George Yacik

The head of the six largest banks take flak from both Democrats and Republicans at Senate hearing; the rising price of digital assets is enabling them to poach senior mainstream executives.

The move follows the bank’s $911 million loss in the Archegos Capital fiasco; the bank will hold a 51% share in a wealth management joint venture with a Chinese bank.

Faryar Shirzad will be the crypto exchange’s chief policy officer as it seeks to schmooze regulators; however, CEO Noel Quinn says he does favor central bank digital currencies.

Credit card outstandings have dropped 17% since the fourth quarter of 2019; rising prices, low inventory have put a crimp in sales of existing homes recently.

Small businesses are desperately trying to borrow what’s left in the fund from overwhelmed banks; lenders would be required to disclose their risks from climate change.

The crash came after China’s central bank warned financial institutions about accepting digital currencies as payment; ComplyAdvantage uses machine learning to ferret out potential risks.

Co-leaders Marianne Lake and Jennifer Piepszak are now seen as the main potential successors to CEO Jamie Dimon; the pay raise, from $20 currently, would take effect by 2025.

The executive faces a tall order in meeting loan balance and deposit goals at the online consumer bank; Warren Buffett’s firm sold 99% of its leading stake in the bank in the first quarter.

Wells Fargo analyst predicts 200,000 reductions in the next 10 years, mostly in branches and call centers; many say the regulators are overreaching.

Earnings jump 24-fold as revenue surges by nearly 10 times, boosted by digital currency rally; online banks cater to people who say they’re not served well by mainstream lenders.

The Diem project seeks U.S. regulatory approval to issue stablecoins to power its payments system; federal judge unfreezes the $5 billion Citigroup mistakenly sent to lenders last year.

As profit margins shrink, Rocket and UWM expect to make it up on greater volume; the program would put the auctioneer in competition with traditional lenders and its former unit, PayPal.

The deal, which could happen this week, would value the mortgage lender at $7 billion; lenders are worried about the impact of CECL, which requires them to recognize loan losses early.

CFPB sounds alarm on the number of borrowers in arrears while the originations market appears to have peaked; crypto firms bulk up on lobbyists as regulators seek more investor protections.

Banks remain well capitalized but hidden risks abound, especially at hedge funds, the Fed’s semiannual report says; the contracts will eventually pay out in cash.

Some of the lenders are demanding immediate repayment as SEC chair prepares to address the issue; the company plans to use its acquisition of BitGo to compete against traditional banks.

The bank told its U.S. employees to be ready to return by June 14, June 21 in the U.K.; the SBA is no longer taking applications for the small-business lending program.

The Fed chair says nonbank lenders should be subject to the law, which requires congressional action; the former head of the CFPB has been named head of the federal student aid program.

German regulator says the bank still has a lot of work to do on preventing money laundering; at 11%, the percentage of Blacks in mortgage forbearance is double the rate for all borrowers.

Biden spending proposal would require banks to report on their business clients to the IRS; Wells, JPMorgan Chase and Citi haven’t resumed offering the property-backed lines of credit.