Banking

High deposit costs and low-yielding assets weighed on the company's net interest income, which fell to its weakest level since the first quarter of 2017. But Key executives predicted that a turnaround is coming soon.

The Consumer Financial Protection Bureau's proposal would give consumers a legal right to grant third parties access to financial data for a specific use, but firms cannot sell the data or use it for their own benefit — including by feeding it into algorithms or artificial intelligence.

Six weeks after unveiling a broad restructuring plan, the North Carolina bank said it has already taken several steps to lower expenses, and that various cost-reduction initiatives are on parallel paths.

There are good reasons to be skeptical in the face of predictions of a revolution in banking led by generative artificial intelligence.

Questions about how it will be implemented and whether the rest of the market will follow the agency's lead make the expense involved difficult to estimate.

Worried about the economy and new Fed rules on capital, the bank wants to hang onto its money just in case, CFO Daryl Bible told investors as he outlined second-quarter earnings.

The Rhode Island-based bank is bolstering its cash position in the face of worries about office loans, stricter capital requirements for regional lenders and the possibility of economic shock from overseas conflicts.

The $668 billion-asset company sold investment securities and certain mortgages to avoid more stringent liquidity and other federal requirements for larger banks. Yet CEO Andy Cecere says U.S. Bancorp is "not under an asset cap at all."

The "Get My Rate" tool, launched on Sept. 4 in collaboration with SavvyMoney, tells current and prospective members what loan rates they qualify for without adversely affecting their credit scores.

Charge-offs at the Detroit-based lender rose last quarter, as borrowers had a tougher time keeping up with their car payments. But so far, credit quality is staying within expectations, and company executives don't anticipate that the rest of the year will be much worse.

The Tennessee bank said a $72 million charge-off tied to a borrower in bankruptcy shaved 10 cents per share off its earnings. Management downplayed the issue, calling it "idiosyncratic," and emphasized that it was growing its loan portfolio.

American Bank of Oklahoma agreed to a consent order in August to settle allegations from the Department of Justice over redlining. However, the institution strenuously objected to references to the Tulsa Race Massacre in the agreement and asked that the language be stricken.

The Consumer Financial Protection Bureau's Section 1071 data collection rule challenge will likely not advance past President Joe Biden's desk, and Republicans don't have the votes to overturn his veto.

Credit unions are seeing tepid growth at best, due in part to banks using online offerings to win over consumers.

The Federal Reserve governor said consumer credit delinquency is returning to pre-pandemic levels, indicating a potential softening of economic activity.

Texas Attorney General Ken Paxton's office said it's reviewing whether 10 financial companies, including Bank of America and JPMorgan Chase, violate a state law that punishes firms for restricting their work with the oil-and-gas industry because of climate-change concerns.

The Indian government's efforts to create digital public access for women can be a model for other countries.

How to use, govern and adopt AI were some of the main themes from the Monday event.

The nation's second-largest bank reported strong growth in net interest income, revenue and profits. But analysts continued to express concern about unrealized losses, which swelled to $131.6 billion.

The two megabanks continue to shrink their branch networks, with BofA planning to close 20 locations and Wells recently shuttering 15. Both banks are also opening new branches in certain markets.