Existing-Home Sales Continued Drop in May

The OCC announced several actions to reduce the regulatory burden on community banks by tailoring the frequency and scope of bank examinations to the risk presented by bank operations, and by focusing examinations on material financial risk.

The Treasury Department announced the creation of the new position of IRS chief executive officer and tapped current Social Security Administration Commissioner Frank Bisignano to fill the role.

FinCEN is seeking public comment on the reporting burden under its Section 314(a) regulations, which require financial institutions to search records and report matches to the agency within 14 days.

A new study of investor behavior during the 2023 bank runs found that news coverage was at least as important as underlying bank fundamentals in driving investor perceptions of bank risk.

Overall residential mobility has declined in response to reduced home affordability, with the share of the population moving each year declining to 11.8% in 2024, from 15.4% in 2010.

Economic activity in the services sector was unchanged in September. A Services PMI reading of 50% was at the breakeven point between expansion and contraction for the first time since January 2010.