Federal Reserve Gov. Michael Barr — who until February served as the agency's top regulator — said community development functions have benefits for the Fed's monetary policy, supervision and research goals.

Carvana and Plaid, with the help of Cross River Bank, have launched Request for Payment, which combines billing with The Clearing House's RTP Network. The option has been slow to gain traction, but the companies are betting large-ticket purchases, such as for an automobile, will be popular.

Lenders have been working to shrink their rent-regulated real estate loan portfolios since a watershed state law passed in 2019, but those plans may be accelerated.

Consumer spending and exports fell slightly in the latest estimate, leading to a downward revision. Imports, which dragged down overall output during the first three months of the year, also came in smaller.

Banking has long been overseen by independent agencies, though that independence has been waning for years. With the Supreme Court poised to weigh in, experts are questioning where — and whether — to redraw the line between politics and policy.

The regulator and conservator of two influential loan buyers with government ties has directed them to look at digital currency's use in qualifying borrowers.