Charles Schwab's earnings were overlooked--perhaps not a bad thing--amid the earnings releases of big banks. It ended up posting a decline in profits of 31 percent for the second quarter.

The main issue is low interest rates. The firm is committed to paying its customers at least 2 percent yield on money funds. It thus had to waive $30 million in fees from money market funds in the second quarter, up from $6 million in the previous quarter. It is now waiving a portion of fees on 19 of its 29 money market funds, Reuters notes. The upside is that Schwab was able to draw $17 billion in new assets in the second quarter. Earlier this year, the firm said it could waive up to $200 million in fees. 

For more:
- here's the Reuters article

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