Finance

The JPMorgan Chase CEO is rejecting arguments that banks are poised to loosen underwriting standards to win more mortgage business. He said what's needed to encourage banks to make more loans to borrowers with spotty credit files are changes to FHA rules and other policy fixes.

Executives of large banks told investors and analysts what they wanted to hear Friday when they said they plan to increase returns to shareholders.

Wells Fargo had another surprise for investors in the form of its biggest legal charge yet, showing the lender is not yet past its consumer banking scandals.

The Pittsburgh company got the tax-related boost from an increase in the valuation of its deferred tax liabilities. It was partly offset by several charges.

JPMorgan Chase, Wells Fargo are the first to report; payments company will run pilot to see if digital currency speeds transactions and lowers costs.

The bank's effective tax rate will drop this year to 19% from 32%. That means that if JPMorgan generates the same pretax profit this year as it did in 2017, earnings will rise by more than $3.5 billion.

Blue Lion Capital has complained about the company's reliance on mortgages and bank acquisitions.

The company expects to report a $15 million gain in the fourth quarter from the stock sales, which will more than offset any deferred-tax impairment tied to recently passed tax reform.

The company has agreed to pay more than $50 million for United American Bank.

The company, which agreed to pay $58 million for Foundation's parent, will gain five branches in Cincinnati.

The CDFI formerly known as Progreso Financiero targets consumers with little or no credit history.

The Fed said Wednesday that the system paid roughly $80.2 billion to the Treasury in 2017, a 13% drop from a year earlier because of an increase in interest payments to member banks for reserve balances.

Outstandings top 2008 high mark, prompting some concerns; big banks are expected to take $31 billion in writeoffs from fourth quarter earnings due to tax reform.

Lower taxes mean more earnings, higher capital levels and perhaps a psychological boost for buyers.

United will pay $130 million for NLFC Holdings, the parent company of Navitas Credit.

On Sep. 30, 2017. Dollars in thousands.

Banks have been in full cost-cutting mode in recent years, but with profits expected to increase substantially as a result of tax reform, all analysts and investors want to know is how they plan to spend their tax savings.

Rather than jump right away into lending to car buyers, Access National will start by offering CRE and M&A financing to dealerships.

Overstock CEO and Wall Street gadfly Patrick Byrne wants to create a market free from trading practices he has long decried.

The company, which sold about $3 million in stock through a private placement, also plans to add branches on Staten Island.