Finance

Fed Chair Jerome Powell, speaking at a press conference after the December FOMC meeting, said the central bank is holding interest rates steady until it gets more clarity on the economy.

The Federal Reserve's interest rate-setting committee is widely expected to cut rates by 25 basis points today, but where the central bank goes from here is an open question.

The student lending giant offered forecasts of future earnings that were far below Wall Street's expectations. In recent months, Sallie Mae has been upbeat about the new opportunities it sees under the Trump administration.

Federal Reserve watchers expect a board of governors vote in February to reappoint the 12 regional Fed bank presidents — which is typically treated as a formality — to be the next flashpoint in the White House's effort to bring the central bank to heel.

Midland States Bancorp has completed three major asset sales in the past 12 months, exiting national business lines and shifting focus to its core community banking franchise.

The Canadian bank is determined to grow its U.S. business organically, CEO Darryl White said Thursday. But with so much excess capital, analysts wondered about the bank's appetite for M&A.

The Canadian bank still has more work to do as it rolls out additional processes, technology and training. TD will also have to prove to regulators and the U.S. Department of Justice that its actions are sustainable.

Royal Bank of Canada now expects to achieve an annual return on equity of at least 17% by 2027, executives said Wednesday, up one percentage point from the bank's earlier goal.

The New York Stock Exchange disclosed the news on Monday of the sudden passing of its head of International Capital Markets.

Bank of Marin Bancorp in Novato has sold a big chunk of low-yielding securities, replacing them with investments that should produce significantly more income.

The Federal Deposit Insurance Corp. said in its Quarterly Banking Profile report for the third quarter that bank earnings hit 2025 highs as falling provision costs, wider margins and steady credit quality lifted industry profitability.

The Federal Reserve played a behind-the-scenes role in facilitating the sale of PacWest Bancorp, providing an enticement to private-equity interests to make a deal happen, according to agency records and recent comments by a prominent banking lawyer.

The parent of Crosscountry Mortgage plans to use proceeds to pay down its mortgage-servicing rights line of credit as well as for general corporate expenses.

Advances from the Federal Home Loan Banks dipped in the third quarter, but experts do not necessarily see the dip as a sign of ample liquidity in the economy.

In the company's first earnings report since going public, CEO Sebastian Siemiatkowski offered what analysts called a conservative Q4 outlook while laying out its growth plans that included an expanded distribution network, increasing its long-term installment loan penetration with merchants and becoming a full-fledged neobank.

Federal Reserve Gov. Christopher Waller said in a speech Monday that private and public-sector data suggests that the labor market is continuing to weaken, making a 25 basis point rate cut in December a prudent choice.

Quality Control Advisor Plus is an integrated system which brings together previously separate units, cutting months off of Freddie Mac's current QC process.

Oresar, who joined BMO as head of treasury and payment solutions sales after more than two decades at JPMorgan Payments, spoke with American Banker about her priorities leading a new team; the importance of organic mentorship; and what clients are asking for to keep up with the fast-paced change that's happening to the payments industry.

Fed Gov. Stephan Miran has spent his short tenure at the central bank arguing that disinflation in housing and immigration reforms will tamp down inflation in the near term. But other economists say the timing, degree and context of those effects is very much in question.

As opportunities grow for private student lending, Sallie Mae has entered a multiyear "strategic partnership" with the world's largest private equity firm.