Business
Trump CFPB to tell banks immigration status may be considered in mortgage, credit decisions
Former Acting I.C.E. Director Jonathan Fahey joins Mornings with Maria to react to President Donald Trump’s border security claims, a reported 95% drop in crossings and the crackdown on drug cartels and fentanyl.
The Trump administration is planning to release a policy statement that will tell banks they may consider a client’s immigration status as part of their ability to repay when offering mortgages and credit cards, FOX Business has learned.
The Consumer Financial Protection Bureau (CFPB) is planning to issue a policy statement on Friday in the Federal Register that serves as a guidance for financial institutions in considering a consumer’s ability to legally work and earn income in the U.S. when making lending decisions, particularly when considering mortgage and credit card applications.
The policy statement, which was viewed exclusively by FOX Business, notes that it doesn’t have the force of law and isn’t legally binding and instead serves as a guidance to remind lenders of factors including immigration status that they may consider when extending credit to consumers.
“The Truth in Lending Act and its implementing Regulation Z require creditors to assess consumers’ ability to repay before offering mortgages and certain open-end credit products,” the CFPB’s policy statement said. “This statement emphasizes to creditors that these requirements may obligate consideration of a consumer’s immigration status, especially where removal from the U.S. may disrupt the consumer’s income.”
TRUMP EYES BANK CITIZENSHIP CHECKS AMID IMMIGRATION CRACKDOWN: REPORTS

The CFPB’s statement reminds banks that they may be obligated to consider immigration status in lending decisions if it may affect a borrower’s ability to repay. (David Paul Morris/Bloomberg via Getty Images)
“The obligation arises if documentation in the consumer’s application or other records indicates that the consumer’s repayment ability will change on account of their immigration status,” the CFPB said.
“In such a circumstance, a creditor must consider that information, just as they must consider anything else in the application or records at or before consummation indicating that there will be a change in a consumer’s repayment ability after consummation.”
“A failure to do so would overlook key information regarding the consumer’s income, and may risk the creditor failing to reasonably assess the consumer’s ability to repay the credit sought,” it added.
TRUMP ADMIN ENDING TAXPAYER SUPPORT FOR ILLEGAL IMMIGRANTS IN POSTSECONDARY EDUCATION

Financial institutions may consider immigration status as a factor in the ability to repay a mortgage loan or a line of credit for a credit card, the CFPB’s statement emphasized. (iStock)
The CFPB’s policy statement noted as an example that a financial lender may regard a credit applicant who doesn’t have legal authorization to be present in the U.S. or work in the country as “being subject to removal, in light of the Administration’s stated policy of removing any person unlawfully present in the U.S.”
That information can be derived from either a direct inquiry or from the consumer’s reliance on “atypical identification methods, such as an Individual Taxpayer Identification Number (ITIN), typically issued to taxpayers… who lack proof of legal residency.”
SOCIAL SECURITY INSOLVENCY COULD SPEED UP WITH ILLEGAL IMMIGRATION CRACKDOWN

