Finance

James Bullard, the president of the Federal Reserve Bank of St. Louis, said the central bank hasn't moved fast enough to tame inflation. He is also urging colleagues to begin shrinking the Fed's balance sheet in the second quarter.

Block, the digital payments firm run by Jack Dorsey, reported strong quarterly sales that were in line with expectations but failed to impress investors.

The move confirms speculation that the Federal Housing Finance Agency would return to a pre-pandemic plan to tighten requirements for mortgage lenders and servicers that work with two government-sponsored enterprises.

Royal Bank of Canada is still benefiting from the pandemic-era boom in capital markets.

Banks flush with liquidity are likely to keep deposit yields low even as the rates they earn on loans widen, which should result in higher net interest income. One industry analyst predicts “NII to the sky.”

A busy end to the year for Barclays’ dealmakers helped offset a slump in trading activity and lift the British bank to its highest annual profit on record.

The Silicon Valley fintech expects to make $1.5 billion in auto loans this year after implementing key elements needed to achieve scale, said CEO David Girouard. The expansion comes as the automotive market continues to boom.

Mobile payments got an early start in parts of Africa more than a decade ago, but the continent's overall banking infrastructure lags far behind, creating a void for companies like AZA and WorldRemit to fill.

Starling Bank Ltd. is weighing plans for a fresh funding round that could value the U.K. challenger at around 2.5 billion pounds ($3.4 billion), according to people familiar with the matter.

Taavet Hinrikus turned his startup into the one of the world’s biggest digital-payment firms, giving returns of about 35,000% to early investors including Peter Thiel’s Valar Ventures.

The Federal Reserve Bank of Boston announced that Susan Collins, an economist currently at the University of Michigan, will be its new president, marking the first time a Black woman will lead one of the U.S. central bank’s 12 districts.

The company has agreed to pay at least $3.75 million to resolve allegations that it violated the District of Columbia’s 24% interest rate cap.

The U.S. Treasury Department defeated a blue-state challenge to a rule that exempts buyers of high-interest loans from state interest rate caps.

The U.K. financial technology startup GoCardless raised $312 million in new funding to speed up its expansion in open banking across products and geogrophies.

Underwriting has become more lenient amid increased competition for corporate borrowers, and as Paycheck Protection Program loans are disappearing from banks' balance sheets.

Wages, marketing spending and technology investments are all on the rise. While higher interest rates should eventually help tame inflation, it's not clear how quickly banks will be able to limit their spending increases.

Executives said record-high commercial loan commitments in the fourth quarter validate the San Antonio bank’s decision to open more than two dozen branches in Houston and pursue a similar path in Dallas.

The credit card issuer fielded questions about its fees two days after the Consumer Financial Protection Bureau announced a wide-ranging review of consumer charges. Executives said they would not take a big revenue hit even in the face of new limits.

Blazing demand for leveraged loans is allowing companies to reduce borrowing costs by tinkering with a provision many viewed as key to weaning the industry off the London interbank offered rate.

Esusu, a financial technology company that aims to help bridge the racial wealth gap by reporting rent payments to credit agencies, has become one of only a few Black-owned startups to reach a valuation of $1 billion after closing a Series B round led by SoftBank Vision Fund 2.