Finance

Some progressive lawmakers argue the Federal Reserve’s deregulatory moves under Jerome Powell should disqualify him for a second term as chair. But the Biden administration could let him keep his job because of monetary policies that helped low-income workers.

Dave banking app originally created to do away with overdraft charges has taken the industry by storm. It's on a mission to advance financial opportunities for all Americans. Join Penny Crosman, Executive Editor of American Banker and Jason Wilk, CEO and Co-Founder of Dave as they talk about how this app is changing the way people manage their money and what’s in store for the future of one-stop-shops for finances.

The Canadian economy’s comeback in recent months, even as COVID-19 lingers, fueled strong domestic lending results at the country’s banks during the third quarter.

Mary Daly called for new partnerships among fintechs, banks and community groups aimed at improving long-standing inequities in the financial system.

The banks reported fiscal third-quarter results that topped analysts’ estimates on gains in domestic personal and business loans as well as continued strength in the Canadian housing market.

The home purchase target for Fannie Mae and Freddie Mac would set a new 10% benchmark for qualified single-family lending in census tracts that meet certain demographic and income targets.

The Pittsburgh bank's commitment covers areas that include renewable energy, clean transportation and green buildings.

The size of the financial commitments was not disclosed, but they add to a $425 million fundraising round that the data aggregator announced earlier this year.

Financial institutions will have until early October to weigh in about new risk-based capital requirements for nonbanks.

This year's assessment for Fannie Mae and Freddie Mac is the first to take into account a January agreement between the Federal Housing Finance Agency and the Treasury Department that allowed the companies to retain more earnings.

Upgrade, a lending startup that counts former LendingClub executive Renaud Laplanche as a co-founder, raised $105 million in a funding round that values the company at more than $3.3 billion.

The influx that began around the start of the pandemic has yet to subside, as loan demand remains weak even though consumers are again spending money. Some of the excess liquidity now seems likely to remain for a long time, forcing banks to make tough calls about how and when to deploy it.

Many banks reported sharp declines in income from home loans during the second quarter. The large gains they enjoyed last year thanks to a surge in refinancing activity are unlikely to return, according to bankers and analysts.

First Hawaiian and Bank of Hawaii are warning that a global spike in coronavirus cases could stunt the state's momentum and threaten credit quality.

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.