Earnings spike as NIM hits record low

FDIC-insured institutions made $70.4 billion in second quarter 2021, a $51.9 billion increase (281 percent) from a year ago as net interest margin continued its contraction and loans grew slightly. The increase was primarily due to a $73 billion (117.3 percent) decrease in aggregate provision expenses, reflecting economic growth and better credit conditions. [Continue]

Fed’s debit networking plan draws industry ire, support

More than half a dozen financial trade organizations are criticizing the Federal Reserve’s proposal to make at least two unaffiliated debit networks available on every debit card issued in the United States, including for card-not-present transactions. [Continue]