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JPMorgan Chase’s investment bankers posted their best quarter ever as a record first half in dealmaking bolstered the bottom line at the nation’s largest bank. But expenses climbed in the second quarter and loan growth remained out of reach.

The card network and telco are designing systems that use 5G to support more payment processes hosted in the cloud rather than on local hardware. The goal is to make services such as autonomous checkout available to small businesses.

Bankers insist borrowing will pick up on the back of a post-pandemic economic recovery. But so far there are few signs of a rebound, and analysts are skeptical one is imminent.

Fintech companies with narrow-purpose banking charters pose a safety-and-soundness risk and should be denied access to the payment system and other perks unless they meet the same strict regulatory criteria as traditional financial institutions, trade groups for banks and credit unions told the Federal Reserve.

The fintech, which arranges point-of-sale loans in partnership with merchants, was fined $2.5 million by the Consumer Financial Protection Bureau and ordered to refund up to $9 million to consumers who received loans they never applied for.

It will be Christopher McComish’s second tour as a bank CEO. He led Scottrade bank for two years, between 2015 and 2017.

Citigroup plans to exit Venezuela by selling its remaining business there, ending more than a century of operating in the South American country.

Banks should let consumers download their account data and transfer it to other financial providers, according to a new presidential order. Some experts argue aggregators are already making this happen, but others say the directive implies more consumer control.

Stopera retired in 2019 after 39 years at Capital Communications Federal Credit Union in Albany, New York. In 2003, the credit union founded the CAP COM Cares Foundation, which donated about $4 million and over 30,000 volunteer hours to families in the region.

Novus, a startup whose app helps consumers make environmentally conscious purchases, is using application programming interfaces provided by the two companies to expand quickly. The effort shows how open banking can extend the reach of small companies and create new business lines for larger ones.