The Latest

The heads of the six largest banks aimed to promote their COVID-19 relief in testimony to the Banking Committee. Democrats said their efforts were insufficient while Republicans criticized the executives for taking public stances on issues like climate change and voting rights.

Banks may need to be more selective about how they issue plastic, so that cards remain available to those customers who need them most.

The card network's Fintech Partner Connect, which was previously available only in Europe, provides a curated list of companies that Visa clients, including banks, can consult for help opening accounts or aggregating customer data.

Huntingdon Valley Bank in Pennsylvania and First Savings Bank in Indiana are among the banks extending their relationships with software providers to make small-business lending more efficient after the Paycheck Protection Program is phased out.

It's in financial institutions' best interest to treat increasingly popular cryptocurrency assets the same as other financial assets held by their customers. And regulators must foster a safe environment for these assets by focusing on real risks like money laundering and terrorism finance.

A New York court ordered the freezing of $560 million in assets held by entities controlled by Renren CEO Joseph Chen, Softbank Group and others, an amount pegged to a stake in the personal finance startup Social Finance, which is slated for a blank-check merger this week.

Bank of Montreal’s fiscal second-quarter earnings beat estimates as the waning COVID-19 crisis allowed the lender to set aside less for souring loans and gave a lift to the company’s personal and commercial banking businesses.

The industry reported a net release of reserves, helping to make up for a record-low net interest margin and the first year-over-year decline in loan balances in nearly a decade, the FDIC says in its latest Quarterly Banking Profile.

The companies are working to thwart abuse on the Honey platform, a deal-finding system that PayPal acquired in 2019.

The Indiana company is buying 14 branches that Huntington Bancshares is divesting as a condition of its deal to buy TCF Financial.