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Signature Bank in New York reported a sharp decline in quarterly profits after suffering steep losses on its Chicago portfolio of taxi medallion loans.

A slew of recent cases of misconduct in banking – from both the investment and retail sides of the business – have eroded the trustworthiness of the entire industry, William Dudley, president of the Federal Reserve Bank of New York, said Thursday.

In its biennial survey, the Federal Deposit Insurance Corp. found that in 2015, 7% of U.S. households were unbanked, marking a 0.7% drop from 2013.

A win by Hillary Clinton would be something of a mixed bag for credit unions. On the one hand, she's a moderate with detailed policies and has pledged to roll back the regulatory burden for CUs. Yet she may also be pushed to the left as she navigates issues, particularly on regulatory appointments.

The information you need to start your day, including top headlines from PaymentsSource and around the Web. In today's briefing: India's big ATM breach; a new use for Apple Pay; a breach suit for Wells; an arrest in LinkedIn's breach

Rather than continuing to invest in inclusion initiatives that fail to drive diversity, banks should embrace these three programs instead.

Fifth Third Bancorp in Cincinnati reported higher third-quarter profit on the termination of tax receivables from its Vantiv payments subsidiary and several other one-time items.

SunTrust Banks in Atlanta has agreed to buy the multifamily lending business of Pillar Financial in New York.

A slew of recent cases of misconduct in banking – from both the investment and retail sides of the business – have eroded the trustworthiness of the entire industry, William Dudley, president of the Federal Reserve Bank of New York, said Thursday.

Receiving Wide Coverage ...More trouble for Wells: The California Department of Justice has launched a criminal investigation into Wells Fargo to determine if bank employees engaged in criminal identity theft and false impersonation to open accounts for customers without their permission. "There is probable cause to believe that employees of Wells Fargo Bank unlawfully accessed the bank's computer system to obtain the PII [personally identifiable information] of customers," the state's affidavit said. "The bank's employees then used the unlawfully obtained customers' PII to commit false impersonation and identity theft by opening unauthorized accounts, credit cards, and various other products that resulted in the accumulation of fees and charges for Wells Fargo."