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.
Trump picks Senate Banking member Vance as running mate
Former President Donald Trump has selected Sen. J.D. Vance, R-Ohio, a vocal member of the Senate Banking Committee, as his vice presidential candidate in the 2024 presidential election, marking a turn against corporate power in Republican politics.
Powell commits to finish Fed chair term, stays mum on future plans
The Federal Reserve chairman has two years left in his term, which he will serve regardless of who occupies the White House. Powell’s term on the Fed Board of Governors expires in 2028.
How U.S. Bank climbed to the top in mobile app customer satisfaction
In recent surveys conducted by Javelin Strategy & Research and Insider Intelligence, consumers gave the bank’s app high marks. Many small-seeming improvements explain the ascent.
FedNow’s first year, and its impact on real-time payments
The government-backed instant processing network has been live only since the summer of 2023, but it’s already indirectly boosting usage at an unrelated bank-led rail from The Clearing House.
Banks can’t afford to skimp on top-tier technological expertise
The basics of good banking — a strong balance sheet, customer service and solid risk analysis — will always be important. But in the future, technological competence will be the difference between the sector’s winners and losers.