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In response to the Federal Reserve's stress tests, Wells said it will lower its third-quarter distribution to shareholders. Meanwhile, JPMorgan Chase, Goldman Sachs and five other companies announced stress test capital buffers that exceed the minimum requirement.

Read More from: BankThink

1 week 2 days ago

Goldman Sachs, the card’s issuer, has rolled out a new program in which it will provide personalized advice to consumers with marred credit profiles in hopes of making them customers down the road.

Read More from: BankThink

1 week 2 days ago

The Supreme Court threw out a key statutory provision concerning the agency’s leadership structure, but the presidential election and possible legislative reforms could bring about more changes to the embattled bureau.

Read More from: BankThink

1 week 2 days ago

Thanks to their close relationship with the card networks, banks stand to benefit most from deals like Mastercard’s agreement to buy Finicity and Visa’s pending purchase of Plaid. The prospects for fintechs and consumers are dicier.

Read More from: BankThink

1 week 2 days ago

The Supreme Court's long-awaited decision about the CFPB's constitutionality is out. It's a tricky opinion to parse politically. The Court, in a 5-4 partisan decision, held that the CFPB's structure violates the separation of powers because of the for-cause only removal provision for the CFPB Director in conjunction with the Bureau's other features. Accordingly, the Court found that the Director must be removable at will. Here's my attempt to lay out the winners and losers. As you'll see, they do not track with the headlines of the CFPB losing—the CFPB was actually the winner here for most purposes.  

Winner:  The CFPB

The CFPB walks away from Seila Law still standing tall and able to do everything it could the day before the decision. Don't lose sight of that. You can see this in part by counting the votes. While it was 5-4 (with conservatives in the majority) that the CFPB is unconstitutional, it was 5-4 (liberals + Roberts) on the severability issue, which keeps the agency alive. While the case was a tactical loss for the CFPB, it was actually a strategic victory. If there's one big picture take away, that's it. The CFPB functionally won here.  

Winner:  A Biden Administration

Read More from: Credit Slips

1 week 2 days ago

With multiple business sectors reeling from the pandemic, banks are facing tighter net interest margins, provisioning more for losses and seeing their balance sheets expand, the agency said in a report.

Read More from: BankThink

1 week 2 days ago

The company announced a slate of changes on Monday that includes the creation of a new position overseeing strategy for corporate and commercial banking.

Read More from: BankThink

1 week 3 days ago

The court's decision not to consider an appeal from the American Bankers Association is likely to be the last step in a legal saga dating back to 2016.

Read More from: BankThink

1 week 3 days ago

A spike in demand has led to a bigger emphasis on innovative solutions for the digital payments market.

Read More from: BankThink

1 week 3 days ago

In a split 5-4 decision, the justices gave presidents new power to remove the agency's head at will. The ruling could have far-reaching implications for other regulators with single directors.

Read More from: BankThink

1 week 3 days ago

The agency wants more timely information on the banks it supervises; investors filed a criminal complaint against Ernst & Young, calling their work “a disaster” for failing to expose the scandal.

Read More from: BankThink

1 week 3 days ago

Two years after a consumer protection law changed how banks and other companies handle customer information, a new proposal aims for more sweeping reforms.

Read More from: BankThink

1 week 3 days ago

The IRS Won’t Call You About Your Stimulus Money


IF YOU GET A CALL FROM SOMEONE SAYING THEY ARE FROM THE IRS – STOP!!!! IT IS A SCAM!!!!

1 week 3 days ago

ALERT FOR SMALL BUSINESS OWNERS NEEDING PPP LOANS


Law suit against Ponte Investments, LLC, promoted their “SBA Loan Program” and website “SBAloanprogram.com

1 week 3 days ago

June 25, 2020
Forbes

There are increasingly urgent signs that an unprecedented wave of student loan defaults could be arriving within a matter of months. A cratering economy and expanding pandemic are about to collide with the expiration of critical temporary student loan relief programs, and the end result could be catastrophic.

Here’s what’s going on.

The Economy Continues To Stagnate

 Unemployment remains at levels unseen since the Great Depression, with no signs of dramatic improvements. Last week, yet another 1.5 million Americans filed for unemployment benefits. Nearly 50 million Americans have filed for unemployment benefits over the past three months, and while this week’s numbers are far lower than initial jobless claims filed in March, the economy is not showing any signs of dramatic or rapid improvement. The Federal Reserve recently indicated that it expects unemployment to remain high through the end of the year and beyond.

Read More from: Shenwick & Associates

1 week 4 days ago

While they are not dramatically opposed, Jelena McWilliams and Brian Brooks have articulated their own ideas on postal banking and the use of artificial intelligence in lending.

Read More from: BankThink

1 week 5 days ago

Some observers said the central bank should have suspended dividends entirely in response to an unprecedented economic emergency caused by the pandemic. Others said its more cautious moves were appropriate because big banks' capital is strong and the economy could bounce back.

Read More from: BankThink

1 week 5 days ago

Wells Fargo customers targeted with phishing attacks using calendar invites; Fed freezes stock buybacks, caps dividends after stress test results; Citigroup names Titi Cole its head of global operations and fraud prevention.

Read More from: BankThink

1 week 5 days ago

Citizens Bank and Citigroup are among the financial institutions plugging away at a service that has gained little traction among customers.

Read More from: BankThink

1 week 5 days ago

The House of Representatives has just voted to make the District of Columbia a state. Obviously the Senate half of the process might have to wait until next year, at least.

What about Puerto Rico? Obviously there is the question of whether the people of the Commonwealth want statehood. But if at least a majority do want statehood, it would seem to make sense address the issue at the same time that DC goes up.  

And of course, given that this is Credit Slips, we might also wonder what would happen to PROMESA, if statehood were to happen. Do we wait until the process is over, or end it "now," leaving the creditors to negotiate with a debtor that now has the benefit of the Eleventh Amendment?  Interesting things to mull over, but potentially at issue as soon as early next year.

Read More from: Credit Slips

1 week 5 days ago

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