The CEO of a big-bank lobbying group recently said that the central bank may be on the verge of pulling a bait and switch on faster payments. But his comments glossed over a lot of the relevant history.

The deal cleared another key hurdle as Financial Services Committee members showed little interest in slowing the formation of Truist Financial.

Second-quarter earnings at the Chicago custody bank were flat as increased interest costs offset better yields and fee income held steady.

If the Federal Reserve doesn't maintain an active role, Wall Street megabanks could take over the payments system.

Lawmakers including presidential hopeful Elizabeth Warren have introduced a bill that would put the Federal Reserve in charge of creating its own real-time payments network.