The policy statement issued by the Consumer Financial Protection Bureau (CFPB) doesn’t have the force of law. (Anna Moneymaker/Getty Images)
CFPB said in the document that it “expects compliance with the law and failure to account for such a reasonably expected change in income may not comply with a creditor’s obligation to reasonably assess a borrower’s ability to repay the loan or line of credit sought.”
It also noted that there are a range of lawful immigration statuses under U.S. law and added, “Assessing how each status might bear on a lender’s reasonable expectation that a consumer has the ability to repay an obligation with U.S.-based employment income is varied, and it cannot be assumed that consumers with different lawful statuses have identical abilities to repay.”
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As a result, the CFPB isn’t providing a comprehensive analysis of how the reasonable expectation of a consumer’s ability to repay may vary based on immigration status, and instead reminds creditors of when future changes in borrower income must be considered under Regulation Z.
Business
Luxury spending now driven by experiences and ‘inheritourism’
Filippobacci | E+ | Getty Images
Luxury spending is expected to rebound this year, driven mainly by experiences rather than luxury goods, according to a new study.
After two years of declines, luxury goods sales are expected to grow between 1% and 4% in 2026, according to a report from Bain & Co. and Altagamma. Personal luxury goods sales are projected to reach between 365 billion euros and 373 billion euros (US$413.6 billion to US$422.7 billion) this year.
The tensions in the Middle East continue to dampen sales. Dubai, United Arab Emirates, was one of the fastest-growing luxury markets in the world before the Iran war but relies heavily on tourism and has yet to show signs of recovery. The report said that if the Middle East stabilizes and demand in China strengthens, luxury goods sales could post growth this year.
The U.S. is now the leading country for luxury goods growth for the first time since 2021, according to the report. It said that growth in the U.S. is being driven in large part by aspirational consumers.
At the same time, the priorities and spending of wealthy consumers around the world is shifting. The report said travel, events and dining experiences are becoming more important than buying status goods for show. While luxury goods sales are expected to grow between 1% and 4%, experiences are on track for growth of between 3% and 7% this year, the report said. Bookings in dining, leisure and entertainment are up around 30% this year.
“What we’re seeing across experiential luxury this year is resilience concentrated in the categories that offer something money can’t easily replicate: time, access and meaning,” said Claudia D’Arpizio, a senior partner at Bain & Co. “Luxury is increasingly about how people live rather than what they own.”
Trips to nontraditional and less crowded destinations are growing. “Immersive wayfaring,” or bespoke, slow-travel experiences rooted in discoveries and traditions are also growing more popular. Travel to nontraditional locations is up 20%, according to the report.
The report also cites the rise in “inheritourism,” in which wealthy families travel together and Gen Zers adopt the travel tastes and preferences of their parents.
Cruises in particular are drawing many first-time buyers along with repeat customers. Fine dining and gourmet food are being driven by a “less-but-better” mindset and fine arts are returning to growth.
“Consumers aren’t simply spending more; they’re spending differently, in pursuit of moments that feel personal and authentic,” D’Arpizio said.
Business
Buc-ee’s opens first Arizona location as chain plans 15 new travel centers
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Buc-ee’s is fueling up for a larger national expansion, with 15 additional travel centers in the pipeline as the Texas-based chain pushes its empire farther beyond its home state.
The company opened its first Arizona location on Monday in Goodyear, a suburb of Phoenix, marking Buc-ee’s first stop in the Grand Canyon State and giving road-trippers another supersized destination for fuel, snacks and the chain’s famously clean restrooms, according to USA Today.
The 74,000-square-foot travel center features 120 fuel pumps and will operate 24 hours a day, 365 days a year. The store is expected to create more than 200 jobs, and city officials said as many as 40,000 vehicles could visit during opening day and the following week, the outlet reported.
BUC-EE’S SET TO DEBUT IN 6 NEW STATES IN MAJOR EXPANSION PUSH ACROSS US

Buc-ee’s has 15 additional travel centers in the pipeline as the Texas-based chain pushes its empire farther beyond its home state. (Getty)
“We could not have picked a better location for our first store in the Grand Canyon State. Perfectly placed for our road-trippers headed out to California or coming in for the destination-rich Phoenix area, Goodyear will be the place to stop,” Stan Beard, director of real estate development at Buc-ee’s Ltd., said in a statement.
Buc-ee’s, founded in 1982, has grown from a Texas roadside favorite into one of the state’s most recognizable exports. The chain now has 56 locations across 13 states.
More openings are already on the calendar for 2026. A Buc-ee’s spokesperson confirmed to FOX Business upcoming locations in San Marcos, Texas, on Aug. 12; Benton, Arkansas, on Aug. 17; and Murfreesboro, Tennessee, on Nov. 16.
BELOVED BUC-EE’S CONVENIENCE STORE CHAIN FACES CUSTOMER SERVICE CRISIS AFTER DEVASTATING ‘F’ RATING

