Regulation

Such concerns have taken on new importance with recent advances in artificial intelligence tools, which are "the most transformative technology of our time," Securities and Exchange Commission Chair Gary Gensler says.

If regulators push forward with plans to strengthen capital requirements for banks with more than $100 billion of assets, the nation's largest bank says, the cost of credit would rise and more consumers could seek out nontraditional lenders.

The longtime chief executive of the Federal Reserve Bank of St. Louis will leave his post after 15 years to take an administrative position at Purdue University.

Before a hearing in which Sen. Elizabeth Warren, D-Mass., said she would reintroduce legislation making it harder for large banks to merge, the Senate Banking Committee sent three Federal Reserve nominees to the full Senate.

Voters so far are lukewarm on the president's efforts to change the narrative around his handling of the economy, but the administration's bid to win the economic messaging war could cause Washington to come down more harshly on banks.

The Consumer Financial Protection Bureau ordered Bank of America to repay $100 million to customers who were charged multiple penalty fees when their accounts did not have enough money to cover payments, as well as those who did not receive the credit card rewards they were promised. The bank was also fined for opening a small number of accounts without customers' authorization.

The acting comptroller of the currency says regulators are aligned on rule changes, but noted that forthcoming policy proposals are being driven by more than just recent bank failures.