Democrats preview tough oversight of CFPB post midterms
Russell Vought, testifying in front of the House Financial Services Committee for the first time in his tenure atop the bureau, was unapologetic about his attempts to cut the consumer protection agency and its regulation and supervision functions.
Flush with capital, Morgan Stanley eyes potential purchases
The investment banking giant has a hefty amount of excess capital, some of which is being used to meet client demand. At the same time, the company is open to opportunities to do bolt-on acquisitions, CEO Ted Pick said.
Warren grills Warsh over Bowman dinner, personal investments
The ranking Democrat on the Senate Banking Committee pressed the Federal Reserve chair for details on a Bank of America dinner that Gov. Michelle Bowman attended.
As fintechs chase OCC licenses, are sponsor banks at risk?
Coastal Financial, which has added Pliant as a client to support the German fintech’s U.S. ambitions, says there’s still a need for partners to ease compliance and automation.
Stripe takes another swing at PayPal acquisition
Stripe and Advent International have reportedly offered to buy PayPal for $60.50 per share, or $53 billion, a valuation that some think might be viewed as a “low-ball” offer.
Chase, Wells, BofA post strong Q2 mortgage gains
Industry economists and analysts were predicting single digit quarter-to-quarter gains, but a trio of large banks had an over 30% rise in mortgage volume.
Banking regulators missed a major loophole in proposed capital rules
As written, new capital standards for U.S. banks fail to account for the additional risk posed by many home loan clients who obtain second mortgages. Fixing the problem will significantly reduce the rule’s benefit to banks.
New York’s data center freeze misses the credit markets
The order stops New York projects at the door. It does not reach the loans and bonds already financing the buildout.
Fed’s Bowman: AI can expand credit access
The Federal Reserve’s top regulator said banks should be left to decide their own best uses for emerging technologies.
Citi’s investment roadmap raises eyebrows on Wall Street
The global bank said it’s ready to take advantage of opportunities to accelerate investments into its business, with an eye toward achieving longer-term, sustainable growth. Analysts had tough questions about the plans.