Banking

The likelihood of Fed rate cuts is causing banks to plan for less net interest income, but it would be a mistake for JPMorgan to back off its move into new markets and tech investments, Jamie Dimon says.

The agency's board voted 3-1 on Tuesday to give large banks additional time to comply with new rules that force them to keep better track of insured deposits.

The San Francisco company said its loan pipeline would be strong the rest of this year.

The company revealed its pretax losses for its forays into consumer and other digital banking services, which began in 2016 with the launch of a consumer deposit franchise and an installment loan product.

Respondents rated their chances of reaching the American Dream lower this year than they did in the fall amid talk of a potential recession.

The Treasury Secretary says Facebook’s cryptocurrency plan creates national security issues; the New York Fed chief tells financial firms to stop dragging their feet and move on from Libor.

The bank's net interest income fell to its lowest point in three years, and total revenue fell short of analysts' expectations.

Granted, the bank's earnings per share topped estimates in the second quarter, but its forecast on net interest income suggests it will be harder for JPMorgan Chase to offset declining revenue from trading stocks and bonds.

The information you need to start your day, from PaymentsSource and around the Web. Today: Samsung works on digital ID; Royal Mint supports crypto; Kenya bars sports betting payments; South Korean company patents blockchain payments technology.

The U.S. lacks mechanisms authorized in other countries to flag nonbank risks, Eric Rosengren says.

The Connecticut company will add heft in its home state and Massachusetts when it buys the former mutual.

The company could rein in deposit costs, cut operational expenses and buy back more shares in anticipation of a Federal Reserve rate reduction. Other banks — especially big ones — could do the same.

Piermont Bank, set to open this week, will be the city's second new bank this year.

The company, based in Charleston, S.C., will buy Carolina Trust in western North Carolina for $100 million.

Hispanics are underserved by mainstream financial institutions, creating an opportunity for credit unions to step in and fill the void.

Noninterest expenses fell 2% to $10.5 billion — almost $100 million lower than the average estimate from analysts.

Investors eye how low rates, flat yield curve will affect bank profits; agency is determining if it has oversight power over Facebook’s planned cryptocurrency.

The information you need to start your day, from PaymentsSource and around the Web. Today: Australian banks suffer payment shutdown; U.K. banks pool resources to combat money laundering; European regulators slow to licnese crypto firms; Mark Cuban takes a swipe at Libra.

William Mellin will serve as a lending institution representative on the task force, which will evaluate the evolution of the taxi medallion industry.