Daily Edition

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.

Recent bank failures point to the need for banks to expand their customer base. That might require stepping outside your comfort zone.

A growing body of tools is making it easier to design and build consumer protections into payments products.

Bank regulators rolled out two joint proposals this month as part of a broader push to address discrimination in home valuations. Advocates see promise, but appraisers fear the changes could artificially inflate valuations.

Bank of America is also planning to expand into Madison, Wisconsin; Boise, Idaho; and Birmingham, Alabama, a company executive said. The goal is to find growth opportunities that don't require operating a large number of branches, the executive indicated.

House Financial Services Committee Chairman Patrick McHenry, R-N.C., said that he has an "open door" for bipartisan rulemaking when it comes to the Republican crypto oversight bill.

CEO Curtis Farmer said the warehouse sector, where Comerica provides lines of credit to mortgage banking companies, has not been providing much help as the company seeks to bolster deposits.