The Latest

The Federal Reserve Board governor said adopting policies on climate change are not necessary and risk hurting the central bank's credibility.

The Federal Deposit Insurance Corp. board voted 3-2 to propose a special assessment of 0.125% on banks with uninsured deposits over $5 billion.

House Financial Services Committee's Oversight and Investigations Subcommittee Republicans tried to pin down the Government Accountability Office on Federal Reserve criticisms, while Democrats stressed debt ceiling worries.

While the central bank's reverse-repurchase facility generally works to stabilize the financial system, under certain circumstances it would spark a rapid flow of deposits out of banks. A growth cap would prevent that problem.

"I think it's going to get worse for banks — more regulations, more rules and more requirements,'' JPMorgan Chase CEO Jamie Dimon said in a Bloomberg Television interview from Paris on Thursday.

The warning from the state's chief financial officer comes after a new law was passed banning banks from holding public funds if they use social and political factors in lending decisions.

Democrats and Republicans each said the other party's position on ESG investing carries additional costs for states.

Card balances fell by 1.5% in the first quarter from the previous three months, according to data released by TransUnion. Balances remain near a record high and are up 19% from a year earlier.

The California bank says the drop occurred last week after a news report that the lender was in talks with potential investors.

Lenders used the firm's software in nearly a quarter of originations in the second half of last year, up from 14% over the same period in 2021.