Crapo to Take Up Cannabis Banking Legislation

The order permits banks to obtain TIN information from a third party rather than the customer as long as the bank otherwise complies with the customer identification program rule.

Under the recession scenario, the CET1 capital ratio declined by 1.8 percentage points in the aggregate. The Fed has proposed averaging results over multiple years to reduce volatility in calculating capital requirements.

Consumer spending rose 0.5% in the first quarter, down from 1.2% in an earlier estimate. Further, a 0.3% decrease in real PCE in May signals that consumer spending is continuing to trend downwards in Q2 2025.

The Fed, FDIC and OCC issued a joint request for comment on a proposal to modify certain regulatory capital standards for large banks. Comments are due Aug. 25.

Personal income decreased 0.4%, or $109.6 billion, in May, the Commerce Department said. The personal savings rate was 4.5%.

The University of Michigan Consumer Sentiment Index increased 16.3% in June compared to the month prior, landing at 60.7, according to final results for the month.