“Additional changes will be rolled out in the second half of this year, which will further reduce deposit-related fees.”

In context

“s. But as a reminder, we have outstanding litigation, regulatory matters and customer remediations and the related expenses could be significant and hard to predict, which could cause us to exceed our $51.5 billion outlook. Turning to our operating segments, starting with Consumer Banking and lending on slide 10. Consumer and Small Business Banking revenue increased 17% from a year ago, driven by the impact of higher interest rates and higher deposit balances. Our deposit pricing has been stable, but we expect deposit betas to increase over time. As Charlie highlighted, the deposit-related fees were impacted by the overdraft policy changes we started to roll out late in the first quarter, which included the elimination of fees for nonsufficient funds and overdraft protection transactions. Additional changes will be rolled out in the second half of this year, which will further reduce deposit-related fees. Home lending revenue declined 53% from a year ago and 35% from the first quarter driven by lower mortgage originations and compressed margins, given the higher rate environment and continued competitive pricing in response to excess capacity in the industry. After increasing over 150 basis points in the first quarter, mortgage rates increased over 100 basis points in the second quarter. The impact of higher rates also reduced revenue from the resecuritization of loans purchased from securitization pools. The mortgage market is expected to remain challenging in the near term, and it's possible that we have a further decline in mortgage banking revenue in the third quarter. We are making adjustments to reduce expenses in response to lower origination volumes, and we expect these adjustments”