Trump says Fannie Mae suspects Schiff of mortgage fraud
Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
Making remittances more expensive does untold economic damage
Governments must reconsider policies that treat migrants sending money home as risks rather than contributors. Regulators should remove barriers to affordable transfers and enable innovation that puts people first.
Investment banking gains help Goldman Sachs top expectations
The New York-based company reported big increases in investment banking and trading revenue, offsetting a more muted performance by its wealth and asset management business.
Bank of America beats earnings estimates
On Wednesday, the financial giant reported second-quarter earnings per share of 89 cents, exceeding Wall Street’s expectations, with help from consumer banking and wealth management. The company also said that expenses rose 5% year over year.
PNC ups guidance after logging loan growth, finally
The Pittsburgh-based bank’s average loans increased 2% from the prior quarter, its largest jump since the end of 2022.
M&T tops estimates, eyes mergers for Northeast expansion
A spike in the bank’s noninterest income powered its better-than-expected net income and revenue second-quarter results.
What banks are worried about during the House’s ‘crypto week’
Some last-minute drama has derailed planned votes on crypto and stablecoin in the House, but the political maneuvering isn’t likely to improve the long list of criticisms that bankers have raised about the legislation before it heads to President Donald Trump’s desk.
Starling looks to list in the U.S.; Lloyds may buy Curve
The U.K. challenger bank would follow London fintech Wise in emphasizing New York over London in an effort to boost valuation and establish a foothold in the U.S. Plus, Lloyds is in talks to buy all-in-one card fintech Curve; and more news in the global payments and fintech roundup.
Pettit cruises through Senate confirmation vote
Luke Pettit, a Senate Banking Committee staffer, will serve as the Treasury Department’s next assistant secretary of financial institutions.
Fed’s Barr warns of BNPL ‘debt trap,’ other risks
The Federal Reserve governor said the uptick in buy now pay later repayment issues is likely a sign that consumers don’t understand the terms of the emerging credit offering.