Market snapshot · Aug. 12, 2026 close
The American FilingSection
Lenders, regulators and the plumbing of credit
Banks, issuers and consumer groups filed their last arguments Friday on identification and anti-money-laundering standards, as regulators work through a statutory deadline they have already missed.
The payments company confirmed it will resubmit its OCC application by the end of August, joining a stablecoin-focused neobank that applied this month in a pipeline the comptroller is clearing in about 120 days.
The department set out when a stablecoin counts as issued or sold in the United States and what a foreign issuer must do to reach American users, filling the largest remaining gap in the new framework.
Credit card balances rose $21 billion in the second quarter to $1.26 trillion, and New York Fed researchers described a borrowing picture that continues to divide sharply by income.
The court refused to dismiss the state's suit against the network's operator, keeping alive a case that could establish who pays when a customer is tricked into authorizing a transfer.
With the policy rate frozen since December, deposits have repriced downward while loan yields hold, and lenders are guiding to margin expansion through the end of the year.
The firm posted record quarterly revenue and profit, beating trading estimates by roughly $1.9 billion, in a quarter that rewarded scale in both markets and wealth management.
Net income of $21.2 billion led a quarter in which five of the country's largest banks earned a combined $49 billion, up 39% from a year earlier on booming trading and steady consumer credit.