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Though the Federal Reserve's stress test scenarios were announced ahead of the string of bank failures this spring, the results will be a significant peek into the health of the banking system.

Republican members of the House Financial Services Committee blasted Consumer Financial Protection Bureau Director Rohit Chopra as an 'extortionist' and labeled his efforts to rein in discrimination as 'McCarthyism' during a four-hour hearing Wednesday.

For small credit unions, enlisting outside helps accelerate the development of new products — as long as all risks and regulations are properly addressed.

Both regional banks announced weaker guidance for net interest income than they had foreseen two months ago. The disclosures highlighted pressures that figure to take up a lot of the oxygen during second-quarter earnings season.

Total loans from credit unions increased by nearly 18%, driven in part by car dealerships rebuilding their inventory. Headwinds in the mortgage market also fueled interest in home equity loans.

Acting Comptroller of the Currency Michael Hsu said the banking industry has been largely insulated from crypto winter, but added that bank interest in servicing the crypto industry has waned over the same period. 

Earlier this week, Wilson and his team of strategists said in a note that they expect S&P earnings to drop 16%, compared to predictions for a decline of just 2.4% for 2023 from sell-side analysts who have boosted their earnings expectations.

This week in global news: Stripe joins the MACH Alliance, GoCardless downsizes, CBA battles crypto crooks and more.

A combination of user-facing apps helped drive scores from 27 to 73. Ingram is one of American Banker's Innovators of the Year.

Relay Payments has signed a partnership with the operator of Pilot Flying J truck stops as it attempts to cut security risk by going digital.