Banking

The Biden administration agreed this week to pare back a deeply controversial proposal that would force banks to turn over most customers' account information to the Internal Revenue Service under a barrage of criticism from both industry groups and Republicans – but banks say the measure still goes too far and poses a serious privacy concern.

Average monthly fees for interest checking accounts are up more than 5 percent, hitting a record high.

Some big U.S. banks are buying more U.S. government securities as yields start to rise and the Federal Reserve appears ready to taper its bond-buying program - a balance sheet shift that analysts say could boost bank earnings by several percentage points depending on how they play their hands.

Four of the largest U.S. banks said their profits grew by double-digits last quarter, as a healthier U.S. economy has allowed banks to have fewer bad loans and charge-offs.

Republicans say the treasury secretary's comments about the proposed IRS reporting requirement are technically correct but miss the point.

JPMorgan Chase & Co. Chief Executive Jamie Dimon says the economy is healthy and expects it to stay that way.

Group of Seven advanced economies said on Wednesday that any digital currency issued by a central bank must "support and do no harm" to the bank's ability to fulfill its mandate on monetary and financial stability, and must also meet rigorous standards.

JPMorgan Chase & Co.’s third-quarter profit rose 24%, the bank said Wednesday.

Treasury Secretary Janet Yellen continues to defend the Biden administration's proposed requirement for banks to report every transaction of $600 or more to the IRS, saying, "There's a lot of tax fraud and cheating that's going on."

The Sussexes will be "impact partners" and investors at Ethic which focuses on investing in the environmental, social, and governance space.

The Philadelphia Federal Reserve is promoting critical race theory materials on its website.

Sen. Pat Toomey is asking President Biden's nominee to lead the Office of the Comptroller of the Currency to hand over her thesis on Karl Marx.

Banks rushed to work with the Apple Pay mobile wallet when it debuted in 2014. They have some regrets.

A startup trading platform is seeking approval from the Securities and Exchange Commission to launch the first U.S. stock exchange that would operate around the clock, including on weekends and holidays.

California Gov. Gavin Newsom has signed a bill into law that explores fee-free banking provided by the state.

JPMorgan boss Jamie Dimon defended his $31.5 million salary as the result of the country’s "free market" during an interview about the bank’s multibillion-dollar pledge to combat racial inequality.

Cash-strapped China Evergrande Group said on Wednesday it plans to sell a 9.99 billion yuan ($1.5 billion) stake it owns in Shengjing Bank Co Ltd to a state-owned asset management company as it scrambles to raise funds.

A top Wall Street banker is being accused of bizarre double-dealing at a California tech firm where he serves as a board member.

Invesco Ltd. is in talks to merge with State Street Corp.’s asset-management business, people familiar with the matter said.

The World Bank canceled a prominent report rating the business environment of the world’s countries after an investigation concluded that senior bank management pressured staff to alter data affecting the ranking of China and other nations.