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ROME, Italy—Federal Reserve Governor Christopher J. Waller said central banks must focus on current economic conditions rather than historical averages when setting monetary policy, arguing that the unique circumstances following the pandemic demonstrate why "initial conditions" are critical to understanding how policy will affect the economy.

WASHINGTON—Federal banking regulators are diverging in how they plan to unwind the Biden Administration's overhaul of the Community Reinvestment Act (CRA), with the Federal Reserve remaining in litigation while the FDIC and Office of the Comptroller of the Currency move to exit a pending Fifth Circuit appeal, according to new court filings reported by Law360.

OSHKOSH, Wis.— The $1.6-billion Verve, a Credit Union, has entered into a multiyear partnership with the Chicago White Sox, a move the credit union said will expand its presence in the Chicago market while strengthening ties to the South Side community.

SAN FRANCISCO—Former Silicon Valley Bank CEO Greg Becker testified during a California federal bench trial that he received millions of dollars in compensation and sold nearly $30 million in company stock as regulators were downgrading the bank’s risk-management rating ahead of its 2023 collapse, Law360 reported.

CHEYENNE, Wyom.--The $281-million Western Vista Credit Union has become the newest members of the Defense Credit Union Council, DCUC announced.

WASHINGTON—A bloc of conservative House Republicans on Tuesday derailed Speaker Mike Johnson's effort to advance the fiscal 2027 National Defense Authorization Act (NDAA), defeating a procedural rule needed to bring the annual defense policy bill to the floor and throwing the House agenda into uncertainty, The Hill reported.

WASHINGTON— Mortgage applications increased 0.04% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 26. 

WASHINGTON—Sen. Elizabeth Warren (D-MA) is pressing Capital One to disclose whether executive Brian Johnson, President Donald Trump’s nominee to run the CFPB, had any role in the agency’s decision to drop a major enforcement case against the bank.