Economy

The leader of a major credit union trade group takes issue with a recent BankThink article questioning credit unions' ability to operate as federally recognized Community Development Financial Institutions.

Data suggests that the beleaguered commercial real estate market isn't going to get worse. And now that banks have had time to build reserves, any losses they do take shouldn't be disastrous, analysts say.

Four years after its launch, the Mission Driven Bank Fund has ended its fundraising well short of its original $500 million target. Still, organizers are hopeful that the fund's performance will attract other investors to the sector.

A proposed rule published Tuesday in the Federal Register would limit the Consumer Financial Protection Bureau's ability to designate nonbank entities for supervision.

The President said in response to a press question about Federal Reserve Gov. Lisa Cook that he would fire her "if she doesn't resign" over allegations of claiming primary residence at two properties she owns, though the legality of such a move is unclear.

Congress should hold hearings to investigate whether credit unions really qualify to operate as tax-advantaged Community Development Financial Institutions.

Federal Reserve Chair Jerome Powell said Friday that while the central bank must "proceed carefully" in considering interest rate adjustments in the coming months, recent softness in employment "may warrant adjusting our policy stance."

Trump has yet to decide when Fannie Mae and Freddie Mac will return to the market in an IPO that regulator Bill Pulte says could top $1 trillion.

More nonbank digital asset firms are applying for national trust charters, a development that many banking organizations oppose due to what they say is inadequate oversight, lack of congressional intent and no FDIC backstop.

The Office of Management and Budget under President Donald Trump has not apportioned any discretionary awards to financial institutions in the fiscal year of 2025, according to new documents released by the agency.

Advocates warned the Federal Housing Finance Agency that allowing cryptocurrency assets to be used in the underwriting of Fannie and Freddie mortgages risks taxpayer losses and market instability.

Core CPI, which excludes food and energy, rose to 3.1%, up from 2.9% in June.

The Ohio-based bank opened its first branch in Alabama, with plans to open 14 more over the next three years.

Amid waning federal support for community development financial institutions and minority depository institutions, a program launched by two banking trade groups is beginning to generate a steady stream of deposits for mission-focused lenders.

Federal Reserve Vice Chair for Supervision Michelle Bowman said she foresees three interest rate cuts for this year, a view bolstered by the latest employment data.

As the city slowly recovers from January's wildfires, Banc of California is working with a local nonprofit group to help small businesses bounce back.

The ranking Democrat on the Senate Banking Committee said growing uncertainty and risks in the financial system mean the central bank should increase the countercyclical capital buffer for the nation's largest lenders.

President Trump said Thursday that he will nominate Stephen Miran, who currently serves as chair of the White House Council of Economic Advisers, as the next member of the Federal Reserve Board of Governors. Miran is a key architect of President Donald Trump's tariff policy.