Finance

Record profits from trading and other capital markets activities helped to offset steep revenue declines in personal and business banking.

With the USPS emerging as an election-year flashpoint, postal banking is an idea that could gain steam. But a number of proposals are out there, and they have wildly varying implications for financial inclusion.

New data from the state regulator showed that assets at credit unions in the Badger State grew by 28% during the first half of this year, versus growth of 14% in the first six months of 2019.

Remitly has added 11 new mobile wallets to its network, almost doubling its reach to 300 million consumers, to meet demands for cash alternatives amid the COVID-19 pandemic.

Socure, which applies machine learning to spot identity fraud, has raised $35 million in a new funding round from venture capital funds and banks.

The former SoFi chief’s latest startup, Figure, has created what it says is a transparent marketplace for buying and selling assets. Some banks have embraced the technology, but other blockchain projects have stalled because lenders don't want rivals to see their data.

The $18.8 billion in net income was 70% less than a year earlier as the uncertain economic picture and new accounting rules drove a sharp rise in provisions for future losses.

Whether the number of deals for 2020 can come close to last year's record-setting level will come down to one question: Can community banks generate strong enough profits in the second half to justify their independence?

The 2020 election has tossed the U.S. Postal Service under extreme scrutiny, pressuring the institution at a time when it has become a potential catalyst for financial inclusion.