Tesla hits ABS market in first sale since blue-chip upgrade
Tesla, which started its ABS program in early 2018, is repackaging a pool of leases on new electric vehicles manufactured by Tesla and originated through Tesla Finance into the securities.
What banks need to watch from the House GOP’s anti-ESG month
Next week, the House Financial Services Committee will discuss bank regulator oversight bills, including one that would remove the Federal Reserve’s Vice Chairman for Supervision position.
Why Citi’s results could turn inside-out in the second half of 2023
The New York megabank benefited duing the second quarter from strong revenue growth in its giant credit card business, which helped overcome headwinds in wealth management and investment banking. But executives indicated that the script could soon flip.
JPMorgan warns capital rules could take economic toll
If regulators push forward with plans to strengthen capital requirements for banks with more than $100 billion of assets, the nation’s largest bank says, the cost of credit would rise and more consumers could seek out nontraditional lenders.
GOP floats bill that would strip top Fed banking regulator title
A draft piece of legislation would strike the section of Dodd-Frank that sets up the Federal Reserve’s top banking cop.
Banks get clearer views of risk using AI, data integration and the cloud
Experts and industry leaders said banks are pumping investment into technology that can connect information silos.
Visa and Car IQ team up, Citizens names a California chief and more
Visa wants to expand in-car payments tech; Citizens Financial installs president to oversee growing California market; undergrads win banking competition and more in the weekly banking news roundup.
Wells Fargo again boosts its office-loan reserves as weakness persists
The bank’s allowance for losses on commercial real estate loans jumped to $3.6 billion in the second quarter — up 64% from a year earlier. The negative forecast could portend trouble for smaller banks that have bigger exposure to the office sector.
Are higher capital requirements bad for the economy? It’s complicated.
The correlation between capital and economic activity is tenuous. Still, some economists say now is a fraught time for mid-tier banks to try to raise equity.
Peapack-Gladstone sets sights on New York City
The New Jersey institution has hired Jeanne Scungio, a veteran banker who ran First Republic Bank’s New York operations, to oversee its expansion into the Big Apple.