Former Federal Reserve Gov. Daniel Tarullo and two Fed economists argue that the Federal Home Loan banks have expanded into activities that pose risks to financial stability.

The latest development removes a custodian that had been appointed to the Philadelphia bank's board, where a vacancy created an opportunity for multiple factions to try to wrest control from CEO Vernon Hill.

The 30-year average has made a steep reversal over the past two weeks following a large acceleration in mid-June.

Meta's Facebook has discontinued a digital wallet that was originally meant to help people use the Diem stablecoin. But its Meta Pay platform is more conventional — and thus more likely to succeed where Novi failed.

Truist Financial is raising the low end of its pay scale to $22 an hour, while JPMorgan Chase is implementing a floor of between $20 and $25. The wage hikes will likely put pressure on smaller banks to take similar steps to stay competitive.

Michael Barr, awaiting confirmation as the Federal Reserve’s top regulator, wants to holistically rethink the central bank’s capital requirements. Karen Petrou, managing partner of Federal Financial Analytics, has some ideas on how to do that.