Federal Reserve officials are in agreement a patient approach to interest rates is the right course to take "for some time," according to meeting minutes. Many members support Chairman Jerome Powell's opinion that recent weakening of inflation is "likely to be transitory."
A federal judge has ruled that Deutsche Bank and Capital One can release President Donald Trump's financial records to the House Financial Services Committee. Wells Fargo and TD Bank have reportedly given the committee records in response to subpoenas.
The US House of Representatives approved a bill that would reverse changes made at the Consumer Financial Protection Bureau during Acting Director Mick Mulvaney's tenure, but President Donald Trump is likely to veto the bill if it passes the Senate. The bill includes a plan to create an office focused on student loans and financial products for young adults.
The White House could sort out the regulatory patchwork surrounding the cryptoasset market by leading a jurisdictional conversation on financial technology, Commodity Futures Trading Commission member Rostin Behnam writes. Through the Office of Science and Technology Policy, the conversation could "produce a roadmap to regulatory certainty," he writes.
Fifth Third Bank's redesigned branch is smaller and has open meeting space for customers to meet with employees. The bank plans to redesign all branches, after opening the first in a Cincinnati-area Kroger, while the first stand-alone branch opens June 17 in Chicago.
A NerdWallet survey of more than 2,000 adults finds 21% of respondents have moved money to an online bank with a minimum interest rate of 2% during the past two years. The top reasons for not switching to an online bank are comfort with one's bank and a need to visit a branch.
The Michigan House has passed a resolution urging Congress to approve the Secure and Fair Enforcement Banking Act to protect banks doing business with marijuana companies. The Michigan Senate is considering a similar resolution, and Michigan Attorney General Dana Nessel is among state attorneys general backing the SAFE Banking Act.
Growth of shadow banking could bring systemic risk, Fitch Ratings said in a report. A liquidity crisis in the shadow-banking sector could force cutbacks in corporate borrowing and could boost asset-price volatility, Fitch said.
Federal Reserve Vice Chairman for Supervision Randal Quarles has disagreed with a warning by former regulators that proposed procedures for designating nonbanks systemically important would extend the review period to six years. "The conclusion that the designation process would take six years was highly dependent on a number of contingent assumptions," he said.
US home sales in April slowed for a second consecutive month as buyers were unable to find properties they could afford. Sales of existing homes fell 4.4% from a year earlier, marking the 14th straight annual decline.
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