Politics

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The Consumer Financial Protection Bureau is laying off more than 1,400 employees just days after a panel of judges said the bureau couldn't fire employees without an assessment of whether the workers are unnecessary to perform the bureau's legally mandated duties.

The state and local tax deduction is a write-off that most Americans will never claim, even in the districts of the lawmakers fighting hardest to increase the tax break, data analyzed by Bloomberg News shows. 

Federal Reserve Gov. Michael Barr — who recently stepped down as the central bank's vice chair for supervision — urged banks and regulators to use emerging technologies to keep pace with bad actors.

In a post on his social media platform Thursday morning, the president criticized the Federal Reserve's reluctance to lower rates and said the chair's departure "could not come soon enough."

The Consumer Financial Protection Bureau and Townstone Financial, a Chicago mortgage lender that it sued in 2020, jointly asked a federal court to vacate a settlement, saying the case should never have been filed.

The Federal Housing Administration has accelerated the timeline and will make the wait time for repeat home retention requests longer than originally planned.

In internal shakeup, the Office of the Comptroller of the Currency will unify supervision divisions, revive the Chief National Bank Examiner office, and elevate IT oversight as part of a broader streamlining push.

Federal Reserve Chair Jerome Powell warned that actions that undermine the apparent stability of the U.S. economy could have lasting effects on its status as a global safe haven.

Senators want to investigate the rapid changes to Fannie Mae and Freddie Mac's boards of directors, and seek more clarity about reported layoffs.