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Financial institutions news from around the web: June 27 – July 1, 2022

Written on Jun 28, 2022

Lack of financial literacy costing consumers, but banks can help 
A new survey shows a lack of personal finance knowledge costs an estimated average of $1,389.06 per individual, or $352 billion total in the U.S. each year. The ABA Foundation provides financial education programs and resources for bankers to help them strengthen the financial well-being of their communities. 

Treasury launches new effort to improve resilience of its market 
The U.S. Department of the Treasury, in consultation with the Inter-Agency Working Group on Treasury Market Surveillance (IAWG), has taken the next step in its work to bolster Treasury market resilience by publishing a request for information (RFI) to solicit public feedback on additional post-trade data transparency in the Treasury securities market.  

Marijuana banking reform will not be enacted as part of manufacturing bill, congressional leaders agree 
In the interest of getting the larger legislation passed more expediently before the August recess, legislative leaders scaled the bill down. That included keeping the SAFE Banking Act out of the legislation. The news is a source of serious frustration for supportive lawmakers, stakeholders and advocates. 

Fed says banks could withstand 10% unemployment, 55% stock price drop in annual stress test 
The Fed says banks will have enough capital to keep lending even if unemployment rises to 10% under a hypothetical scenario.