The skyline of Chicago, Illinois from Grant Park (James Conkis/Creative Commons
The skyline of Chicago, Illinois from Grant Park (James Conkis/Creative CommonsInvestors pulled out of open-end funds at a record rate this year as they continued to search for safety, fueling hefty asset inflows to exchange-traded funds and certain bonds, Morningstar said.

Bank of America's headquarters are shown in Charlotte, N.C., Thursday, July 15, 2010. (AP Photo/Chuck Burton)
Bank of America's headquarters are shown in Charlotte, N.C., Thursday, July 15, 2010. (AP Photo/Chuck Burton)The American Bankers Association is pushing banks to increase their offerings to unbanked and underbanked consumers by creating accounts that follow industry standards meant to expand access to banking services.

A man walks past the Federal Reserve Bank of New York. (AP Photo/Mark Lennihan)
A man walks past the Federal Reserve Bank of New York. (AP Photo/Mark Lennihan)The Federal Reserve Bank of New York selected five investment banks to serve as new counterparties and dealers for lending facilities it created in response to the COVID-19 pandemic, including some of the nation’s oldest minority-owned financial institutions.

Jerome Powell, President Donald Trump's nominee for chairman of the Federal Reserve, testifies during a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington. (AP Photo/Carolyn Kaster, File)
Jerome Powell, President Donald Trump's nominee for chairman of the Federal Reserve, testifies during a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington. (AP Photo/Carolyn Kaster, File)U.S. Federal Reserve Chair Jerome Powell said Monday that the central bank still has yet to make a decision on whether to issue a digital currency, noting that it’s “it’s more important to get it right than to be the first.”

Fintechs Rapyd and Incomm Payments agreed to develop a service that would support customers who want to pay digital bills with cash, presenting a twist to the aggressive long-term trend toward digital payments.

The fragility of short-term funding markets and problems in the Treasury market became more clear during the early months of the COVID-19 pandemic, the U.S. Federal Reserve Board’s vice chairman for supervision said Thursday, adding that the Fed needs to take additional steps to strengthen these markets.

The U.S. Federal Reserve on Thursday sanctioned M&T Bank over violations in the handling of flood insurance requirements for mortgages, an issue regulators are worried could grow amid an influx of loan applications.

Morgan Stanley hopes to resume share buybacks early next year that could exceed 100% of the investment bank’s quarterly earnings, CEO James Gorman said Thursday, as executives sit on a growing pile of excess capital but continue to have their hands tied by U.S. regulators.

Trade groups representing U.S. banks criticized an industry regulator’s move to create a special purpose payment charter for nonbank fintechs, arguing that Congress should have a say over the matter.

The U.S. Federal Reserve unveiled a pilot testing program for FedNow, the central bank’s long-awaited real-time interbank settlement service, after industry groups voiced concerns that the nascent service may directly compete with banks.

Insurers may undergo a difficult transition when a key interest-rate benchmark sunsets at the end of next year, forcing an adjustment in billions of dollars of assets and debt holdings, ratings agency AM Best said.

Citigroup executives faced tough questions from investors on Tuesday about penalties handed down by U.S. regulators last week, despite the bank reporting an otherwise resilient quarter in the face of economic uncertainty.

Fintech Revolut is looking to apply for a bank charter in the U.S., joining a growing number of tech firms seeking to compete on equal terms with traditional banks, CNBC reported.

A group representing major U.K. banks and asset managers said on Friday that many of the largest companies on the London Stock Exchange are failing to report the ethnic data of their boards, calling for greater transparency.

Mastercard and Broadridge Financial Solutions executives were appointed to a Federal Reserve Bank of New York panel on Friday, as the group looks to better understand the pandemic's impact on U.S. fintechs.

A group of seven major central banks reached a milestone on Friday in identifying attributes critical to a central bank digital currency and creating somewhat of a consensus about what the experimental currency would require, but they lag behind others like China that are already barreling ahead with pilot issuances.

With the U.S. Federal Reserve pledging to keep interest rates near zero through 2023, the nation’s largest banks are in a tight spot, trying to eke out revenue through trading and mortgage refinancing while cutting costs through layoffs.

Sen. Elizabeth Warren is urging the largest U.S. banks to disclose results of a stress test to measure performance during the pandemic, arguing that their capital has been put at risk by continued paying of dividends.

The U.S. economy grew at an accelerated pace in the third quarter, which could lead the Federal Reserve to raise interest rates earlier than signaled, according to minutes the central bank released Wednesday.

Citigroup was hit with a $400 million fine and ordered by U.S. regulators to take “broad and comprehensive” steps to correct risk management systems following a series of high-profile record-keeping blunders.