Sen. J.D. Vance, R-Ohio, and other Republicans have signed on to a bill that would bolster the Federal Deposit Insurance Corp.'s ability to claw back the compensation of the executives of failed banks.

The Federal Reserve Board and California Department of Financial Protection and Innovation want to ensure the shuttered bank makes good on its commitment to self-liquidate and make depositors whole. It also wants full cooperation on an investigation into FTX ties.

An activist investor blasted the appointment of Andrew Cohen, saying he has long served on the Philadelphia bank's board and shares responsibility for its financial troubles.

The Consumer Financial Protection Bureau is advising consumers to transfer money stored on nonbank digital payment apps such as PayPal, Venmo and Cash App to insured banks and credit unions.

A change in investor sentiment toward an expected pause by the Fed in short-term rate hikes was the driving force behind the current surge, Freddie Mac said.

The bank is training a large language model to help employees and customers find answers to questions, starting in the mortgage department.