Economy

Comptroller of the Currency Jonathan Gould said in an exclusive interview with American Banker Monday that regulators must bring more new entrants into the banking industry, establish a level playing field between banks and fintechs, and shore up supervision amid mounting legal scrutiny.

Federal Reserve Gov. Stephen Miran reiterated his view that monetary policy has become more restrictive than economists think, but expressed increased urgency that the central bank take strong corrective action.

The economy added an unexpectedly robust 119,000 jobs in September, though unemployment edged up to 4.4%. The report, delayed by the federal government shutdown, continues a trend of sluggish job growth in recent months.

The $22.7 billion-asset company may be interested in buying certain banks that HoldCo Asset Management presses to sell in the future, Chairman and CEO John Allison said. Home is planning to announce its next acquisition in December.

The 170-year-old Salem Five Cent Savings Bank has hired one private banker and could scale the business further if its performance matches management's expectations.

Advances from the Federal Home Loan Banks dipped in the third quarter, but experts do not necessarily see the dip as a sign of ample liquidity in the economy.

The West Reading-based bank has opened three offices in California and two in Nevada, continuing its strategy of establishing a presence in high-growth markets around the country, CEO Sam Sidhu said.

Federal Reserve Board Gov. Stephen Miran said the growth of stablecoins and cryptocurrencies will likely impact monetary policy and could lead to lower interest rates.

Analysts say the fintech must "grow like a fintech, but be profitable like a bank" as its capital base shrinks to its lowest level to date.

Michael Barr said he believes artificial intelligence will have a positive long-term impact on the economy, though it may cause job losses in the short term.

TradFi companies are making strategic investments in infrastructure to support the growth of tokenized assets

Comptroller of the Currency Jonathan Gould said Tuesday that chartering compliant fintechs is "the only way" to level the playing field between banks and nonbanks. His comments come as the Office of the Comptroller of the Currency weighs new trust charters and stablecoin rules.

Financial literacy advocate John Hope Bryant has joined with a Los Angeles-based developer in an effort to raise up to $300 million from banks to preserve and construct low-income housing around the country.

The Federal Open Market Committee voted to reduce interest rates by 25 basis points Wednesday, but the emergence of dissents on the committee makes the chance of another quarter-point cut in December less certain.

The Federal Reserve's interest rate-setting body is expected to announce a 25 basis point cut and provide guidance on the trajectory of its balance sheet Wednesday afternoon.

The Consumer Financial Protection Bureau is rescinding two rules issued under former CFPB Director Rohit Chopra that required nonbanks to register court orders, plus terms and conditions of contracts.

In an environment of persistent economic unease, banks have a unique opportunity to help small businesses, Sekou Kaalund, U.S. Bank's head of branch and small business banking, said at American Banker's 2025 Small Business Banking conference.

The Arkansas-based company spent nearly four years on the M&A sidelines, grappling with asset quality issues and litigation tied to its 2022 acquisition of Texas-based Happy State Bank. Now it's signed a letter of intent to buy an unnamed bank.

The Bureau of Labor Statistics released its latest Consumer Price Index reading Friday morning, showing inflation rose by 0.3% in September, slightly below August's pace. The report also found core inflation steady at 3.0%, even as shelter costs eased and gasoline prices spiked.

The Long Island-based bank hasn't been profitable in eight quarters, but executives maintain that it's on the right path, citing more loan book diversity, lower expenses and an improved margin.