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The sale is part of a wind-down of Citi's consumer banking business in China, which was announced in December 2022.

The promises made by supporters of the Credit Card Competition Act don't account for all of the ways in which it could actually increase the cost of doing business.

In spite of rising borrowing costs, the US economy has shown surprising resilience. The labor market added 336,000 jobs in September, according to fresh data published Friday.

The addition of branded debit cards is bringing BNPL fintechs' products closer to traditional credit cards, both in terms of consumer perception and the fees the cards generate.

The Fed's meteoric increase in the federal funds rate over the last 18 months has left banks holding billions in unproductive investment securities. Helping them would be good for the economy.

The Federal Reserve's top regulator cited the financial crisis of 2008 repeatedly in a speech about the merits of new risk-capital standards — proposals that have drawn unprecedented fire from banking trade groups and members of Congress.

Rasmussen, a Minnesota native, started her professional career as a dental hygienist. After a series of twists and turns, she now runs Thrivent, a multibillion-dollar fraternal benefit society.

Finance firms are often more complex and more regulated than their peers, making the pool of candidates smaller and succession harder, while changes at the top can hurt stock prices.

"The inflation rate is still too high, the level of inflation remains high, but at least we're seeing progress on it," Mester said Friday during an interview with CNN International.

Federal Reserve Gov. Christopher Waller said during a payments conference at the Brookings Institution Friday that the FedNow payments system has already enlisted "well over 100" depository institutions for the service and expects that number to grow.