The Latest

Citadel Credit Union, armed with a team of professionals who previously worked at Santander Bank, plans to hold its own in a commercial lending market dominated by PNC Financial Services Group, Bank of America and Wells Fargo.

U.S. senators led by Democrats Bob Menendez, Elizabeth Warren and Jack Reed told seven of the country’s biggest banks they must do more for consumers defrauded by scammers on Zelle, the person-to-person payments network the firms jointly own.

Former Federal Reserve Gov. Daniel Tarullo and two Fed economists argue that the Federal Home Loan banks have expanded into activities that pose risks to financial stability.

The latest development removes a custodian that had been appointed to the Philadelphia bank's board, where a vacancy created an opportunity for multiple factions to try to wrest control from CEO Vernon Hill.

The 30-year average has made a steep reversal over the past two weeks following a large acceleration in mid-June.

Meta's Facebook has discontinued a digital wallet that was originally meant to help people use the Diem stablecoin. But its Meta Pay platform is more conventional — and thus more likely to succeed where Novi failed.

The HSBC Holdings executive at the center of a row over climate change risks has resigned from the bank as he issued a broadside against corporate “cancel culture.”

Citigroup’s planned sale of its Banamex unit should go to Mexican investors and avoid mass firings, Mexican President Andres Manuel Lopez Obrador said, adding new restrictions that may undermine some of the bids. 

Truist Financial is raising the low end of its pay scale to $22 an hour, while JPMorgan Chase is implementing a floor of between $20 and $25. The wage hikes will likely put pressure on smaller banks to take similar steps to stay competitive.

Michael Barr, awaiting confirmation as the Federal Reserve’s top regulator, wants to holistically rethink the central bank’s capital requirements. Karen Petrou, managing partner of Federal Financial Analytics, has some ideas on how to do that.