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The racially targeted mass shooting at a Buffalo, New York, grocery store in 2022 has renewed conversations about whether banks have a duty to help segregated, impoverished communities that were shaped in part by discriminatory lending practices. What do banks owe the Black community, and what influence could they have?
The regional bank told analysts that it has studied how much debt it would need to raise based on an effective post-reform capital floor of 6% of risk-weighted assets, and has determined that that increase in capital would be manageable.
Discover Financial Services' stock tumbled after revealing a new FDIC consent order regarding consumer compliance. Separately, the financial institution also copped to misclassifying certain credit card accounts into its highest merchant-pricing tier beginning in 2007.
The Consumer Financial Protection Bureau celebrates its 12th anniversary on Friday, prompting Director Rohit Chopra to discuss the agency's work including a proposal to set credit card late fees at $8 and the upcoming Supreme Court case that could defund the bureau.
While credit unions are being cautious with this lending line, some see opportunities to grow their commercial books amid setbacks at big-name banks such as Wells Fargo.
The Federal Reserve vice chair for supervision said regulators will adapt supervisory practices to account for advancements in machine learning.
Experts and industry leaders said banks are pumping investment into technology that can connect information silos.
The longtime chief executive of the Federal Reserve Bank of St. Louis will leave his post after 15 years to take an administrative position at Purdue University.
Voters so far are lukewarm on the president's efforts to change the narrative around his handling of the economy, but the administration's bid to win the economic messaging war could cause Washington to come down more harshly on banks.
High interest rates could dampen demand for refinancing, which took a hit during the pandemic-era pause in federal student loan payments. "Curb your enthusiasm," one analyst said.
Banks say more transparency is needed in the annual scenario testing regime to make capital planning more predictable. But amid a flurry of regulatory reforms, the expectation is that capital requirements are only going up from here.
JPMorgan Chase and Discover are among the firms developing new technology to allow more people to shop from behind the wheel.
Sen. Elizabeth Warren, D-Mass., in a letter to the Consumer Financial Protection Bureau, challenged the idea that credit card late fees serve as a deterrent to delinquency, instead saying issuers told her office that some of them earn tens of millions of dollars collecting late fees.
The technology that powers ChatGPT can sift through and even synthesize massive amounts of data, though it must overcome doubts over reliability, transparency and regulatory risk before it can be harnessed to conduct useful research.
Rising interest rates on loans, greater borrowing and higher fees on deposit accounts all contributed to the increase. "Altogether, this paints a picture of debt that could really start to strain the checkbooks of American families," said Meghan Greene, a researcher at the nonprofit organization that authored the report.
The American Bankers Association's Economic Advisory Committee said access to loans is likely to further soften, while defaults and credit losses could increase in the second half of the year.
The American Bankers Association's credit conditions index remained near historic lows despite a slight uptick in the most recent quarter. Pessimism pervaded the outlook for both business and consumer lending.
CEO Curtis Farmer said the warehouse sector, where Comerica provides lines of credit to mortgage banking companies, has not been providing much help as the company seeks to bolster deposits.
Sen. JD Vance, R-Ohio, lambasted the Federal Reserve for increasing the dominance of "too big to fail" banks and failing to rein in systemic risk. He asked whether the Office of the Comptroller of the Currency is a better regulator than the Fed.
Consumer Financial Protection Bureau Director Rohit Chopra warned that "powerful firms" must not dominate the new open banking landscape.
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