Finance

With virus cases in its home state hitting their highest level since February, the San Antonio company declined to release reserves — a route that many banks took to boost their second-quarter profits.

Industry experts weigh in on the future of wealth management.

The legislation would establish a quick process for legacy financial contracts to swap in the Secured Overnight Financing Rate after the London interbank offered rate all but expires in 2023.

The card brand has been pitching itself as a testing ground for central bank digital currencies, a payment portal for stablecoins and — most recently — an accelerator for startups.

The digital lender, which bought Radius Bancorp in February, still expects to record a full-year loss partly because of merger-related costs. But its stock price soared Thursday after it reported second-quarter net income of $9.37 million.

The payments company has completed development of its all-in-one portal. It's an ambitious project, but the first few services — such as bill pay and savings — are relatively straightforward.

Democratic proposals to offer free accounts, restrict overdraft fees and cap interest rates have zero chance of passage. But analysts say lawmakers’ push for products that help consumers is influencing some banks’ decisions to institute reforms on their own.

Flagstar’s main business is lending to nonbank mortgage lenders, and New York Community Bancorp CEO Thomas Cangemi has a plan for tapping those borrowers to drive loan and deposit growth.

Banco Santander SA said it’s on track to beat a key profitability metric for the year with earnings from the U.S. and U.K. fueling the Spanish lender’s resurgence after historic losses linked to the pandemic.

The pandemic created a new expectation that banks should show empathy for customers in crisis. Let’s keep it that way.