Economy

President Trump's imposition of sweeping tariffs on more than 90 countries Thursday represents a major shift in the U.S. trade stance, but the impact on inflation, the Federal Reserve and the economy are still unclear.

Citigroup Inc. Chief Executive Officer Jane Fraser met with President Donald Trump on Wednesday to pitch public stock offerings for mortgage giants Fannie Mae and Freddie Mac. 

The removal of the commissioner of the Bureau of Labor Statistics is unlikely to change government data practices in the near term, experts say, but the perception of interference will have a big effect on the credibility of government economic metrics going forward.

President Donald Trump is bringing in bank leaders to meet with him one by one at the White House. Beyond the economic discussion, there's a chance at a big payday for their firms.

Federal Reserve Chair Jerome Powell said during his regular press conference Wednesday that the process of determining tariff-related price increases was always going to be slow, but it has taken longer than he expected.

The Federal Reserve's monetary policy committee is expected to leave interest rates unchanged again Wednesday amid reports of renewed economic growth in the second quarter and despite ramped up pressure from the White House to cut rates.

The CDFI Fund has yet to announce and disburse awards for five programs, even though applications closed months ago, the lawmakers said in a letter to Office of Management and Budget Director Russell Vought.

The Senate Banking Committee passed a housing package that includes funding for manufactured and other kinds of housing, but also includes an appraisal provision that mortgage bankers oppose.

BankUnited hires Wells Fargo's James Mackey to be its new chief financial officer; Ponce Bank President and CEO Carlos Naudon is named chairperson of the Community Development Bankers Association; Jefferson Bank announces the retirement of longtime President and CEO Danny Butler; and more in this week's banking news roundup.

Given FHFA Director Bill Pulte's history of making regulatory pronouncements via X, some theorize the release of Fannie Mae and Freddie Mac could occur in the same way.

Eagle Bancorp in Maryland took a major quarterly loss due to challenges in its office loan portfolio. It's one of many banks working to trim down their commercial real estate loan books.

Fannie Mae also foresees more home sales than it did in June, but the Mortgage Bankers Association reduced its origination projections for 2025.

Growing loans was a tall order in 2024, but banks that could do just that were able to outperform their peers.

The House Financial Services Committee passed a number of bipartisan banking bills with wide margins, suggesting a growing consensus on how to handle issues like deposit insurance, de novo bank formation and the Federal Reserve's discount window.

The Federal Deposit Insurance Corp's decision to scrap Biden-era rules restricting industrial banks raises hopes for firms seeking to establish ILCs, but that doesn't mean the entry of the largest retailers and tech firms — whose entry to the industry banks most fear — is imminent.

Administration of the Community Development Financial Institution Fund at the Treasury Department will be led by the CDFI Fund's legal counsel following the resignation of the fund's director.

Kate Luft, a former chief of staff for Citi CEO Jane Fraser, is now running the company's U.S. retail banking business. In her first interview since getting the job, Luft discussed what banks can learn from airlines and the advantages that incumbents have over fintechs.

The Columbus, Ohio-based regional bank also benefited from strong performances by several legacy business lines, including auto, mortgages and SBA lending.

The regional bank's cloud-based software platform will be one of the first of its kind, a top executive said Friday.

The Minneapolis-based bank reported solid commercial growth during the second quarter, with the momentum carrying over into July.