All 22 major US banks passed the Federal Reserve's annual stress test, demonstrating they could endure a severe recession scenario involving over $550 billion in losses. The 2025 test aimed to reflect realistic current economic risks and market dynamics, a departure from last year's harsher assumptions. The strong results indicate resilience in the banking system and could allow banks to return more capital to shareholders through dividends and buybacks.

Senate banking committee Chair Tim Scott, R-S.C., said the Senate parliamentarian has determined that a proposal to reduce the Consumer Financial Protection Bureau's funding can be subject to a simple majority vote. That would clear the way for the proposal's inclusion in the tax and spending megabill. The measure would lower the cap on CFPB funding transfers from the Federal Reserve System from 12% of the Fed's total operating expenses in 2009 to about 6.5%.

The New York Department of Financial Services is in talks with providers of buy now, pay later services and with other regulators to develop rules for the BNPL sector under a new state law, Superintendent Adrienne Harris said. The law sets a licensing requirement for BNPL loans, and it restricts fees and interest on point-of-sale installment financing that is designated as BNPL lending.

The end of a 90-day halt on President Donald Trump's tariffs is approaching, but major bank CEOs are signaling calm, downplaying the risk of a renewed summer trade clash. Despite market jitters over a potential return to "Liberation Day"-style disruptions, financial leaders suggest economic fundamentals remain intact.

Despite fears of a downturn from tariffs and policy volatility, the US economy has remained resilient, with the S&P 500 hitting a record high and inflation staying milder than expected. Business investment and hiring have continued, though consumer spending and GDP growth have shown signs of softening.

The Bank for International Settlements said the world economy faces heightened uncertainty due to trade fragmentation, rising debt and geopolitical shocks. Outgoing BIS chief Agustin Carstens warned that public trust in institutions is fraying and called for urgent action to strengthen economic resilience.

Banks are now allowed to obtain customers' taxpayer identification numbers, or TINs, from third-party sources rather than directly from the customers themselves prior to opening accounts under the Customer Identification Program. Collection of TINs via third parties had been allowed for credit card accounts prior to the update. The change comes through an exemption provided by the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, the Financial Crimes Enforcement Network and the National Credit Union Administration.

A Texas law designed to combat a surge in check fraud and mail theft is set to go into effect in September. Senate Bill 1281 introduces a penalty structure according to the number of stolen checks, a rebuttable presumption of intent for those who steal five or more checks, and increased penalties for crimes against the elderly and disabled. The law, supported by the Texas Bankers Association, also addresses theft involving master mailbox keys.

The Senate advanced the tax and spending package in a 51-49 procedural vote over the weekend, clearing the way for a "vote-a-rama" on amendments beginning this morning. House votes on the bill are expected to start at 9 a.m. on Wednesday if the legislation gains Senate approval. President Donald Trump has signaled that he wants the bill on his desk by July Fourth.