Miran: China trade war further bolsters rate cuts
Federal Reserve Governor Stephan Miran said the economic standoff with China could increase market volatility, further necessitating the central bank to move its policy stance to neutral.
FDIC will allow private equity to bid for failed banks
Acting Federal Deposit Insurance Corp. Chair Travis Hill said the agency will open the bidding process for failed banks to private equity and other nonbanks, streamline resolution plans and revamp its bidding and funding models, reforms spurred by 2023’s bank failures.
Large banks lead the cryptocurrency pack, credit unions close behind
New research from American Banker finds that most are still hashing out plans for crypto and stablecoins, but a handful have already launched projects.
Fees, net interest income fuel Bank of America earnings beat
In the third quarter, America’s second-largest bank surpassed Wall Street’s forecasts for net income, revenue and earnings per share.
PNC logs record revenue on fee income, loan growth
The Pittsburgh-based bank’s solid third quarter comes weeks after it announced it plans to acquire a Colorado bank for $4.1 billion.
Powell may actually be “too late” when it comes to ending QT
The Federal Reserve’s policies are pressuring banks’ balance sheets. While Chairman Jerome Powell is talking about backing off quantitative tightening, he may be waiting too long.
Stripe’s stablecoin wing vies for national trust charter from OCC
Bridge will join a number of digital asset firms vying for the coveted charter, seizing on the crypto-friendly environment in the second Trump term.
Warner: Directive to lay off CDFI staff likely came from OMB
Treasury laid off all of its Community Development Financial Institution Fund staff on Friday, with the reduction in force notices saying that the department plans on abolishing the fund.
Nova Credit draws capital to expand to new loan types
The credit infrastructure and analytics company secured $35 million in a Series D funding round, led by Socium Ventures, the venture capital division at Cox Enterprises, to expand into auto lending and personal loans.
Powell acknowledges Fed could have ended Covid-era QE sooner
Federal Reserve Chair Jerome Powell acknowledged skepticism around the central banks large-scale asset purchases during the pandemic, noting the Fed likely “should have stopped” sooner, but fell short of admitting that the purchase of MBS’ contributed to housing disparities.