The Latest

After disappointing polling and an inability to break through in a crowded primary race dominated by former president Donald Trump, Senate Banking Committee ranking member Tim Scott, R-S.C., said he is suspending his campaign.

For decades, farmers have relied on futures contracts to hedge their risk. The proposed new capital rules will make it more expensive for them to continue with this vital function.

The bank is adding fintech-style buy now/pay later lending to other recent payment upgrades at its merchant acquiring unit.

One large bank accused the former lender of commingling mortgagor payments in its general operating accounts instead of delivering those funds to a lockbox.

But high costs and any downturn in the economy could weigh on lenders and their commercial borrowers in coming months, economists caution.

City National Bank has tapped Howard Hammond, a 17-year veteran of Fifth Third Bancorp, as CEO of the Los Angeles-based bank, replacing Kelly Coffey, who will move to a newly-created role as CEO of the bank's entertainment unit.

In addition to expense-reduction measures, the Wisconsin-based regional bank is selling almost $2 billion of mortgages and securities and will invest in its lending and deposit-gathering capabilities.

The banking industry's campaign against proposed capital requirements has reached a new dimension, with a group called Center Forward buying a Sunday Night Football ad arguing that the proposals would raise consumer costs.

UBS joined rivals such as HSBC in allowing clients in Hong Kong to trade some crypto-linked exchange-traded funds amid a push by the city to foster a digital-asset hub.

In its biannual report on supervision and regulation, the Federal Reserve Board noted an uptick in governance issues with large banks. Regional and community banks, meanwhile, were plagued by IT problems and risk management struggles.