BankThink

Lawmakers’ attempt to stall the OCC’s final rule, preventing regulators from reforming a 1977 law meant to help underserved communities, does far greater harm than any changes that are raising objections, says the acting comptroller.

But the stimulus-fueled improvement is making it more difficult for lenders to assess risk; two regional bank presidents are worried that low-rate policies are giving rise to excessive risk taking.

To help stop a cycle of systemic racism, bankers need to focus on advancing Black employees to leadership positions and create long-term relationships with Black-owned businesses.

Ray McGuire, a 15-year Citi veteran, is one of Wall Street’s most prominent Black bankers; Morgan Stanley said its quarterly profit rose 25% versus the year earlier period.

The bank has fired more than 100 workers for allegedly making fraudulent applications for SBA disaster loans; credit is holding up well so far, but that could change without more stimulus, Quarles says.

Examiners are skilled at spotting trouble but often do too little to correct it, as the latest revelations about Citi once again show. Prompt supervisory intervention is essential to protecting the integrity of the financial system.

Despite strong third-quarter earnings, both banks aren’t yet ready to call the coronavirus crisis over; Treasury unit tells banks to be on the alert for jobless insurance scams.

Big banks are expected to have another bad quarter, but not as bad as Q2, when they took large default charges; the apps have made it a little too easy to transfer money, especially for thieves.

The unit as of September had 20% more clients than a year earlier. Liu, who is head of North America for Citi Private Bank, explains the changes she’s made to help her group attract and serve millennials, Gen Z, Asian Americans and families.