Retail & Commercial

Under CEO Charlie Scharf, the bank that has historically viewed itself as more Main Street than Wall Street is becoming deeply embedded in the nation’s financial capital and its hard-charging culture.

The banking group issued lawmakers a guide on questions to ask as credit union executives visit Capitol Hill for two days.

Fintechs like LendingClub and Varo Money illustrate how the traditional financial system is changing. Banks that don’t rapidly evolve with technology will be obsolete.

The debate centers on whether guidance on credit union-bank mergers is necessary.

With its expenses soaring, the Toronto company has taken a $250 million restructuring charge to cover severance from staff reductions.

Though the agency plans to give more credit unions authority to issue subordinated debt, limited investor appetite and other factors could hamper activity.

Executives outlined changes in energy lending policies, said that the largest U.S. bank has only scratched the surface in middle-market credits and discussed their preparations in case of an economic slowdown.

A spike in loan-loss provisions dragged down first-quarter profits at the Toronto company’s U.S. unit.

The FDIC’s Quarterly Banking Profile said lackluster net interest income, likely resulting from lower short-term interest rates, drove a decline in fourth-quarter and full-year earnings.

Giving more Community Reinvestment Act credit to such partnerships will help low-income communities, despite industry concerns.