Banks shrug off impact of first rate hike in three years
Bankers are largely downplaying the impact of the Federal Reserve’s interest rate increase. Some said this week that the quarter-point hike could be good for near-term profitability.
Morgan Stanley asks advisors to produce more to keep same pay
With three years of market appreciation buoying most advisors’ revenue generation, Morgan Stanley says: Produce a bit more or see a small pay cut.
Subprime auto lender agrees to $710M settlement with states
Credit Acceptance Corp. has agreed to provide $710 million in restitution and debt relief to resolve allegations of predatory lending by 41 state attorneys general.
What Hyundai learned from its stablecoin test drive
The South Korean automaker’s credit card subsidiary completed two proof-of-concept transactions that used stablecoins to move funds between subsidiaries in the U.S. and Mexico without a bank. Next, Hyundai Motor will test if the technology can be used as the backbone of its global treasury infrastructure.
SEC warns new outside activity rule isn’t a free-for-all
Brokerages applaud a new rule that will relieve them of the obligation to monitor advisors’ side gigs such as driving for Uber or bartending. But regulators say they still have plenty of obligations to monitor outside business activities.
SEC clears path for tokenized stock trading
The Securities and Exchange Commission on Thursday issued an order allowing some tokenized U.S. stocks to be traded on blockchain-based platforms.
Will Enova owe $5M fee after stall-out of Grasshopper deal?
Now that regulators have failed to approve a controversial merger deal, the question is whether the buyer will have to pay a hefty fee to the seller.
De novo applications are up, but the tide isn’t turning back
Regulatory hurdles made starting a new bank harder after 2008, but research suggests the decades-long decline in de novos goes back further and that even a sharp deregulatory push won’t lead to a rebound to pre-crisis levels of de novo applications.
FDIC proposes faster merger reviews, preemption for state banks
A pair of proposals issued by the Federal Deposit Insurance Corp. Thursday would create new merger processing timelines and extend national-bank preemption to certain out-of-state, state chartered bank activities.
SEC eyes repeal of rule allowing shareholder proposals
The Securities and Exchange Commission said Rule 14a-8 exceeds its statutory authority and intrudes on matters of state law. Shareholder advocacy groups, however, argue that repealing the rule could reduce transparency.