The Senate today failed to override President Biden’s veto of a joint resolution to overturn the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act. S.J. Res. 32 by Sen. John Kennedy (R-La.) cleared both houses of Congress last year by bipartisan votes, but Biden vetoed the resolution in December. Congress can override a veto if two-thirds of lawmakers in the House and Senate vote to overturn the president’s action, but the motion failed on a 54-45 vote.
Real gross domestic product decreased at an annual rate of 0.5% in the first quarter of 2025, according to the Commerce Department’s second estimate.
The Federal Reserve released the agenda for its July 22 conference on “the key pillars” of the regulatory capital framework for large banks.
New single-family home sales in May were at a seasonally adjusted annual rate of 623,000, according to the Census Bureau and HUD.
Federal banking regulators made available the 2025 list of distressed or underserved nonmetropolitan middle-income geographies.
A proposal to prevent the Federal Reserve from paying interest to banks would not save the government money nor make more credit available, Fed Chairman Jerome Powell said.
FinCEN issued orders identifying three Mexico-based financial institutions as being of primary money laundering concern in connection with illicit opioid trafficking.
