While executives at the Buffalo, N.Y., bank said they would take a closer look at spending, especially given the potential for interest rate cuts, they described investments in tech talent as an essential cost of doing business.
The Minneapolis bank reported growth across several lending and noninterest income categories in the second quarter, which offset net interest margin pressures and declining deposit service fees.
The agency's board voted 3-1 on Tuesday to give large banks additional time to comply with new rules that force them to keep better track of insured deposits.
