AGP Executive Report
Last update: 2 hours agoBank Enforcement: Federal regulators fined American Express National Bank $350 million, saying weak anti-money-laundering controls let about $13 billion in suspicious transactions go undetected from 2014 to 2025. Bank of America also faces a reported $1.2 billion penalty over money-laundering and sanctions violations. Debanking Review: The OCC accused nine major banks, including JPMorgan Chase, Bank of America, TD and BMO, of restricting services for some customers based on political views; the findings stemmed from a review of customer complaints. Inflation and Retirement: September inflation reached 3.7% year over year, edging above the 3.6% Social Security cost-of-living increase set for 2027. The adjustment adds about $75 a month on average, but may not preserve retirees’ purchasing power. Deficits and Markets: The IMF urged Washington to use tax or spending measures to rein in deficits, warning growth alone will not bring debt under control as bond yields rise. Big banks delivered mixed earnings, while executives said the IPO market could pick up.
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