Ebrima Santos Sanneh

Comptroller of the Currency Jonathan Gould says he wants to crack down on big banks caught cutting ties with controversial, if lawful, individuals and businesses, as required by President Trump's debanking initiative.

Federal Reserve Vice Chair Philip Jefferson said Friday that the economic outlook is uncertain and that he was adopting a cautious approach to gauging whether slowing growth and a softening labor market outweigh inflation pressures from tariffs.

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.