Chicago Fed’s Werkema to Lead Payments Overhaul

The U.S. banking system remains resilient but there are pockets of potential vulnerability that need continued monitoring, such as in the areas of commercial real estate, third-party relationships and cybersecurity, the Financial Stability Oversight Council said.

U.S. consumers plan to spend an average of $677 on holiday gifts this holiday season, up 3.4% from $654 last year.

The University of Michigan Consumer Sentiment Index increased 3.4% in December compared to the month prior, landing at 74, according to preliminary results for the month.

The U.S. economy added 227,000 nonfarm jobs in November. The unemployment rate was little change at 4.2%.

More than half of U.S. small businesses are financially unhealthy, with a majority of those companies carrying revolving debt on their debit cards, according to a survey by J.D. Power.

The House voted in favor of the Prove It Act, which would strengthen federal standards that require regulatory agencies to consider the economic effects of regulation on businesses.