Fintech

Other banks likely will follow the lead of the Richmond, Virginia, company and tap the equity in their branch networks as alternative sources of capital grow more costly, experts say.

The promises made by supporters of the Credit Card Competition Act don't account for all of the ways in which it could actually increase the cost of doing business.

The Fed's meteoric increase in the federal funds rate over the last 18 months has left banks holding billions in unproductive investment securities. Helping them would be good for the economy.

Credit cards and auto loans both showed weakness in the second quarter, leading to an uptick in delinquencies and charge-offs for U.S. credit unions.

Peoples Financial Services has agreed to pay $129 million of stock for FNCB Bancorp. Peoples' CEO Craig Best would lead the combined company for a year after the merger closes, and then Gerard Champi, FNCB's current chief, would take over.

The Consumer Financial Protection Bureau issued a mortgage report based on statistics from 2022 and is looking for ways to simplify the refinance process while considering changes to mortgage servicing standards.

The JPMorgan Chase CEO's comments contrast with the consensus view after 5.25 percentage points of hikes that lifted the benchmark rate to 5.5% — the highest level in 22 years. Money markets are pricing in cuts from next year.

A Piper Sandler poll found that 91% of respondents believe that either a mild or severe recession is already reflected in banks' shares. The survey also unveiled that market participants remain concerned mostly about credit quality and aftershocks from surging interest rates.

The Federal Reserve's rate hikes so far are just "catching up," the JPMorgan chairman and CEO says. Dimon predicts inflation will be at 4% early next year and "won't be coming down for a whole bunch of reasons."

A proposal by Sen. Josh Hawley to cap credit card interest rates deserves to be taken seriously, but requires far more detail than the legislative language provides.