The entire banking industry needs to join the fight instead of waiting for Congress to act.
A large charge-off and an additional loan-loss provision reduced quarterly profit by 12%, to $47.8 million.
For the second time in four years regulators are investigating Jes Staley; fintechs have until July 30 to sign agreements on how they access customer data.
The tight labor market and public pressure to raise minimum wages are expected to nudge noninterest expenses upward in a year when the watchword is cost control.
Elizabeth Warren, Sherrod Brown and three other Democrats asked nonbank lenders to ensure they comply with fair-lending laws following a report suggesting they charge higher rates to those who have attended historically black or predominantly Hispanic colleges.
Broadway Financial prefers a small balance sheet and loans to real estate investors that offer affordable housing. Capital Corps and its founder, Steven Sugarman, want the bank to expand by making more loans directly to low- and moderate-income borrowers.
The three cease and desist orders and one written agreement had cited separate concerns at JPMorgan Chase, Discover, Deutsche Bank and RBS.
There is a subtext to my recent exchange with Mitu (here, here, and here) about whether a judgment-holder is bound by a subsequent vote to modify a bond’s payment terms, and it is of course Venezuela. U.S. sanctions prevent a restructuring of Venezuelan debt, and this long delay creates a window in which many creditors might obtain judgments. (It hasn’t happened but, you know, it’s a thing that could happen.) Mitu’s disarmingly “simple-minded” query in his most recent post is (of course) quite sophisticated. Might we view the CAC as an inter-creditor undertaking, such that, for example, after a successful restructuring vote participating bondholders could sue judgment-holders for a pro-rata share of any recovery the judgment-holder had managed to extract?
Read More from: Credit Slips
CollegeBacker and UNest aim to streamline the cumbersome process of opening and funding a 529 education savings plan, with slick apps, low fees and handpicked plans.
Both Democrats and Republicans aired concerns about controversial statements made by Judy Shelton on monetary policy, deposit insurance and other issues, raising doubts about her confirmation.
The startup spawned in Eastern Bank's innovation lab says its bank customers asked for client-friendly software for account opening, credit cards and more types of commercial lending.
Read More from: Credit Slips
The deal for Trinity Capital in Los Angeles would further strengthen the company's capital markets capabilities.
The bankruptcy trustee’s question to the debtor was jarring: “why didn’t your spouse file bankruptcy with you?”
For starters, it was the only “why” question in an entire calendar of debtor hearings.
Every other question began, “what”, or “do you have”, questions about assets and financial history.
This question asked for the motivation of another person, who isn’t here, and isn’t under oath.
As the debtor’s attorney, I stifled my inclination to say “what difference does WHY make”. (Actually my first thought was much pithier than that, and probably not appropriate for an attorney to say in public).
So, let’s look at the single spouse filing, and guess “why” the trustee asked that question.
It’s absolutely uncontroverted that both spouses don’t have to join in bankruptcy filing.
Read More from: The Soap Box
Congress should further expand a tiered regulatory system to help community banks better serve local neighborhoods.
Authorities looking into Barclays CEO’s dealings with Jeffrey Epstein; controversial pick Judy Shelton, critics charge, would jeopardize Fed independence.
Read More from: Mediatbankry
Read More from: eSQUIRE Global Crossings
Riffing off yet another Zach Friedman Forbes story:
Trump’s new annual budget calls for several changes to student loans, which are part of a $5.6 billion cut in funding to the U.S. Education Department. As in previous years, Trump repeated his call to end public service loan forgiveness. Under Trump’s proposed budget, if passed by Congress, the Public Service Loan Forgiveness program would be eliminated.
This would apply to future student loans only; not those already enrolled in the PSLF program.
Trump has proposed this before.
Only Congress can appropriate money, so student loans and all other spending is up to them.
In an election year?
Safe bet is no major changes.
Well, this sounds better.
Read More from: Discharge Student Loan
Ken Montgomery, who is heading up the Federal Reserve's faster payments network, says the agency is taking an incremental approach to launching the service.