The chain now has 56 locations across 13 states. (Valerie Plesch/For The Washington Post via Getty Images)
The company’s website also lists several planned locations but does not specify exact opening dates.
Six are expected in 2027: Ruston, Louisiana; Kansas City, Kansas; Gallaway, Tennessee; St. Lucie, Florida; Boerne, Texas; and Monroe County, Georgia.
Two more locations are listed for 2028: Mebane, North Carolina, and Lafayette, Louisiana.
WILDLY POPULAR GAS STATION BUC-EE’S TO OPEN FIRST-EVER LOCATIONS IN NEW STATES THIS SUMMER

Buc-ee’s, founded in 1982, has grown from a Texas roadside favorite into one of the state’s most recognizable exports. (Brandon Bell/Getty Images)
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Additional stores are planned for 2029 and beyond, including Ocala, Florida; West Memphis, Arkansas; Oak Grove, Kentucky; and Hardeeville, South Carolina, which is listed for 2031.
Earlier this year, the company opened its first Ohio location in Huber Heights, according to FOX 8 News.
Business
May PCE: Fed’s favored inflation gauge accelerated in May
Clear Harbor Asset Management founder and CEO Aaron Kennon analyzes the Federal Reserve’s recent hawkish pivot under chairman Kevin Warsh on ‘Making Money.’
The Federal Reserve’s preferred inflation gauge rose in May as price pressures persist in the wake of the energy shock caused by the Iran war.
The Commerce Department on Thursday reported that the personal consumption expenditures (PCE) index rose 0.4% on a monthly basis in May and is 4.1% higher than a year ago.
The monthly figure came in slightly cooler than the expectations of economists polled by LSEG, who predicted a 0.5% rise, while the annual figure was in line with the estimate.
Core PCE, which excludes volatile measurements of food and energy prices, was up 0.3% on a monthly basis and 3.4% from a year ago. Both figures were in line with expectations.
FEDERAL RESERVE LEAVES INTEREST RATES UNCHANGED AS WARSH ERA BEGINS
Federal Reserve policymakers are focused on the PCE headline figure as they try to bring inflation back to their long-run target of 2%, though they view core data as a better indicator of inflation. Compared with April’s readings, headline PCE rose from 3.8% to 4.1%, while core PCE increased from 3.3% to 3.4%.
Goods prices were up 2.3% in May from a year ago, and were up 0.4% from the prior month.
Services prices rose 2% compared with a year ago, and were up 0.5% on a monthly basis in May.
US ECONOMY GREW AT 2.1% IN FIRST QUARTER
The personal savings rate as a percentage of disposable personal income was 3% in May, a level that was unchanged from the prior month.
Since the start of 2025, the personal savings rate has declined from a peak of 5.5% in April 2025, and it began this year with a 4.4% reading in January.

The energy price shock caused by the Iran war has helped drive inflation higher. (Ariana Drehsler/Bloomberg via Getty Images)
What experts are saying
Heather Long, chief economist at Navy Federal Credit Union, said that, “Inflation is at a 3-year high due to the war in Iran and it’s painful for middle-class and moderate-income Americans.”
“People are spending more on gas, along with healthcare and utilities. New Fed Chair Kevin Warsh has made his commitment clear to bring inflation down,” Long said. “The key will be how much relief happens by September. In encouraging news, jobless claims remain low and the personal savings rate ticked up slightly in May.”
AMERICANS GROW MORE PESSIMISTIC ABOUT FINANCES AS RENT AS FOOD COST FEARS SURGE, FED SAYS

