Daily Brief · November 9, 2026
FinCEN and Fed withdraw proposal to lower cross-border transfer reporting threshold
The agencies cited comments warning of significant burdens on financial institutions, particularly smaller banks. The withdrawn proposal would also have expressly included convertible virtual currencies in the definition of money.
- Retained threshold
- $3,000international transfers
- Withdrawn threshold
- $250covered cross-border transfers
Policy
October jobs beat forecasts, strengthening the case for higher rates
Markets priced a 75% chance of a quarter-point December increase, American Banker reported. The ABA's economists said continued job growth and low unemployment should support spending and loan demand.
- Jobs added
- 165,000vs 65,000
- Unemployment rate
- 4.1%vs 4.2%
- Prior revisions
- +84,000August and September
FinCEN bars U.S. financial institutions from processing MEXC transfers
Treasury said the exchange facilitated illicit transactions tied to sanctions evasion and cybercrime. FinCEN designated Seychelles-based MEXC Global a financial institution of primary money laundering concern.
- Illicit transactions
- ≥$16BTreasury allegation
Coinbase wins final OCC national trust charter approval
Coinbase says the charter enables expanded custody capabilities under a single federal framework. The company announced Monday that the OCC had granted final, unconditional approval on Friday.
Credit
FNWB First Northwest reported a Q3 loss (October 29 results recap)
The $743,000 loss reflected higher credit provisions and a legal settlement. Nonperforming loans declined and allowance coverage improved, while customer deposits grew.
- Net loss
- $743KQ3 2026
- Diluted EPS
- -$0.08vs $0.09
- Credit provision
- $0.7MQ3 2026
- Customer deposits
- $1.576Bvs $1.549B q/q
BankAnalysis data · September 30
First Fed Bank's efficiency ratio was 98.18%, the highest of 125 peers (median 61.88%).
Deals and capital
BSVN Bank7 completes its acquisition of Century Financial Services
The transaction involved a court-ordered sale of the Santa Fe-based bank holding company, American Banker reported.
BankAnalysis data · September 30
Bank 7's net interest margin was 4.85%, higher than 86% of 125 peers (median 4.02%).
Other
PNC PNC expands its planned branch buildout across the Southeast
Retail chief Alex Overstrom will succeed Rob Reilly as CFO in March 2027; Reilly becomes executive vice chair.
- New branches
- 53South Carolina, Georgia
- Additional branches
- 10Texas, Florida, NC
- Buildout goal
- 370by 2031
Datos Insights projects first-party card fraud losses rising to $4.8 billion by 2028
The global forecast covers financial institutions and merchants and compares with estimated losses of $3.9 billion in 2025.
Also today
- BPI found only two of the 10 largest dollar stablecoins met GENIUS Act reserve requirements.Bank Policy Institute
- Prosecutors allege AI-powered executive impersonators took $2.68 million from a Rhode Island bank.American Banker
- FINRA fined Citigroup Global Markets $250,000 for delayed fraud reporting and suspicious activity filings.FX News Group