Jon Prior

Loan growth and wealth management revenue drove a 53% increase in the San Francisco bank's profit from a year earlier.

The company will give retail account holders 24 hours to cancel upcoming payments that would put them in the red. The move addresses customers’ top gripe and will have benefits that offset the lost income, executives say.

Other fintechs’ rush to become banks is being driven by investors seeking “crazy returns," says CEO Dan Price. But he acknowledged that at some point Gravity may need a charter of its own to remain competitive.

In his annual message to investors, the JPMorgan Chase CEO said Big Tech and fintechs are "here to stay" and vowed to be aggressive in taking on these new challengers. He also predicted that the economy would take off this year, but said capital rules prevented banks from doing more to help blunt the impact of the pandemic recession.

The scheduled meeting with members of the House Financial Services comes at a time when large banks are warning of significant losses tied to the derivatives blowup at the hedge fund Archegos Capital.

Bankers are already working on marketing materials and new products for commercial borrowers that might secure government contracts under President Biden's $2 trillion American Jobs Plan.

Caroline Taylor, who recently ran Small Business Administration lending at Capital One, aims to expand her team at Regions, help steer borrowers into economic recovery and reach out to women and minority small-business owners who have been underserved.

Activist investors are pressuring big banks to further curtail lending to the fossil-fuel industry, undergo so-called racial-equity audits and disclose more about their lobbying practices and financing of nuclear weapons manufacturers.

Bank of America, Wells Fargo and JPMorgan Chase also received high marks for transparency in reporting how they are paying women and employees of color, but Goldman Sachs, KeyCorp and Citizens Financial Group still have work to do, according to the advocacy investor firms Arjuna Capital and Proxy Impact.

Legacy contracts using the London interbank offered rate — which is set to be phased out at the end of this year — were granted a reprieve to mid-2023. However, there is no wiggle room on when the rate will expire for new deals, said Federal Reserve Vice Chairman Randal Quarles.