Miller, who has been at BofA for nearly three decades, said that banking "is a trust business."
Commercial bank clients are increasingly looking to replace physical corporate cards with virtual ones to streamline bookkeeping and limit risk. The adoption of such solutions is a good sign for mobile payments overall.
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The two companies in the largest bank merger since the 2008 financial crisis released details of their agreement. It leaves the door open for Discover to field better offers, though the payments company would pay a break-up fee of 4% if it accepts one.
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In the wake of the largest U.S. bank deal in more than 15 years, industry executives offered mixed views about the prospects for more big acquisitions. They also spoke about the deal's impact on competition in the credit card business.
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Lenders collected an estimated $25 billion in additional interest income last year by raising the average margin on annual percentage rates, or the amount above the prime rate, according to the Consumer Financial Protection Bureau.
Federal Reserve Vice Chair Philip Jefferson said in a speech Friday that long-term productivity gains brought on by artificial intelligence could compel the central bank to maintain higher rates to keep prices stable.
The Sacramento-area institution moved quickly and decisively to fill the gap created by the loss of First Republic and Silicon Valley Bank. A first-quarter rise in Bay Area deposits is a sign of bigger gains to come, San Francisco Bay Area President DJ Kurtze says.
While Sen. Elizabeth Warren, D-Mass., is continuing to try and save the agency she helped create, Sen. Adam Schiff, D-Calif., who benefited from crypto spending in his primary race, is a new ally.
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The National Credit Union Administration must extend a program allowing credit unions to offer long-term loans for residential solar power installations.
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The measure would reduce access to credit among junior service members, opening the door to payday lenders.
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The National Credit Union Administration must justify its sharply higher operating budget for next year.
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The Toronto-based bank named Rahul Nalgirkar as incoming finance chief. Nalgirkar, who joined BMO in 2022 from Fifth Third, will succeed the retiring Tayfun Tuzun, who came to BMO in 2020 after working at Fifth Third.
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Alan Childs pleaded guilty to using straw borrowers and falsified loan records to help a timber businessman secure millions in fraudulent loans.
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Former employees at First Horizon Bank and M&T Bank committed crimes by misappropriating customer data and stealing money from a customer's bank account.
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Andrew Foster, the bank's chief data officer, explained how he has been instilling data discipline across the organization and making the bank's data AI-ready.
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The Office of the Comptroller of the Currency will announce Senior staffers overseeing large, regional and community banks early next month, apparently reversing the unified approach to supervision it implemented earlier in the year.
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Acting CFPB Director Russ Vought has managed to neuter the Consumer Financial Protection Bureau through a series of actions. Senate Banking Committee Chairman Tim Scott, R-S.C., played a major role by cutting funding in half.
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As the political dispute drags on, there are implications beyond government disbursements, potentially harming corporate cash positions and the larger economy, according to payment experts from Billtrust and research firms.
The 23rd annual ranking of women leaders in the banking industry.
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