorsed insulating the Fed from political pressure but echoed Trump allies' calls for reevaluating its mission.

Regional banks lead the comeback, large banks improved and survey respondents indicated firm reputations depend on banks exercising ethical conduct going forward, amid the Trump administration's deregulatory push.

The industry made widespread gains in reputability this year, with regional banks in particular regaining trust and admiration at levels not seen in nearly a decade.

Sen. Ron Wyden says Treasury is sitting on thousands of Epstein-related banking records including wire transfers, payments and suspicious activity reports that could expose the financial industry to scrutiny over its involvement in Epstein's sex-trafficking scheme.

Most big banks saw modest reductions in their requirements following this year's stress tests. The results come as the Fed prepares to smooth year-to-year swings with a new averaging rule.