US economy contracts for 1st time since 2022 on imports surge
Inflation-adjusted gross domestic product decreased an annualized 0.3% in the first quarter, well below average growth of about 3% in the prior two years, according to the government’s initial estimate.
How tariff uncertainty is taking a toll on banks
The potential for a global trade war has largely undone the optimism that the industry exhibited at the beginning of the year. Here’s a look at three ways that tariffs could negatively impact banks.
LendingClub’s profits get hit by ‘macroeconomic uncertainty’
The online consumer lender beat revenue expectations in the first quarter, but its net income was dragged down by larger provisions that the company attributed to tariff “uncertainty.”
Visa: Spending ‘resilient’ despite travel slump
The card processor came up short on expected profits but hit analysts’ estimates on revenue in the second quarter of its fiscal 2025. CEO Ryan McInerney said growth in payments volume, cross-border volume and processed transactions were strong even in the face of shaky economic conditions.
Buyer’s remorse hits finance bosses who ‘overhired’ for ESG
Trump’s return to the Oval office, and his administration’s vocal disdain for climate and DEI issues, has acted as a brake on ESG hiring across America.
GOP lawmakers mull eliminating ‘management’ from CAMELS
At a House subcommittee hearing, Republicans proposed “tailoring” regulations for community banks while Democrats railed against Trump’s tariffs and cuts to the Consumer Financial Protection Bureau.
How Capital One is eliminating passwords for its employees
The bank’s chief technology risk officer details the journey the bank has taken over the last six years, and why it set out to get rid of passwords.
Warren, Waters say NCUA lacks quorum to govern
Senate Banking Committee ranking member Elizabeth Warren, D-Mass., and House Financial Services Committee ranking member Maxine Waters, D-Calif., urged the National Credit Union Administration’s Inspector general to look into President Trump’s removal of two board members.
Trump’s 100 days by the numbers
Rapid deregulation, tariffs and a campaign to dismantle the Consumer Financial Protection Bureau have defined the early days of President Donald Trump’s second term for bankers.
The idea of a U.S. ‘super app’ lives on at these fintechs
Super apps such as AliPay and WeChat Pay have carved out immense market share by enticing users as a one-stop shop for their payment, shopping and social needs in a model that many U.S.-based companies have tried to replicate. But what makes a super app successful, and how easy are they to launch?