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The longtime chief executive of the Federal Reserve Bank of St. Louis will leave his post after 15 years to take an administrative position at Purdue University.

Voters so far are lukewarm on the president's efforts to change the narrative around his handling of the economy, but the administration's bid to win the economic messaging war could cause Washington to come down more harshly on banks.

High interest rates could dampen demand for refinancing, which took a hit during the pandemic-era pause in federal student loan payments. "Curb your enthusiasm," one analyst said.

Banks say more transparency is needed in the annual scenario testing regime to make capital planning more predictable. But amid a flurry of regulatory reforms, the expectation is that capital requirements are only going up from here.

JPMorgan Chase and Discover are among the firms developing new technology to allow more people to shop from behind the wheel.

Sen. Elizabeth Warren, D-Mass., in a letter to the Consumer Financial Protection Bureau, challenged the idea that credit card late fees serve as a deterrent to delinquency, instead saying issuers told her office that some of them earn tens of millions of dollars collecting late fees.

The technology that powers ChatGPT can sift through and even synthesize massive amounts of data, though it must overcome doubts over reliability, transparency and regulatory risk before it can be harnessed to conduct useful research.

Rising interest rates on loans, greater borrowing and higher fees on deposit accounts all contributed to the increase. "Altogether, this paints a picture of debt that could really start to strain the checkbooks of American families," said Meghan Greene, a researcher at the nonprofit organization that authored the report.

Some of the firms include Sequoia Capital, the world's most prominent venture-capital firm, which got covered for the $1 billion it had with the lender. Kanzhun Ltd., a Beijing-based tech company that runs mobile recruiting app Boss Zhipin, received a backstop for more than $900 million. 

The American Bankers Association's Economic Advisory Committee said access to loans is likely to further soften, while defaults and credit losses could increase in the second half of the year.

The American Bankers Association's credit conditions index remained near historic lows despite a slight uptick in the most recent quarter. Pessimism pervaded the outlook for both business and consumer lending.

The Federal Reserve chair said that as the Treasury replenishes its general account at the Fed, it will lead to fewer reserves in the banking system.

CEO Curtis Farmer said the warehouse sector, where Comerica provides lines of credit to mortgage banking companies, has not been providing much help as the company seeks to bolster deposits.

Sen. JD Vance, R-Ohio, lambasted the Federal Reserve for increasing the dominance of "too big to fail" banks and failing to rein in systemic risk. He asked whether the Office of the Comptroller of the Currency is a better regulator than the Fed.

Consumer Financial Protection Bureau Director Rohit Chopra warned that "powerful firms" must not dominate the new open banking landscape.

The slow rollout of Apple's buy now/pay later service contrasts starkly with the aggressive moves of leading BNPL fintechs. Analysts say Apple's restraint could pay off in time.

The Providence, R.I.-based bank has been scaling down its indirect auto lending program since last year.

Once it is free to issue new debt, the Treasury Department is expected to quickly replenish its general account at the Fed. The move could lead to a shortage of reserves.

The global accord's provision on supervision establishes broad authorities over risks not expressly covered in capital rules. The Federal Reserve's top regulator has already hinted that those authorities might be relied on more in the wake of this spring's bank failures.

The CEOs of the nation's largest banks met with officials in Washington on Wednesday and Thursday, just two weeks before the government is expected to go broke. Behind the scenes, the banks are reviewing contingencies in case the unthinkable occurs.