Buy the People: Two visions, one rule – How Basel injected populism into bank capital
A regulatory proposal to raise bank capital has spurred banks to fight back with a populist appeal to consumers, while regulators say more capital is what’s needed to save banks from more crises — and help consumers.
An anti-ESG darling campaigns for Congress
West Virginia Treasurer Riley Moore, who’s put banks on a blacklist for their support of ESG policies, is up for (and very likely to win) one of the state’s two seats in the U.S. House. Here’s how he got there, and what it’ll look like when he tries to bring his anti-ESG policies national.
Ameriprise to pick up $2B credit union program from LPL
Kinecta Wealth Management, the wealth arm of Kinecta Federal Credit Union, will switch firms by the end of the year.
Wall Street banks may redo key profit guides on Fed cut path
With the market predicting fewer interest rate cuts than previously anticipated, analysts expect some larger banks will increase their 2024 guidance for net interest income when they start reporting earnings on Friday.
Capital reform could ‘deviate’ from Basel agreement: Fed’s Bowman
The Federal Reserve Board governor and frequent regulatory critic says it would be appropriate for the U.S. to deviate from the agreed-upon international standards to reflect “unique characteristics” of the American banking system.
Ripple’s $2 billion fine may close ugly chapter in history
The penalty roughly matches the amount of money the SEC estimates Ripple and its leaders have profited from sales of XRP, which the agency says are unregistered securities.
What happens if the CFPB makes lenders pay title insurance?
Unintended consequences of shifting the burden for title insurance to the lender could end up harming consumers, several observers said.
Fannie Mae, Freddie Mac regulator, CSBS agree to share nonbank info
The memorandum creates channels for sharing information about nonbanks between the Federal Housing Finance Agency and the Conference of State Bank Supervisors.
FDIC’s Gruenberg: We have a strategy to fail a ‘too big to fail’ bank
Federal Deposit Insurance Corp. Chairman Martin Gruenberg says the agency would likely use a resolution strategy for a global systemically important bank that puts the holding company into resolution and keeps subsidiaries operating under a bridge company.
Banks wrestle with CEO succession plans
JPMorgan Chase’s board has announced the slate of candidates to replace Jamie Dimon if he ever retires. The bank is just one of several large institutions who have recently decided on who will take over the top job.