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Officials at the central bank have been discussing a real-time payment system for a decade. Work on FedNow began in 2019.

This is no time to haphazardly pile financial regulation and additional costs on an American economy that seems otherwise set to avoid the catastrophes predicted just last year.

Fintechs are expanding the definition of BNPL financing to include many longer-term, higher-interest loans that fall into a legal gray area, according to new research.

Rohit Chopra, the director of the Consumer Financial Protection Bureau, weighed in on credit card late fees, an upcoming open banking rulemaking and the chaos that could result if the Supreme Court defunds the agency.

The Consumer Financial Protection Bureau celebrates its 12th anniversary on Friday, prompting Director Rohit Chopra to discuss the agency's work including a proposal to set credit card late fees at $8 and the upcoming Supreme Court case that could defund the bureau.

The Phoenix bank was one of the institutions hit hardest in this spring's banking crisis, but deposits rebounded in the second quarter. The bank's earnings results were what "we were all hoping for," one analyst said, sending its stock up 8%.

The Buffalo, New York, bank said that share repurchases are off the table, even though the amount of incremental capital it's required to hold has declined from last year. Executives pointed to forthcoming revisions to risk-based capital rules, which are expected to hit midsize banks like M&T.

The recent conversion marked one of the final steps in the $8 billion acquisition, first announced in 2021. U.S. Bank still anticipates up to $900 million in cost savings and a breadth of opportunities to expand revenue from the transaction.

As the Senate debates this year's defense spending package, analysts say the highly partisan politics of this Congress, as well as the banking industry's lobbying, make it difficult for Sen. Dick Durbin's, D-Ill., credit card legislation to slip through this round.

Several community banks noted an uptick in problem loans in second-quarter earnings reports. Small lenders should brace for more of this, industry observers noted.