Most banks’ interest income will rise following the Fed policy shift. But the rate increase also boosts the likelihood of a recession that could hurt borrowers and drive up loan losses.

OneAZ Credit Union built a vendor diversity database, based on a program from Arizona State University, to guide its spending at small businesses. It plans to allow other financial institutions to access this system as well.

The state-sponsored entity plans to launch a $250 million “community decarbonization fund” to finance electrification, energy efficiency and onsite power projects in disadvantaged communities.

Pay Monthly, which allows consumers up to two years to repay a single purchase, fills the void between short-term BNPL offerings and long-term bank loans — and strengthens the company's super app.

The Basel Committee on Banking Supervision finalized guidelines for supervising and managing the risks climate change pose to banks. While capital requirements aren’t included, U.S. regulators are directed to play a hands-on role in assessing banks’ preparedness.

Wells Fargo, U.S. Bancorp, Truist Financial and PNC Financial were among the banks that said they are raising their prime lending rates from 4.0% to 4.75%.