Ebrima Santos Sanneh

Federal Deposit Insurance Corp. Chairman Martin Gruenberg said Wednesday he wants to see tailored enhanced prudential standards and increased reporting requirements for specific nonbank financial institutions like open-ended mutual funds, hedge funds, and nonbank lenders, citing their potential systemic risks and the need for improved oversight.

A recent report by the Office of the Inspector General for the Federal Deposit Insurance Corp. suggests that while the FDIC's strategic plan for economic inclusion is satisfactory, it could be improved by formalizing procedures, self-evaluations and gathering more input from banks.

Treasury's Financial Crimes Enforcement Network said most small businesses will need to report information about their beneficial owners at the start of next year; certain financial and government entities are exempt because of their preexisting regulatory requirements.

In the absence of any federal cover to provide banking services to cannabis businesses, banks have developed strategies to service those customers anyway. But experts are divided on whether that adaptation obviates the need for comprehensive federal legislation like the Secure and Fair Enforcement Act.

While proponents of a central bank digital currency tout modernity and financial inclusion, House Financial Services Committee members of both parties fear lending could suffer under a digital dollar and are wary of handing the Federal Reserve even more power.

The Department of Health and Human Services' recommendation to reclassify cannabis as a Schedule III substance has sparked renewed interest in cannabis banking reforms in Congress, but in itself will do little to make banking cannabis businesses easier.

The Federal Deposit Insurance Corp. acknowledges in a new report that it didn't adequately monitor First Republic Bank's uninsured deposits, interest rate risk sensitivity and rapid growth — and as a result left the bank vulnerable to contagion.

The Federal Deposit Insurance Corp.'s second-quarter report on the state of banking noted that while banks are enjoying strong profits, they face declining deposits, rising unrealized losses and shrinking net interest margins.

The FDIC is launching joint ventures to market $33 billion of commercial real estate loans from the failed Signature Bank, prioritizing its statutory obligation to preserve low-income housing availability.

Federal and state financial regulatory agencies issued a joint statement Friday offering support and guidance to financial institutions affected by Hurricane Idalia. The agencies encouraged banks to assist impacted communities and provided banks with regulatory relief measures.