The United States is bracing for a significant downturn in international tourism revenue, with projections indicating a $12.5 billion decline in foreign travel spending this year. According to the World Travel & Tourism Council (WTTC), this downturn is attributed to a combination of policy shifts, visa concerns, and the strong U.S. dollar, which collectively have made the country a less attractive destination for international travelers.

Julia Simpson, president and CEO of the WTTC, highlighted the unique challenges facing the U.S. tourism sector. Unlike other global economies, the U.S. is the only country among 184 analyzed by the WTTC and Oxford Economics expected to see a decrease in international visitor arrivals. This trend is particularly concerning given the U.S.'s historical dominance in the global travel and tourism industry.

The decline in tourism spending is not solely an economic issue but also a reflection of the changing perceptions of the U.S. among potential visitors. High-profile detentions, stringent visa requirements, and the political climate under the previous administration have contributed to a sense of unease among travelers from key markets such as Canada, Mexico, and several European countries. These factors have led many to reconsider their travel plans, opting for destinations perceived as more welcoming.

As the U.S. seeks to regain its footing in the global tourism market, industry leaders are calling for a reassessment of policies affecting international visitors. The potential loss of $12.5 billion in tourism revenue underscores the need for strategies that address both the economic and perceptual barriers to travel. Without significant changes, the U.S. risks further erosion of its position as a leading destination for international tourists.

The Central Bank of Ireland has concluded a long-running inquiry into the Irish Nationwide Building Society (INBS), resulting in significant penalties for former executives. John Stanley Purcell, a former board member, has been fined €130,000 and banned from the financial sector for four years due to his role in the society's governance and risk management failures. The inquiry highlighted a period between 2004 and 2008 where INBS's commercial lending practices were found to be lacking in oversight and adherence to financial regulations.

During the years under scrutiny, INBS's commercial loan book expanded dramatically from €3.59bn to €8.18bn, with commercial loans making up 78% of its total loan book by the end of 2008. The Central Bank's report detailed a culture of high-risk lending, where large sums were disbursed without proper documentation, adequate security, or necessary approvals. This reckless approach to lending was a significant factor in the society's eventual collapse during the financial crisis.

The inquiry also shed light on the broader systemic failures within INBS, including a lack of adherence to its own credit risk management policies and the absence of annual credit risk stress tests for commercial lending. Louise Gallagher, the Central Bank's head of enforcement investigations, emphasized the discovery of a pervasive culture that prioritized high-risk lending over sound financial practices. The findings underscore the importance of robust governance and risk management frameworks in financial institutions.

In addition to the penalties imposed on Purcell, the Central Bank's inquiry has led to settlements with other former INBS executives, including disqualifications and fines. The total cost of the investigation and inquiry into INBS's regulatory breaches amounted to over €24m, spanning 15 years from 2010 to 2025. This case serves as a stark reminder of the consequences of failing to uphold financial regulations and the critical need for accountability in the banking sector.