The Latest

The Fed's meteoric increase in the federal funds rate over the last 18 months has left banks holding billions in unproductive investment securities. Helping them would be good for the economy.

The Federal Reserve's top regulator cited the financial crisis of 2008 repeatedly in a speech about the merits of new risk-capital standards — proposals that have drawn unprecedented fire from banking trade groups and members of Congress.

Rasmussen, a Minnesota native, started her professional career as a dental hygienist. After a series of twists and turns, she now runs Thrivent, a multibillion-dollar fraternal benefit society.

Finance firms are often more complex and more regulated than their peers, making the pool of candidates smaller and succession harder, while changes at the top can hurt stock prices.

"The inflation rate is still too high, the level of inflation remains high, but at least we're seeing progress on it," Mester said Friday during an interview with CNN International.

Federal Reserve Gov. Christopher Waller said during a payments conference at the Brookings Institution Friday that the FedNow payments system has already enlisted "well over 100" depository institutions for the service and expects that number to grow.

Speaking at the Brookings Institution Friday morning, Consumer Financial Protection Bureau director Rohit Chopra warned that, absent intervention, the U.S. payments system could evolve to resemble that of China, where commerce and payments are deeply intertwined.

First Citizens extends its brand to CIT business lines, Discover launches TV campaign for debit account, Southern Michigan Bancorp announces leadership transition and more in the weekly banking news roundup.

Regulatory scrutiny of bank-fintech partnerships has steadily increased, putting more pressure on companies like Synapse.

If the industry keeps consolidating at its current rate, there will be roughly 500 banks in 20 years. That will likely mean the loss of competition and choice for customers in some markets.