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Canada's banking regulator said the country's mortgage stress test has helped prevent widespread defaults as interest rates rose this year, rebuffing calls to weaken or eliminate the measure amid a surge in homebuying costs.

The National Credit Union Administration's emergency exemption allowing for remote board and membership meetings at federally chartered institutions is scheduled to lapse at year-end. The agency's chairman recommended hybrid meetings as an option that can satisfy traditional meeting requirements.

Former JPMorgan Chase gold and silver trader Christopher Jordan was convicted of wire fraud affecting a financial institution by a federal jury in Chicago, the latest win for U.S. prosecutors in their crackdown on illegal "spoofing" trades and market manipulation.

BofA's Seattle shake-up, board "refreshment" at a Phoenix bank and more in banking news this week.

The challenger bank for Black and Latino individuals introduced Elevate, a membership-only tier that includes access to private clubhouses and networking aimed at people of color.

Many U.S. companies — including JPMorgan Chase, Morgan Stanley and Apple — have drawn attention for increasing pressure on employees to show up more at the office as COVID-19 concerns ebb. Some credit unions have taken similar steps, while others still insist a hybrid schedule is better for recruitment.

Benefits under the Servicemembers Civil Relief Act were applied to fewer than 10% of auto loans for active-duty reserve members, the agency found. It urged financial institutions to ease the process for accessing the law's interest rate protections.

Rushing to create a central bank digital currency that is not permissionless and private would be dangerous to core American principles, according to a Minnesota Republican.

Sen. Pat Toomey, who is retiring from his post as the top Republican on the Senate Banking Committee, attached a provision to the bill that would force the Fed to disclose account holders and applicants.

Coinbase Global waived fees for converting Tether Holdings' stablecoin USDT for the token Coinbase backs, as competition heats up among the three biggest issuers of such digital assets.