The banking industry and others continue to push back on Biden administration's proposal to require banks to submit customer transaction data to the Internal Revenue Service. "The implications of this reporting and data collection scheme are serious and far-reaching," said Sam Whitfield, senior vice president of congressional affairs for the Consumer Bankers Association.

The Consumer Financial Protection Bureau rule that limits small-dollar lenders from accessing consumer bank accounts for payments has been delayed as the Community Financial Services Association of America appeals the rule. Small-dollar lenders can continue doing business as usual as the appeal moves forward, said the CFSA.

Analysts are monitoring this week's earnings reports from regional banks for signs of accelerating growth in loan issuances, which they say would indicate recovery from the supply chain bottlenecks that have been impeding growth. "It seems likely to us that the next significant move is up -- not down -- for the simple reason that it can't possibly come down as much as it already has," said Oppenheimer analyst Chris Kotowski.

Truist bank's massive integration is nearing completion, following the bank's formation from the merger of SunTrust and BB&T. The remaining efforts include rebranding all branches as Truist and migrating SunTrust's retail and commercial customers to Truist's platform, which CEO Bill Rogers said should be complete in the first quarter of next year.

Health care investment bank TripleTree is being purchased by Capital One for an undisclosed amount. The bank will operate as a wholly owned subsidiary of Capital One.

Leaders of banks including Bank of America, Goldman Sachs and Morgan Stanley have said in recent days a bout of inflation is more than transitory. BofA CEO Brian Moynihan and Goldman CEO David Solomon have cited wage increases as a factor. "There is definitely inflation -- we haven't seen it in a while, and the question is what choices do we make from here," Solomon says.

The long-term reliability of stablecoins remains uncertain as they have "suspicious collateral behind them," said PNC CEO Bill Demchak. Regulators must act soon or risk more savings being tied to stablecoins, Demchak said.

Traders expect some $20 billion in investment-grade bonds to be issued this week, including offerings from leading financial firms that posted third-quarter earnings last week. Bank of America and Morgan Stanley have issued debt on the back of strong earnings reports, while JPMorgan Chase and Citigroup are expected to follow suit by year-end.

Democratic lawmakers are stepping up pressure on the Biden administration to take action on federal student loan forgiveness. Progressives in the party are calling on Biden to forgive as much as $50,000 of debt per borrower, though Biden has said he is open to up to $10,000.

To highlight the #SmallBusinessSpotlight campaign unveiled in May, the International Franchise Association (IFA), the National Association of Women Business Owners (NAWBO) and the US Hispanic Chamber of Commerce (USHCC) released a trailer showcasing how banks and small businesses worked together to save jobs, support their communities and drive America's economic recovery forward throughout this pandemic. The trailer features testimonials from small business owners who were able to keep their doors open, lights on and employees on payroll through Paycheck Protection Program loans thanks to their relationship with America's leading banks. Be sure to share your story today and click here to watch the new trailer.