Powell: Fed watching Treasury issuance, impact on balance sheet
The Federal Reserve chair said that as the Treasury replenishes its general account at the Fed, it will lead to fewer reserves in the banking system.
Fed’s stress test results to be published June 28
Though the Federal Reserve’s stress test scenarios were announced ahead of the string of bank failures this spring, the results will be a significant peek into the health of the banking system.
U.S. profit recession will persist, Morgan Stanley’s Mike Wilson says
Earlier this week, Wilson and his team of strategists said in a note that they expect S&P earnings to drop 16%, compared to predictions for a decline of just 2.4% for 2023 from sell-side analysts who have boosted their earnings expectations.
Latest global payments news
This week in global news: Stripe joins the MACH Alliance, GoCardless downsizes, CBA battles crypto crooks and more.
Jack Ingram’s tech moves led to spike in customer satisfaction at WECU
A combination of user-facing apps helped drive scores from 27 to 73. Ingram is one of American Banker’s Innovators of the Year.
Startup tackles fleet card fraud by ditching plastic
Relay Payments has signed a partnership with the operator of Pilot Flying J truck stops as it attempts to cut security risk by going digital.
It has never been more important for banks to diversify their clientele
Recent bank failures point to the need for banks to expand their customer base. That might require stepping outside your comfort zone.
Fifth Third and Zions lower outlooks as deposit prices keep climbing
Both regional banks announced weaker guidance for net interest income than they had foreseen two months ago. The disclosures highlighted pressures that figure to take up a lot of the oxygen during second-quarter earnings season.
Credit union loans fueled by growth in auto sales, home equity
Total loans from credit unions increased by nearly 18%, driven in part by car dealerships rebuilding their inventory. Headwinds in the mortgage market also fueled interest in home equity loans.
OCC’s Hsu says bank interest in crypto has ‘receded’ since FTX
Acting Comptroller of the Currency Michael Hsu said the banking industry has been largely insulated from crypto winter, but added that bank interest in servicing the crypto industry has waned over the same period.