Retail & Commercial

Congress needs to take immediate action to reform policies that foster this trend and ultimately subsidize banking consolidation on Main Street, writes Rebeca Romero Rainey, president and CEO of the Independent Community Bankers of America.

The Minneapolis-based company reported an 18% increase in quarterly net income thanks largely to slimmed-down operating expenses. It also notched modest increases in loans and deposits, while asset quality issues remained manageable.

The tech giant is enabling users to pay by holding smartphones together, potentially cutting into the market for Zelle, PayPal and Venmo.

The core services provider partnered with Lendio to devise a cloud-native tool that will automate small business loan decisioning and onboarding for banks.

The Wall Street investment bank saw its profits rebound in the second quarter as last year's decline in mergers continued to thaw. "The game will have to go on because there's just been so much activity that has been suppressed," said CEO Ted Pick.

The Charlotte, North Carolina-based bank saw profits and net interest income dip in the second quarter, but made up lost revenue through investment banking fees.

The Pittsburgh-based superregional bank reported a small quarter-over-quarter advance in net interest income, and it expects loan growth to pick up in the second half of the year. PNC, which announced job cuts last year, also said that it has identified an additional $25 million in cost savings.

The Consumer Financial Protection Bureau's proposal to eliminate medical debts from credit reports is under attack from debt collectors, which claim the rule will drive up litigation costs and drive doctors out of business.

In recent surveys conducted by Javelin Strategy & Research and Insider Intelligence, consumers gave the bank's app high marks. Many small-seeming improvements explain the ascent.

The investment banking giant said that it will "moderate" its pace of share repurchases as it continues to talk to the Federal Reserve, which recently increased its stress capital buffer from 5.5% to 6.4%.