PNC’s surging fee income boosts revenue
The Pittsburgh-based company’s earnings fell 4% in the third quarter from a year ago, although noninterest income climbed 11%.
Trump pushes tax break on car loans as he courts auto industry
Donald Trump vowed to boost the U.S. auto industry by making interest on car loans fully tax-deductible and renegotiating a trade deal with Mexico and Canada as he sought to court business leaders and workers in swing-state Michigan.
Citigroup’s earnings hit by higher cost of credit
The bank saw larger net credit losses in cards and increased its reserve by $315 million, while net income fell 9% in the third quarter.
Bank of America’s rising deposit costs push profits lower
The Charlotte-based megabank raked in larger fees from its Wall Street operations, but the jump wasn’t enough to make up for higher payouts to depositors.
CFPB’s Chopra rushes to finish enforcement actions before election
The Consumer Financial Protection Bureau’s Director Rohit Chopra was stymied for months by a Supreme Court case that put many enforcement actions on hold, but the bureau is making up for lost time.
FINRA navigates ‘AI washing’ as firms roll out client-facing gen AI
As more companies tout gen AI offerings, regulators are closely watching to see if what they say matches what they do.
Will the CRA political football be kicked to the Supreme Court?
Regulatory justice prevailed with a federal district court injunction staying the politically motivated CRA final rule, the most complicated and convoluted regulation ever. Depending on election results, it may end up in the Supreme Court.
First-ever redlining order against a credit union delivers jolt
A Philadelphia-area credit union’s landmark redlining settlement with the Department of Justice has prompted strong responses from the industry’s regulator and its leading trade group.
Former RBC exec Ahn gets new job; Citi’s Raghavan shakes up team
Canaccord Genuity Group hires Nadine Ahn, who was fired from Royal Bank of Canada in April; Citigroup establishes a new banking executive team to oversee its commercial and investment banking work under Vis Raghavan; and more in this week’s banking news roundup.
A new calculus for challenging regulatory enforcement actions
The Supreme Court ruled this year that companies facing civil money penalties have the right to request a jury trial. The ruling is going to change the way regulators and companies think about enforcement actions.