The recent decision involved sales taxes, but Wells Fargo recorded a net expense of $481 million under the assumption that it will also lead to higher state income taxes. Other banks may have to follow suit.
Large card issuers began banning cryptocurrency purchases on their cards in February. But fintechs are allowing consumers to purchase and invest in digital currencies, and they say the risk is minimal.
The Minneapolis company plans to expand to new retail markets through a digital platform, but it’s facing questions about how it will distinguish itself from peers.
The Fed's top regulatory official suggested that some banks could get a break from filing resolution plans and see the frequency of their stress tests reduced.
Repayments on acquired residential mortgage loans were the main reason, but other bottom-line boosters more than made up for that, the Buffalo, N.Y., bank said in reporting second-quarter results.
The Minnesota company's profits rose by double digits despite some challenges in the second quarter, and its CEO says it will be expanding its digital offerings to simplify banking for customers.
The Financial Stability Oversight Council has proposed to dedesignate Zions Bancorp. as a systemically important financial institution under the Dodd-Frank Act.
