Politics

The Bureau of Labor Statistics reported that the economy added 22,000 jobs in August, raising the unemployment rate to 4.3% and providing additional cover for the Federal Reserve to lower interest rates in September.

Stephen Miran will take unpaid leave from and might seek to return to President Trump's Council of Economic Advisers, he said, raising conflict of interest questions in his nomination hearing for a seat on the Federal Reserve Board.

The Justice Department has opened a criminal investigation into Federal Reserve Gov. Lisa Cook and allegations of mortgage fraud, allegations that spurred President Trump to terminate her position on the Fed Board last week. Cook is challenging the president's authority to remove her in court.

Stephen Miran, currently serving as chair of the White House Council of Economic Advisers, has been tapped to fill an open seat on the Federal Reserve Board at a time when President Trump is working to secure his hold on the central bank.

The American Fintech Council urged a federal court to deny requests by banking groups to stay the Consumer Financial Protection Bureau's open banking rule compliance dates while litigation is ongoing.

Sen. Ron Wyden says Treasury is sitting on thousands of Epstein-related banking records including wire transfers, payments and suspicious activity reports that could expose the financial industry to scrutiny over its involvement in Epstein's sex-trafficking scheme.

Federal Reserve Bank of St. Louis President Alberto G. Musalem said central bank autonomy leads to lower inflation and stable employment numbers. His comments come amid the Trump administration's attempt to remove a Fed board member for cause.

As state-level regulators rush in to fill the gap left by a shrinking Consumer Financial Protection Bureau, bank products will have to comply with dozens of potentially conflicting state requirements.

Three lawmakers led by Senate Banking Committee ranking member Elizabeth Warren, D-Mass., are beginning to assess the impact that the Trump administration's posture toward the Consumer Financial Protection Bureau has had on overdraft fees.

The American Fintech Council wants Congress to amend the Gramm-Leach-Bliley Act to preempt state privacy laws with both entity-level and data-level exemptions, as well as eliminating restrictions on the secondary use of data.

Most big banks saw modest reductions in their requirements following this year's stress tests. The results come as the Fed prepares to smooth year-to-year swings with a new averaging rule.

The D.C. District Court held a hearing this morning and defendants filed briefs in a case to determine whether Federal Reserve Gov. Lisa Cook will remain on the Federal Reserve Board after her ostensible firing by President Trump earlier this week. No ruling was issued, but one is expected before the FOMC votes in mid-September.

Housing regulator Bill Pulte lodged more fraud allegations against Fed Governor Lisa Cook as she filed a temporary restraining order regarding attempts to remove her.

Online lenders are urging the Office of the Comptroller of the Currency to force banks to disclose all account closures to the agency, following an executive order earlier this month. 

In a letter Friday, U.S. Sens. Elizabeth Warren, D-Mass., Chuck Schumer, D-N.Y., and Cory Booker, D-N.J., called on Pulte to address housing unaffordability instead of concentrating on efforts to destabilize the Federal Reserve.

Federal Reserve Gov. Christopher Waller criticized his fellow Federal Open Market Committee members for not cutting interest rates in July, but said he is "hopeful" that easing monetary policy soon can keep the labor market from "deteriorating."

Federal Reserve Gov. Lisa Cook's lawsuit against President Trump is challenging his move to remove her from office because allegations against her do not constitute "cause." How courts weigh in could dictate the future of the central bank's independence from the White House.

Community development financial institutions have a long history of providing vital economic lifelines to communities across the country. Credit unions have always been an important part of that story.

The agency says the move, which it made pursuant to a Trump directive, reverses Obama-era policies and requires banks to restore access to customers allegedly cut off for political or ideological reasons.

Federal Reserve Gov. Lisa Cook filed a lawsuit in federal court Thursday morning seeking an injunction against President Trump's "illegal attempt" to remove her from the Fed board. The suit claims Trump has not demonstrated "cause" for her removal under the Fed statute.