BMO’s U.S. arm hurt by sluggish loan growth, tighter margins
The Toronto-based company’s U.S. banking segment continues to face headwinds from muted loan growth and higher deposit pricing. Net income for the division tumbled by more than 25% last quarter.
Banks, credit unions respond to wave of wind storms and tornadoes
Leaders of financial institutions and industry trade groups are working together to provide impacted communities across the U.S. with basic necessities and quick, online emergency loans.
Appeals court again nixes judge’s transfer of CFPB late-fee case to D.C.
A federal judge in Texas is locked in a back-and-forth with an appeals court over whether the industry’s challenge to a cap on credit card late fees should be moved to Washington, D.C.
Banks’ net income surges in Q1 despite CRE concerns
The Federal Deposit Insurance Corp.’s Quarterly Banking Profile for Q1 showed that banks’ net income margins got a boost, but FDIC Chair Martin Gruenberg said concerns around inflation, interest rate volatility and geopolitical uncertainty could mean tougher quarters ahead.
Was the CFPB really manipulating data about credit cards?
A reader takes issue with a column by the agency’s former director in which she criticized its analysis of the consumer credit card market.
Klarna vents at CFPB over BNPL rules, Discover bullish on Italy
The Swedish financial institution argues over potential regulations that treat buy now/pay later lending like credit cards in the U.S; Discover seeks the next hot market for real-time payments; and more.
Illinois passes one-of-a-kind swipe fee restrictions
The Illinois state legislature, as part of an agreement with retailers to raise state tax revenue, passed a budget bill that would bar the collection of interchange fees on sales taxes, excise taxes and tips for transactions that would be subject to Illinois sales taxes.
Cleveland Fed taps former Goldman Sachs exec as next president
Beth Hammack, who stepped down as the bank’s co-head of global finance earlier this year, will take the helm as President of the Federal Reserve Bank of Cleveland later this summer following the retirement of longtime President Loretta Mester.
Press Release: FDIC-Insured Institutions Reported Net Income of $64.2 Billion
PRESS RELEASE | MAY 29, 2024 FDIC-Insured Institutions Reported Net Income of $64.2 Billion Net Income Increased From the Prior Quarter, Driven By Lower Noninterest Expense, Provision Expenses, and Higher Noninterest Income Community Bank Net Income Increased Quarter Over Quarter The Net Interest Margin Fell For the Second Consecutive Quarter Asset Quality Metrics Remained Generally […]
The courts need to rein in the SEC before it kills the crypto industry
The Securities and Exchange Commission’s overly broad expansion of the Dealer Rule is only the latest example of the agency’s yearslong effort to stifle innovation in a vibrant and growing industry.