Fed narrowly approves Morgan Stanley plan for German arm
The Federal Reserve authorized a bid by Morgan Stanley to incorporate its German investment bank under its U.S. bank subsidiary. Three Biden nominees on the Fed board dissented, citing concerns that the move could heighten risks for the U.S.-based investment banking giant.
Fed Govs. express concern about Iran war-driven inflation
In three separate appearances Thursday, Fed Gov. Lisa Cook, Gov. Michael Barr and Vice Chair Philip Jefferson said they are worried that U.S. involvement in the war with Iran could drive up inflation, leading them to conclude that interest rates should remain steady in the near term.
Fed’s Miran makes case for small balance sheet
Federal Reserve Gov. Stephen Miran on Thursday detailed a plan to reduce the central bank’s balance sheet, saying a smaller footprint would reinforce policy boundaries but could also bring more market volatility.
Why BMO sees California expansion as key to future growth
The Canadian bank laid out its rationale Thursday for opening new branches in California. The objective is to increase density in the Golden State, and subsequently achieve greater market share and higher returns.
Sen. Durbin, D-Ill., reintroduces credit card airline bill
The legislation would grant the Consumer Financial Protection Bureau, among other agencies, more oversight of airline-branded credit cards and rewards schemes.
FTC warns payment giants against political debanking
PayPal, Stripe, Visa and Mastercard must be vigilant against offboarding clients for political or religious reasons, the Federal Trade Commission warned Thursday.
How banks can safely use AI in the cyber operations center
Financial security teams must treat AI like a junior analyst, requiring humans to own decisions and approve any responsive actions to threats.
Crypto wallet maker Ledger opens NYC office
The French crypto wallet company is expanding into the U.S. and growing its institutional enterprise offerings as new regulation opens opportunities for digital asset investment.
AEI panel: GSEs have never paid for their guarantee
New questions about Fannie Mae and Freddie Mac’s guarantee by experts who saw conservatorship start points to tensions in a stalled secondary offering.
Mortgage rates now at highest point since September
The 30-year fixed mortgage has increased by 40 basis points since February, while the 15-year is 14 basis points lower than a year ago, Freddie Mac reported.