Bowman sworn in as Fed vice chair for supervision

FAFT announced several revisions to its recommendation on payments transparency, which it said will enhance the safety and security of cross-border payments to better detect financial crime.

Privately-owned housing units authorized by building permits in May increased to a seasonally adjusted annual rate of 1.393 million, according to the U.S. Department of Commerce.

The Senate voted in favor of legislation to establish a regulatory framework for payment stablecoins, with proposed amendments to establish routing mandates and interest rate caps for credit cards left out of the final bill.

The CFPB will issue an interim final rule today to push back by roughly a year the compliance dates for its small-business data collection requirements, according to a filing in the Federal Register.

The Senate Finance Committee released its reconciliation tax text that contains several differences from the version passed by the House, including changes to provisions related to the ACRE Act and the Section 199A passthrough business deduction.

Business inventories in April came in at $2.66 trillion, virtually unchanged from the month prior and up 2.2% from a year ago, the Commerce Department said.