Investments

The wealth management giants join their rivals Wells Fargo, Morgan Stanley, UBS, LPL Financial and Ameriprise in being accused of using uninvested cash in advisory accounts to boost their bottom lines rather than benefit clients.

The Ames-based Ames National Corp. has watched its profits shrink over the past two years amid increased funding costs and stiff competition for deposits.

"Fed watchers will be parsing Powell's comments for signs that a 50bp rate cut is on the table for September," noted Lauren Saidel-Baker, an economist with ITR Economics. "However, the notoriously tight-lipped chair is unlikely to confirm this, making a 25bp cut the most likely outcome."

Missouri Secretary of State John Ashcroft's office said the ruling was "not just legally deficient but also morally wrong."

Republican State Treasurer John Fleming said he had concerns about big banks limiting business with firearms entities and Christian organizations, but has few options: "Only a small number, relatively speaking, of banks actually qualify to do the level of business that a state treasurer requires."

The infrastructure fund dubbed BXINFRA targets individuals with at least $5 million of investments.

Gary Quinzel, vice president of portfolio consulting at Wealth Enhancement Group, gives his views about monetary policy and offers his opinion on the FOMC statement and Fed Chair Jerome Powell's press conference.

U.S. banks need to start taking sustainability risk seriously

Third-party origination operations are also going to Mr. Cooper in the $1.4 billion deal, in which the seller cited interest in improving its capital position.

Arrested four times for blocking the entrance to Citigroup, a veteran climate protester wonders why more rank-and-file bankers don't make common cause with activists trying to prevent the funding of fossil fuel development.

Investors are set to start the week scrambling to decide if President Joe Biden's decision to end his reelection campaign and endorse Vice President Kamala Harris increases or decreases Donald Trump's chances of regaining power. 

A law that took effect this week allows Florida consumers to ask state regulators to investigate why a financial institution canceled an account or rejected a loan application. The law, which applies to federally chartered banks, could lead to a legal battle over the limits of state powers.

The U.S. 30-year yield reached the highest level in a month on Monday amid predictions that a Trump presidency would lead to higher inflation.

In this month's roundup of top banking news: a cease-and-desist issued by the Federal Reserve, high CFO turnover, the end of Chevron deference and more.

New York Department of Financial Services' guidance advising banks and insurers to avoid doing business with the NRA was ruled as likely to be unconstitutional by the Supreme Court. Why is it still on the department's website?

The Honolulu bank is raising $165 million through depositary shares, a move that two observers said would help boost its below-average leverage ratio.

A new debit card, a panel discussion and a concert are among the ways banks are commemorating the end of slavery in the U.S.

The best way for banks to alleviate the effects of extreme weather events is to continue to do what they do best — lend.