Retail & Commercial

Executives at small banks and credit unions told the Senate Banking Committee about horror stories of technical glitches, vendor delays and overworked appraisers, while expressing an interest in having more time to comply with new mortgage rules.

Nobody thought it would be pretty, but last quarter's results were even worse than expected, and low fee revenue is largely to blame. Trading and mortgage banking were particularly bad, and few of the big banks managed to offset the declines.

Trustmark in Jackson, Miss., said its profit declined in the third quarter because of lower loan yields and higher expenses.

Sen. Elizabeth Warren, the founder of the Consumer Financial Protection Bureau, appeared alongside Director Richard Cordray on Wednesday during a rare joint appearance to discuss politics, financial products, and breaking up the big banks.

American Express Co., bracing for a decline in profit after the loss of a key retail partner, made a series of organizational changes including combining U.S. and international units and said that consumer product head Josh Silverman is leaving the firm.

Wells Fargo has eliminated foreign transaction fees for transactions made by small businesses made outside the U.S.

One look at the industry's C-suite makes it obvious that banks need to mirror demographic shifts far better and faster.

The founder of an IPO services company that was sold this month to Nasdaq has lined up several investors for his new company, which will invest in bitcoin and blockchain developers.

Sure, the U.S. government recently handed down strong new rules designed to protect consumers from unwanted robo-calls. But maybe some robo-calls aren't so bad. Like debt-collection calls in cases where the debt happens to be backed by Uncle Sam.

UMB Financial in Kansas City, Mo., reported lower third-quarter profit, due to weaker revenue from its Scout Funds arm and merger costs.