Wednesday, October 14, 2026

The Treasury Department announced more than $1.2 billion in combined penalties against Bank of America on Tuesday, covering FinCEN, OCC and OFAC actions, marking the third-largest penalty in Treasury history. Regulators said the bank failed to timely report over $5 billion in suspicious transactions, including activity linked to Chinese money-laundering networks and suspected trade-based laundering near the U.S.-Mexico border. Bank of America admitted to willfully violating anti-money-laundering laws.

A White House official confirmed Wednesday that the administration will appeal Judge Timothy Kelly's preliminary injunction, which requires the White House to keep granting CNN, MS NOW and Politico journalists press credentials while their lawsuit proceeds. Kelly found the September 18 revocation likely violated the outlets' First and Fifth Amendment rights. The official called the ruling misguided and said the outlets could report from outside. Attorney Theodore Boutrous Jr. welcomed the ruling.

The Consumer Price Index rose 3.7% over the year to September, up from 3.4% in August, the Bureau of Labor Statistics reported. Monthly prices increased 0.6%. The rise was driven largely by higher energy costs, including a 9.1% jump in gas prices. The report comes ahead of the midterm elections and keeps pressure on the Federal Reserve and President Trump over price pressures.

Following Monday's search of her Washington home, federal agents seized Rep. Ilhan Omar's phone and subpoenaed family members as part of the immigration investigation, NBC News reported. Vice President JD Vance said the Justice Department is investigating Omar for possible immigration fraud and that the administration would not interfere but would enforce the law if fraud is found. Omar called Vance "delusional," saying, "That is not something that is happening." Her husband said he has "no concerns" about her immigration status.

Abdulrahman Alfozan, a 35-year-old Saudi national who had worked as an engineer at OpenAI since July, was arrested and charged with using or attempting to use a device to intercept communications. Prosecutors say a device wrapped in toilet paper was found inserted in a USB port on the back of a TV in an executive conference room. OpenAI said the device was built to evade detection and that Alfozan had planned to secretly record meetings in other sensitive spaces.

Netflix told employees Wednesday it is cutting about 1,000 jobs, roughly 6% of its workforce, mainly in product, tech, legal and human-resources teams. Co-CEOs Greg Peters and Ted Sarandos said in a memo the company was making "focused choices across the business" and remained on track to meet its full-year forecast. The move follows slowing revenue growth and a stock decline of more than 40% over the past year.

A federal appeals court panel held a hearing Wednesday on President Trump's deployment of National Guard troops in Washington, D.C., which has continued for more than a year. Judges questioned government lawyers about whether there are any limits on a president's authority to call up the Guard in the capital. The District of Columbia is challenging the deployment.

President Trump announced at a Wasilla, Alaska rally Tuesday that Taiwan has agreed to purchase 30 percent of gas shipped annually through a proposed 807-mile Alaska pipeline over 20 years, with Taiwan investing $4.4 billion. Trump said South Korea had already committed $50 billion. Newsmax reported Trump said Taiwan could buy up to $80 billion in gas. Taiwan's government cited progress on the deal but did not confirm all figures.

The 9th U.S. Circuit Court of Appeals granted the federal government a preliminary injunction on Wednesday against California's No Vigilantes Act provision requiring immigration officers to visibly identify themselves while on duty. The three-judge panel ruled the state cannot regulate federal agents' performance of governmental functions without congressional authorization, citing the Supremacy Clause. The ruling reverses a lower court decision that had refused to block the law.

The Social Security Administration announced a 3.6% cost-of-living adjustment for 2027, the largest since 2023, affecting 76 million retirement and disability recipients. The change, calculated from third-quarter Consumer Price Index data, will raise the average retiree's benefits by about $900 a year, or $75 a month. The taxable earnings cap will also rise, from $184,500 to $192,300.

Two cargo ships sank near the Strait of Hormuz this week as attacks on vessels in the waterway increased, the Wall Street Journal reported. The Singapore-flagged GFS Pride was hit by a projectile on Tuesday and sank, with all 21 sailors evacuated safely, Singapore maritime authorities said. Iran said a separate ship sank after striking a mine. The Wall Street Journal said the U.S. military has been escorting oil tankers through the strait.

Houthi forces launched new attacks on Riyadh, including one that caused extensive damage to Saudi Aramco's headquarters, and promised further strikes. Saudi aviation authorities said attacks on airports between October 6-11 killed at least 20 people and injured 356, with the October 10 strike on King Khalid International Airport killing at least 12, including an American. President Trump said the U.S. is considering joining Saudi strikes against the Houthis, while Saudi Arabia intensifies its own strikes on Houthi targets in Yemen.

Russia's security service detained a Hokkaido Shimbun journalist in the Sakhalin region in Russia's far east, accusing him of gathering information on Moscow's defense capabilities for Tokyo. Japan summoned Russia's ambassador in protest over the arrest. Tensions between Tokyo and Moscow have been rising since Russia's invasion of Ukraine.

The trial of Serhii K, a former Ukrainian army officer accused of involvement in the sabotage of the Nord Stream gas pipelines that carried Russian gas to Germany, opened in Hamburg. German prosecutors charge him with a war crime over the alleged plot. His lawyers sought dismissal of the case as proceedings began, four years after the pipeline attacks.

Turkish police raided the offices of Halk TV, an opposition-aligned television channel, early Wednesday and halted its live broadcast. Prosecutors appointed a government trustee to run the station, which was one of Turkey's most-watched opposition channels. Authorities have now replaced leadership at five major news outlets amid a series of actions against media critical of President Recep Tayyip Erdogan's government.

Hurricane Simon battered the coast of Jalisco, Mexico, while remnants of Rachel brought additional flooding to the country. The death toll from Simon and Rachel has risen to six. Separately, Florida's death toll from Hurricane Isaias has also risen to six, Gov. Ron DeSantis said Tuesday, in an unrelated storm event.

Ukrainian officials say unannounced speed limits on SpaceX's Starlink terminals have disrupted military operations, blunting the ability to intercept drones, attack Russian targets and operate air defenses. Presidential adviser Serhii Beskrestnov said the restrictions occurred without warning. The claims come amid reports that President Trump threatened to cut intelligence sharing with Ukraine, and after Russian missile strikes officials said arrived without the usual advance warning from allies.

China and North Korea will open a new bridge linking the two countries on Thursday, more than a decade after construction finished on the Chinese side. The opening is described as the latest sign of closer ties between the two countries.

Hundreds of thousands of public sector workers across the Republic of Ireland went on strike on October 14, closing schools and leading to canceled medical appointments. The strike stems from an ongoing pay dispute between public sector unions and the Irish government, marking the first such strike since 2009.