Advanced search

WASHINGTON—As mass federal layoffs loom amid the prolonged government shutdown, financial experts warn the potential cuts could weaken regulatory oversight and heighten systemic risk—possibly setting the stage for another banking crisis.

WASHINGTON--The Defense Credit Union Council Thursday wrote to House Financial Services Committee Ranking Member Maxine Waters, expressing appreciation for her Oct. 8 letter urging the financial industry to support federal employees, servicemembers, and their families during the ongoing government shutdown.

GOLDEN VALLEY, Minn.—Federal Reserve Vice Chair for Supervision Michael Barr said Thursday the central bank faces a difficult balancing act as both inflation and employment risks remain elevated, signaling a cautious approach to future policy moves.

RICHMOND, Va.— A federal grand jury in Virginia on Thursday indicted New York Attorney General Letitia James on one count of bank fraud, according to a person familiar with the matter, following weeks of public pressure from President Donald Trump for prosecutions of his political adversaries, POLITICO reported.

MILWAUKEE –Fiserv, in collaboration with the Bank of North Dakota, has announced the launch of the Roughrider Coin—the state’s first stablecoin.

WASHINGTON--The Federal Reserve Board on Thursday announced expanded operating days of two large-value payments services, Fedwire Funds Service and the National Settlement Service (NSS), to include Sundays and weekday holidays. '

WASHINGTON—The Trump Administration on Friday began carrying out large-scale federal layoffs—formally known as reductions in force (RIFs)—marking the first mass terminations of federal employees during a government shutdown in modern U.S. history. The move, which multiple reports describe as “substantial,” has set off alarm bells among credit unions, financial regulators, and member advocates who warn that the economic fallout could be far-reaching.`

WASHINGTON—The Trump Administration on Friday began carrying out large-scale federal layoffs—formally known as reductions in force (RIFs)—marking the first mass terminations of federal employees during a government shutdown in modern U.S. history. But among the most consequential developments for credit unions and community lenders was news that the Treasury Department’s RIF has reportedly eliminated all staff of the Community Development Financial Institutions Fund.