The Latest

Despite big talk months ago, experts don't see a lot of political appetite to change bank oversight rules — or the deposit insurance system — in the wake of three large regional bank failures that happened earlier this year.

Critics of the Federal Home Loan banks fundamentally misunderstand the purpose and necessity of the system.

While financial markets wobbled after Fitch Ratings reduced the U.S. government's credit rating, analysts said the action should have little long-term impact, similar to a downgrade by Standard & Poor's in 2011. JPMorgan Chase CEO Jamie Dimon argued that Fitch's action "doesn't really matter that much."

The Department of Housing and Urban Development is reviewing HSBC's lending practices in certain majority Black and Hispanic neighborhoods, the bank disclosed. The regions under scrutiny include New York, Seattle and several parts of California, according to the nonprofit organization whose complaint prompted the investigation.

Consumers with the Apple Card deposited more than $10 billion in Apple Card's high-yield savings account that Goldman Sachs provides, the technology giant said.

Harborstone Credit Union in Lakewood, Washington, plans to take over the Seattle Bank, which scuttled a deal to sell to BM Technologies last year.

While it's still relatively early to tell how much — if at all — the muni market will be impacted, Kara South, portfolio manager at GW&K Investment Management, said downgrades of certain municipal bonds are likely to follow.

The fintech lender says its loans are meeting a need for people living paycheck to paycheck that the mainstream financial community is not, and that its loans cost far less than subprime credit cards or payday loans.

Regulators remain skeptical toward digital assets in the wake of major crypto-industry partner-bank failures, but in the absence of legislative direction, oversight of crypto is largely left to the Securities and Exchange Commission. The SEC's approach has been aggressive, but its authority has been muddied by recent court decisions.

Investors should expect "consistency, predictability," says COO Tyler Wilcox, who is scheduled to take over for longtime CEO Chuck Sulerzyski when he retires next spring.