Economy

Mutual institutions, long pillars of underserved communities, now face insurmountable barriers to entry.

Acting Comptroller of the Currency Michael Hsu said some large regional banks are at risk of becoming too big to fail, and the agency is considering ways to increase the resolvability of post-merger banks.

Zions Bancorp. and Webster Financial are among the inaugural members of the Risk Management Association’s climate-risk consortium for regional institutions. Like its large-bank counterpart, the group will work with banks to help guide the economy's transition to a low-carbon future.

Federal Reserve Chair Jerome Powell said the central bank will take the “necessary steps” to get inflation down even if that means increasing interest rates more rapidly than currently anticipated and eventually to levels that slow the broader economy.

The Federal Reserve Board voted to lift the benchmark rate to target range of 0.25% to 0.5% and signaled more hikes at all six remaining meetings this year.

Bank of America’s consumer clients made $294 billion of total payments last month, up 16% from a year earlier, as the U.S. economy continued its recovery from the coronavirus pandemic.

The Federal Reserve's models assume interest rates will decline if the economy falls into a recession, but as big banks prepare for their annual stress tests, they should also be considering the impact of rising rates and higher inflation on their operations.

New research shows that young Americans are finding it increasingly difficult to buy a home of their own. The co-author of a series of reports will delve into discoveries around the factors why.

Citigroup offers both institutional and consumer banking services in Russia, but has been working to exit the consumer business as part of a larger strategy.