Americans’ household budgets are strained by elevated inflation. (Justin Sullivan/Getty Images)
Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management, noted that “Sliding oil prices will take a while to work their way through the economy.”
“Today’s data is a reminder that inflation remains well above target and growth remains solid. This will keep the Fed on hold for quite some time, until conditions allow for a cut,” Zentner added.
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Jeffrey Roach, chief economist at LPL Financial Research, said that, “Given the growth trajectory, the Fed is rightly focused on price stability and will remain hawkish this summer.”
“If the Iran crisis creeps into Labor Day timeframe, we have a much higher chance that inflation pressures will seep into other categories and will force the Fed’s hand,” Roach said.
Business
IBM hails new 'block of flats' design breakthrough for ultra tiny chips
IBM says it has created the world’s first known chip tech below 1 nanometre – but it will be some time before it’s ready for production.
Business
Gousto to close Lincolnshire warehouse, with 290 jobs at risk
A company that sells meal kits is to close its Lincolnshire warehouse, putting 290 jobs at risk.
Gousto said it would shut its Clay Lake unit, near Spalding, and centralise the production of its food boxes at one site in Cheshire to reduce costs.
The firm said it had heavily invested in its Warrington facility, where about 600 people work.
It also said running two warehouses was no longer efficient and was leading to duplication.
Founder and chief executive Timo Boldt said the closure was “an incredibly difficult proposal given the impact on our colleagues in Clay Lake, who have contributed enormously to Gousto’s journey over a number of years”.
“In a highly competitive food market, it is however essential that we operate as efficiently as possible so that we can continue to invest in our proposition and keep prices as low as possible for customers,” he said.
“Our focus now is on supporting people through this process with care, respect and practical help.”
The BBC has contacted the company for a response.
Listen to highlights from Lincolnshire on BBC Sounds, and watch the latest episode of Look North.
Business
US economy grew at 2.1% in first quarter
Former Council of Economic Advisors acting chair Tomas Philipson discusses the price of crude oil and the Middle East conflict on ‘The Bottom Line.’
This is a developing story about the final reading of U.S. first-quarter GDP. Please check back for updates.
The U.S. economy grew at a faster pace than expected in the first quarter, according to the Commerce Department’s estimate.
The Bureau of Economic Analysis (BEA) on Thursday released its final reading of first-quarter GDP, which showed the economy grew at an annualized rate of 2.1% in the three-month period including January, February and March.

