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Consumers have largely kept up with their payments during the pandemic, but Discover chief Roger Hochschild says he expects defaults to rise as structural changes in the economy lead to more layoffs of white-collar workers.

There’s a dynamic balance between the innovation and resiliency benefits of the messy, creative ferment of many smaller competitors, and an oligopoly or monopoly’s scale economies, says Intrepid Ventures' Eric Grover.

The administration faces a slew of immediate financial policy tasks, such as passing a new round of small-business aid, charting a course for Fannie Mae and Freddie Mac and filling vacant agency leadership posts.

Providence, R.I.-based Citizens Financial has largely focused on nonbank deals in recent years, but CEO Bruce Van Saun said the race for scale in the industry is prompting more banks — including his own — to consider mergers.

Citigroup will reduce bonuses for dozens of its top executives after the bank was reprimanded by regulators last year.

Hundreds of branches temporarily shuttered during the pandemic are now permanently closed.

The agency used a notation vote to advance the final measure, the third time it has used that method in a month.

After a pivotal Supreme Court ruling last year, the Trump administration’s handpicked leader of the Consumer Financial Protection Bureau was widely expected to leave voluntarily or be fired by the new president.

China proposed measures to curb market concentration in its online payment market, potentially dealing another blow to financial technology giant Ant Group and its biggest rival Tencent Holdings.

After withdrawing two previous bids, the e-commerce company submitted an application to the FDIC outlining a significantly simpler business model for a proposed industrial loan company.

In a request for information, the agency sought feedback on how it should prioritize climate risks as part of its supervision of Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

Former Fed Chair Janet Yellen told senators that as Treasury secretary she would create a “hub” to examine the effects of a changing climate on financial institutions and create a database of companies' true owners as required by a recent anti-money-laundering bill.

Its Marcus unit continues to invest in new products and business lines, delaying its path to profitability, according to Goldman Sachs CEO David Solomon.

The trade group's summer show was expected to be the first major credit union event not to be held exclusively in a virtual format but was cancelled due to the ongoing pandemic.

The Dallas bank says reserves could return to pre-pandemic levels by the end of 2021— a year earlier than analysts were predicting — if vaccines prove effective at slowing the spread of the coronavirus.

President-elect Joe Biden is scheduled to take the oath of office on Wednesday, but other changes that pertain to credit unions are also happening.

Revenue from sales and trading rose 7% to $3.06 billion in the fourth quarter, missing analysts' $3.15 billion forecast. The division, helmed by Jim DeMare, was hurt by unexpected weakness in fixed-income trading.

Goldman Sachs' dealmakers capped their record year with a fourth-quarter revenue jump that helped profit more than double.

The nominees, strongly backed by progressive Democrats to lead two key Wall Street watchdogs, signal that the Biden administration is planning tough oversight after four years of light-touch policies under appointees of President Trump.

The McLean, Va.-based company admitted that it failed to file suspicious activity reports even in cases when it knew about criminal charges against specific customers. The misconduct took place in a unit that served check-cashing businesses and was later shut down.