Senate Banking member Menendez convicted
Should senior Senate Banking Committee member Bob Menendez, D-N.J., resign or be expelled from the Senate, it could derail key nominations — including that of Christy Goldsmith Romero for Federal Deposit Insurance Corp. chair.
Zelle owner will testify at Senate Investigations hearing
Early Warning Services CEO Cameron Fowler will join bank executives at an upcoming hearing in the Senate Permanent Subcommittee on Investigations to discuss fraud on the Zelle payments network.
How Apple’s iPhone payments update could hurt banks
The tech giant is enabling users to pay by holding smartphones together, potentially cutting into the market for Zelle, PayPal and Venmo.
State Street profit rebounds as fees and interest income show gains
CEO Ron O’Hanley touted an “encouraging financial performance” at the $326 billion-asset custody giant due to asset inflows and a jump in income from securities and loans.
The EU leads the way in implementing comprehensive digital wallets
Bankers and financial services professionals should be monitoring the rollout of the EU Digital Identity Wallet initiative, as it signals changes likely to arrive in the U.S.
FIS launches small-business lending tool, first in planned portfolio
The core services provider partnered with Lendio to devise a cloud-native tool that will automate small business loan decisioning and onboarding for banks.
Morgan Stanley’s dealmakers drive profit rebound
The Wall Street investment bank saw its profits rebound in the second quarter as last year’s decline in mergers continued to thaw, a sign that the company’s bread-and-butter business of arranging mergers is returning to full gear.
Bank of America beats analysts’ expectations despite dip in profits
The Charlotte, North Carolina-based bank’s second-quarter earnings were lifted by investment banking and global markets revenue.
PNC Financial posts net income of $1.5 billion
Higher noninterest income boosted the Pittsburgh-based company’s bottom line in the second quarter.
Debt collectors defend doctors in skewering CFPB medical debt plan
The Consumer Financial Protection Bureau’s proposal to eliminate medical debts from credit reports is under attack from debt collectors, which claim the rule will drive up litigation costs and drive doctors out of business.