The KBW Nasdaq Bank Index was up 18% year to date through July, supporting expectations for more banks to use their shares as currency to take out competitors.

The 30-year fixed rate mortgage was at its lowest level since early February as the benchmark 10-year Treasury dropped under 4%.

Despite the continuing trends of consolidation and limited startup activity, bankers and industry insiders say there is a path forward. But small lenders must evolve with changing technology.

Graham Steele, formerly the assistant secretary for financial institutions at the Treasury Department, laid out a detailed bank regulatory reform agenda for future progressive policymakers to consider that includes rolling bank Trump administration-era tailoring rules and accounting for the increased digitization of the banking system.

The Kansas City, Missouri-based regional bank said it is making progress on its pending purchase of Heartland Financial USA in Denver. The deal is expected to close during the first quarter of 2025.

The Federal Reserve chair said Fed researchers continue to explore central bank digital currencies to stay current on international payments developments, but emphatically denied that the central bank is considering creating one of its own.