The Consumer Financial Protection Bureau said in a court filing that it "will undertake efforts to issue an interim final" rule on personal financial data rights, noting that it "anticipates having sufficient funds to continue operations until at least" Dec. 31. Meanwhile, the Justice Department said in a legal filing that a preliminary injunction in a lawsuit brought by the CFPB's union does not require acting Director Russell Vought to request funding for the agency from the Federal Reserve System. The department also contends that the court does not have jurisdiction to alter the injunction while an appeal in the case is underway.

Student loan borrowers participating in the Biden-era Saving on a Valuable Education plan would need to switch to another repayment option under a proposed settlement announced by the Trump administration. The US Court of Appeals for the 8th Circuit blocked the SAVE plan in February.

Major US banks are reporting productivity improvements due to AI. Citigroup and Wells Fargo executives said AI is improving productivity and efficiency in coding, while JPMorgan Chase's Marianne Lake said she expects a 40% to 50% productivity increase among operations specialists. Wells Fargo CEO Charlie Scharf said AI has not led to job cuts at the bank but could have an impact on companies' headcount decisions in the future.

KeyCorp has no plans to pursue acquisitions, despite industry consolidation, and will instead put excess capital toward share buybacks, CEO Chris Gorman said. Gorman reiterated the company's commitment to organic growth, a stance that aligns with recent demands from activist investor HoldCo Asset Management. KeyCorp is planning $200 million in buybacks in the fourth quarter, with more next year.

EJF Capital, an alternative asset manager, is collaborating with "seven or eight smaller US regional banks" in pursuit of significant risk transfers attached to loan portfolios worth about $3.25 billion overall, with pricing potentially at low-double-digit yields, co-CEO Neal Wilson said. The transactions are expected to close in the next 12 to 18 months and primarily involve commercial real estate assets.

The Federal Reserve headed into this week's policy meeting facing an unusual degree of division, with some economists predicting that three members could vote against a rate cut. However, many economists are predicting that the Fed will ultimately lower rates by a quarter point while signaling that it could take a more cautious approach going forward.