The Commerce Department released its final estimate of first-quarter GDP on Thursday. (Brandon Bell/Getty Images)
That figure was higher than the expectations of economists polled by LSEG, who had estimated 1.6% GDP growth in the first quarter. The figure was initially estimated at 2% before it was lowered to 1.6% in the BEA’s first revision.
Business
Lifezone Metals: The Asset Quality Is Real, But Binding Financing Terms Have Not Arrived
I am an individual investor who is now fully focused on managing my own capital. My investing background focuses on value investing with an emphasis and interest in small to mid-cap stocks. I believe history often repeats itself, and investors can gain valuable insights into the future of companies by examining their historical performance and industry peers. By understanding the history of how they got here, meaningful insights can be inferred about where the companies are going in the future. The reason to write on SeekingAlpha is to use this platform as a tracker for my investing ideas, research, performance, and also to connect with like-minded investors who have similar investing interests. I believe clarity of thought can not be obtained without clarity in writing. Putting ideas down on paper helps me refine my thinking and thesis. I tend to write a lot as I look at multiple companies a day and use writing as a tool to track and evaluate my ideas. By writing down all of my ideas it will help me to become a better investor. Although my focus is on small to mid-cap companies, I have an interest in analyzing technology, mining and the retail industry. One area I tend to avoid is biotech, as the industry is highly specialized with technical knowledge requirements and almost impossible for generalists to gain an edge. I hold a degree in accounting, and it has been particularly useful when analyzing companies that are under financial distress (commonly amongst small to mid-cap companies). Evaluating the company’s solvency and ability to continue operations is one of the necessary checks.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Business
AREH to start life as 1GW green hub, hydrogen plant
One of Australia’s largest planned renewable energy projects will begin life as a 1-gigawatt wind and solar farm feeding power to a future Port Hedland hydrogen site.
Business
Elon Musk Proposes Humorous Name for Potential AI Regulatory Body Amid Industry Growth
Potential name for the AI industry regulatory authority:
AI Associated Institute of America, Inc or AIAIAI, pronounced “ay yai yai”
— Elon Musk (@elonmusk) June 25, 2026
Elon Musk, the chief executive of xAI and Tesla, suggested a tongue-in-cheek name for a potential artificial intelligence regulatory authority, sparking discussion about the future of AI oversight as the technology continues rapid advancement.
Musk proposed “AI Associated Institute of America, Inc.” or AIAIAI, pronounced “ay yai yai,” in a post on X. The comment highlighted ongoing debates about how governments should approach regulation of artificial intelligence systems while the industry expands at unprecedented speed.
The suggestion comes as policymakers worldwide grapple with balancing innovation incentives with concerns about safety, bias, job displacement and potential misuse of powerful AI models. Musk has been vocal about both the opportunities and risks associated with artificial intelligence development.
His companies, including xAI, Tesla and SpaceX, are deeply involved in AI applications ranging from autonomous driving to scientific discovery. Musk’s perspective carries significant weight in technology circles given his track record of ambitious projects.
Context of AI Regulation Discussions
Governments and international organizations have proposed various frameworks for AI governance. The European Union has implemented comprehensive AI regulations, while the United States has taken a more sector-specific approach with executive orders and agency guidelines.
Industry leaders, researchers and ethicists continue debating optimal regulatory structures. Concerns include ensuring AI systems remain aligned with human values, preventing harmful applications and maintaining global competitiveness.
Musk has advocated for proactive regulation while warning about potential existential risks from superintelligent AI. His proposal for AIAIAI reflects a skeptical view of bureaucratic approaches while acknowledging the need for some oversight.
The humorous acronym plays on the Spanish expression “ay, ay, ay,” often used to express dismay or surprise. This lighthearted tone contrasts with the serious nature of AI governance discussions.
Industry Growth and Challenges
Artificial intelligence development has accelerated dramatically, with major companies investing billions in computing infrastructure and talent. Models like those powering chatbots, image generators and autonomous systems demonstrate increasing capabilities.
xAI, Musk’s AI venture, focuses on understanding the universe through advanced models. The company’s Grok chatbot aims for maximum truthfulness and helpfulness without heavy content restrictions.
Regulatory uncertainty creates challenges for companies planning long-term investments. Clear frameworks could provide certainty while addressing legitimate safety concerns raised by experts.
International coordination remains difficult as nations compete for technological leadership. Differing approaches risk creating fragmented global standards that complicate compliance.
Broader Implications
Effective AI regulation could help mitigate risks while preserving innovation benefits. Poorly designed rules might stifle progress or drive development to less regulated jurisdictions.
Public trust in AI systems depends on transparency, safety measures and accountability. Regulatory bodies could play important roles in establishing standards and enforcement mechanisms.
Musk’s comment highlights the tension between rapid technological advancement and governance needs. His companies’ experiences with regulation in automotive, space and social media sectors inform his perspective.
The AI industry’s growth affects numerous sectors, from healthcare and education to transportation and entertainment. Balanced oversight could maximize benefits while addressing legitimate concerns.
Musk’s Influence on AI Discourse
As one of technology’s most prominent figures, Musk’s statements often shape public and industry conversations. His warnings about AI risks have influenced policy discussions while his companies push boundaries in practical applications.
The AIAIAI suggestion reflects Musk’s characteristic blend of humor and serious commentary. Similar playful proposals have appeared in his commentary on other regulatory topics.
xAI’s mission to advance scientific discovery through AI represents one approach to beneficial development. The company’s progress will be watched alongside regulatory developments.
Future Regulatory Landscape
Policymakers face the challenge of creating adaptable frameworks for rapidly evolving technology. Agile regulation that can respond to new capabilities may prove more effective than static rules.
International cooperation could help establish consistent standards while respecting national priorities. Organizations like the United Nations and OECD continue facilitating dialogue on AI governance.
Industry self-regulation through best practices and safety commitments offers another avenue for responsible development. Many companies have signed voluntary agreements addressing key concerns.
The coming years will likely see continued evolution in AI regulation as capabilities advance and societal impacts become clearer. Musk’s commentary contributes to this ongoing conversation about balancing innovation with safety.
As artificial intelligence becomes more integrated into daily life, public understanding and engagement with governance issues will grow in importance. Transparent discussion about benefits and risks helps inform policy decisions.
Musk’s proposal, while humorous, draws attention to the need for thoughtful approaches to AI oversight. The technology’s transformative potential requires careful consideration of how best to guide its development for maximum benefit to humanity.
Business
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