FASB extends CECL deadline for most lenders

07/17/19

The decision gives the vast majority of banks and credit unions another year to implement the controversial accounting method for loan losses.

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Comerica signals tougher market for liquidating energy assets

07/17/19

The Texas bank said it was setting aside higher provisions for credit losses as private investments are drying up in a volatile oil and gas market.

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Business loans, mortgages, fees were 2Q bright spots for U.S. Bancorp

07/17/19

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.

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Consumer banking results strong for Bank of America in 2Q

07/17/19

Gains in the retail division helped drive overall profit to a record for a fifth consecutive quarter as mortgage activity surged and provisions for bad loans posted a surprise drop from the first quarter.

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Consumer banking buoys earnings; Facebook faces a hostile Senate

07/17/19

Low rates spur more retail lending at big U.S. banks as trading revenue drops; the company’s plan to create its own digital currency runs into more opposition.

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PayPal-backed blockchain aims to help banks verify digital IDs

07/16/19

A new project backed by the government of Luxembourg could ultimately be influential in the U.S., where banks have been slow to develop a shared platform for digital identities.

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BofA considering subscription model for Merrill Edge

07/16/19

The offering would mirror a similar move by Charles Schwab to offering clients a new pricing plan for its robo service.

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Despite cuts, Wells Fargo is still spending too much

07/16/19

The bank has been slashing expenses, but executives acknowledged they remain high. Between having to hire thousands of compliance employees and waiting on the next CEO to be named, investments in new technology or other long-term growth are limited.

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Varo Money raises $100M, files deposit insurance application

07/16/19

The new funding comes as the challenger bank inches closer to gaining regulatory approval for a national bank charter.

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JPMorgan won’t let revenue risks curtail expansion plan

07/16/19

The likelihood of Fed rate cuts is causing banks to plan for less net interest income, but it would be a mistake for JPMorgan to back off its move into new markets and tech investments, Jamie Dimon says.

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