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The parent company of Flagstar Bank reported a net loss of $323 million for the second quarter after boosting loan-loss provisions and recording a steep increase in net charge-offs. Still, it says it's making progress on a turnaround plan, including by agreeing to the sale of its mortgage servicing business.

The $72.8 billion-asset bank lowered its guidance for net interest income, explaining that while business prospects on the island are relatively rosy, its stateside opportunities for loan growth look weaker.

The embattled Long Island-based bank announced the hiring of nine new senior executives. Most of them have ties to CEO Joseph Otting, who previously held the top job at the OCC and OneWest Bank.

Federal Deposit Insurance Corp. Vice Chair Travis Hill has called for a full reproposal of the Basel III endgame capital standards, emphasizing the need for joint advancement by all three major federal banking agencies and an additional comment period for industry feedback.

The bank is developing algorithmic models that will be ready to take advantage of quantum computers when they become powerful and reliable enough to use. It's also taking steps to defend itself against the day cybercriminals can harness quantum computing to break the encryption protocols everyone uses. 

The $73.5 million all-stock deal, slated to close early in 2025, would create a bank with more than $3 billion of assets.

The Spanish bank recorded its best efficiency ratio in 15 years, Chairwoman Ana Botin said in its quarterly earnings statement.

A rising number of check fraud cases involving counterfeit checks is compounding the already-serious problem of fraud in one of the oldest payment methods widely available.

After 40 years in finance, Harford is now learning to play golf and mahjong, and spending more time with family and friends.

The payments company is pulling Cash out of the U.K. as it tries to expand the peer-to-peer app in the U.S.; firms in Hong Kong and Australia try to make stablecoin transactions global; and more.

The Consumer Financial Protection Bureau reversed itself, declaring that earned wage access programs, which conduct no underwriting and charge no interest, are loans. This is a disservice to the industry and consumers.

Sen. Richard Blumethal, D-Conn., chair of the Senate Permanent Subcommittee on Investigation, asked bankers whether the Electronic Funds Transfer Act should be updated to include scams that involve authorized fund transfers.

A federal judge recently rejected an agreement on transaction fees, ensuring that a multi-year battle between the credit card companies and merchants will continue. Ryan McInerney vented during Tuesday's earnings call.

Old National Bancorp's earnings remained strong as it continued its expansion into the southeast with its recent $344 billion acquisition of CapStar. Executives said they foresee similar growth for the remainder of the year.

Witnesses from companies across financial services and housing, including a credit union and a core services provider, attested to the value of AI in fighting fraud and boosting customer service at a hearing in the House of Representatives.

The Northeast regional bank missed expectations on net interest income and negatively revised much of its 2024 guidance.

The Government Accountability Office reviewed a decade worth of capital and liquidity reforms, including changes to the Federal Reserve's stress testing regime.

The credit card giant increased its allowance for credit losses by more than $800 million following the termination of a partnership with Walmart.

Federal Trade Commission Chair Lina Khan said the "firms could be exploiting" personal data about customers to charge them higher prices.

Vice President Kamala Harris has kept a low profile in banking policy, and there is a reasonable expectation that her administration would pick up where Biden left off. But if she wanted to, Harris could reset Democrats' financial policy agenda.