NEW YORK -- American Express Co. is setting up a joint company with Banco Santander SA to market charge cards and related products in Spain.
The venture is expected to be launched this month, Banco Santander said.
The deal is the fourth of its kind for American Express, which has been aggressively seeking alliances with non-U.S. banks.
It has recently struck similar agreements with Banco Nacional de Mexico, Sumitomo Bank Ltd. in Japan, and Lloyds Bank PLC in Britain.
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
Tests of models from OpenAI, Google and others found their advice tends to disadvantage names commonly associated with racial minorities and women.
Federal Reserve Governor Michelle Bowman said she believes there is a feasible path forward for the revised capital reform proposal, emphasizing the importance of making broad changes informed by industry feedback to achieve broad consensus among Federal Reserve board members.
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
