Opinions

The central bank has been under pressure to modernize its last-resort lending operation since the failure of three large regional banks last year.

The Consumer Financial Protection Bureau said some non-profit hospitals are failing to provide assistance to low-income consumers, while landlords may be illegally charging fees to pay rent through online portals.

Since launching in summer 2023, the government-backed instant settlement network has attracted hundreds of financial institutions, but there is still room for growth.

Net income climbed more than 11% from the first quarter, even as banks set aside more money for possible bad credit and wrestled with deteriorating office markets.

The increase would "ensure that the wealthy and big corporations pay their fair share" at a level that also "rewards investment in America's innovators, founders and small businesses," Harris said.

The Federal Reserve Bank of Atlanta president said the two mandates are in balance for the first time since 2021, although he is "not quite prepared" to declare victory over inflation.

The Federal Reserve fined a Montana bank for violating the National Flood Insurance Act and issued a cease-and-desist order against a Dallas bank over money-laundering concerns.

Recent Supreme Court decisions reducing the ability of regulatory agencies to interpret the meaning of federal laws make it likely that supervisory decisions based on assessments of banks' safety and soundness will face court challenges.

Acting Comptroller of the Currency Michael Hsu called for a more risk-based approach to supervision to prioritize pressing issues and improve agility in monitoring large banks.

It's unclear what will happen when the Fed starts cutting interest rates, but community banks will be there to support their customers no matter what the economy looks like.