George Yacik

The former Fed chief would be the first person to hold the top three economic positions in government; lender Oportun Financial filed paperwork to start its own bank in California.

The regulator said banks must make loans to the oil industry based on risk, not politics; three big banks say they will offer advantageous terms on supply-chain finance.

The announcement is met with an unusual rebuke from the Fed, which wants the programs to continue; the deal would allow the companies to approve credit and customize services.

The two mortgage companies would need capital of $283 billion to absorb losses before going public, its regulator says; the 50% rise in just 30 days has some worried about another crash.

Republicans fail to muster enough votes but Mitch McConnell left open the door for another try; card balances drop again in third quarter but mortgages and auto loan outstandings rise.

PNC’s acquisition of BBVA’s U.S. unit is as much about profitability as it is about expansion; as another Republican defects, the question becomes: Who will show up for the Senate vote?

The $11.6 billion deal is one of the biggest bank deals since the 2008 crisis; card lender profits at risk as people cut spending and repay balances, which is boosting returns on card-backed bonds.

A procedural move by Mitch McConnell sets up a full Senate vote as early as next week; the class is the smallest in two decades, and white men make up the smallest percentage ever.

The growing number of defaults is raising concerns that banks will tighten credit, making a bad situation worse; most of the 500 members are academics and Obama White House staffers.

The group includes many advocates for stricter bank regulation from the Obama administration; the president-elect may have as many as three open seats on the central bank or as few as none.

The plan would make it easier for companies to raise money in London versus Wall Street; an early and effective Covid-19 vaccine would likely provide banks with a quick and large windfall.

The new administration’s first move in financial services is likely to be a tougher CFPB; institutions look to boost corporate deposits in order to increase customer access to capital.

The agency said the proposed $5.3 billion deal would stifle future competition in the payments industry; following a good third quarter, European banks still face lots of challenges.

Bank shares fell about 5% on concerns that the election results militate against more government stimulus; even U.S. regulators need to address the differences between fintechs and banks.

The last-minute suspension appears to be a move by Chinese regulators to trim Jack Ma’s sails; the penalty, reportedly from the OCC, would address “historical deficiencies” at the bank.

Anand Selva will succeed incoming CEO Jane Fraser in her former role; the bank said Brad Hu is leaving on his own terms but his department has been under fire from regulators.

The changes include lower loan minimums and fatter fees for lenders; while electronic payments help most providers, banks and lenders who need credit income could face growth challenges.

The two government-owned agencies reaped the benefits of the refi boom while loans in forbearance dropped; American Express says it has achieved 100% pay equity for employees.

Both payment companies reported lower than expected earnings and revenue due to reduced consumer spending; the plan is part of a $530 million initiative to combat systemic racism.

The Justice Department may try to block the deal for antitrust reasons; some banks feel they have to start foreclosures soon before the properties lose even more value.