Fed’s Bowman: New stress test proposals coming soon
Federal Reserve Vice Chair for Supervision Michelle Bowman said in a speech Tuesday that the central bank would unveil proposed revisions to its stress testing regime “in the next week or so.”
Wells Fargo’s earnings aided by consumers, capital markets
The San Francisco-based banking giant reported a 9% annual jump in quarterly profits. It also made official its appointment of CEO Charlie Scharf as chairman.
Pulte responds to Democrats on FHLBs, meeting transparency
The housing agency director told Sen. Cortez Masto a Federal Home Loan Bank reform review is ongoing and took issue with Sen. Warren’s inquiries about meeting transparency.
The CDFI boom is over. Now it’s time to reckon with the future
Community Development Financial Institutions grew rapidly in recent years. Now, though, they face a slowdown. All CDFIs will have to get leaner and more efficient. For many, mergers might be the best solution.
Citi tops Wall Street forecast, led by investment banking
The megabank’s third-quarter net income rose 16% year over year, reflecting higher revenues across all five business lines.
Goldman Sachs exceeds forecasts in ‘improved’ environment
Goldman enjoyed solid growth to both its net income and earnings per share in the third quarter. The Wall Street giant credited a generally brightening economic backdrop.
The GENIUS Act is spurring boom in crypto rewards
Credit cards that pay rewards in cryptocurrencies are nothing new, but the GENIUS Act has opened the door for new incentive programs.
JPMorgan gets Wall Street lift, warns of economy ‘softening’
The $4.6 trillion-asset company’s report comes after it committed to funneling $1.5 trillion into industries it said were important to national security.
JPMorgan to plow $1.5 trillion into U.S. security industries
JPMorgan estimates the effort, which will ramp up the amount of capital, resources and personnel that it dedicates to a variety of sectors, such as rare earth minerals, pharmaceutical precursors and robotics, will add as much as $500 billion to what it would’ve provided anyway.
The zombie idea of Federal Reserve independence keeps staggering along
The Fed hasn’t been truly independent for 50 years, but the idea that it is keeps animating discussions about the central bank. True Fed independence will only arise under conditions of extensive reform.