Daily Edition

The European Central Bank will look at the trading operations of major lenders as part of climate stress tests next year, after judging that an assessment of loan books alone won’t give enough insight into the fallout they face from global warming.

Executives at JPMorgan Chase, Capital One and U.S. Bancorp all spoke this week about plans to take on upstarts that offer interest-free financing on consumer purchases. The increased competition figures to result in tighter margins across the category.

The Cincinnati bank, which last month closed its purchase of the health care lender Provide, has raised its estimate for the unit’s 2021 loan volume.

Daily edition for September 16, 2021

The White House and key lawmakers want to allocate $4.5 billion for smaller 7(a) loans that would be made by the Small Business Administration. The financial services industry says the government should collaborate with the private sector rather than compete with it.

Treasury Secretary Janet Yellen lobbied the chairman of the Ways and Means Committee on the measure requiring bank-provided customer data to help crack down on tax cheats and pay for the $3.5 trillion spending plan.

The $6.2-billion asset bank said President Logan Pichel will add the title of CEO on Oct. 1, succeeding Steve Trager.

The Federal Housing Finance Agency is looking to revise the framework intended for when Fannie Mae and Freddie Mac exit conservatorship in order to encourage the transfer of credit risk to private investors.

Buying the point-of-sale loan provider would give Goldman Sachs access to a network of millions of consumers and thousands of merchants that the bank would have difficulty building on its own, said Stephanie Cohen, its global co-head of consumer and wealth management.

Rodney Hood, a member of the National Credit Union Administration's board, detailed plans, such as the formation of an Office of Innovation and Access, to foster collaboration between credit unions and the tech community.

Speculation has mounted that Mike Calhoun, president of the Center for Responsible Lending, is under consideration to lead the Federal Housing Finance Agency. His nomination would be an endorsement of proposals to treat Fannie Mae and Freddie Mac in a similar way as publicly regulated power or water companies.

The consumer app, which was originally distinct from the company's merchant network, can now be used to pay via a QR code.

The wireless network will send digital request-for-payment messages, which can be paid immediately over The Clearing House's network from a Citigroup account.

The deal to buy Happy Bancshares enables Arkansas-based Home to expand into Dallas and Austin and could provide a springboard for more acquisitions in the Lone Star State.

Large banks have received CRA credit for Paycheck Protection Program loans and all types of modifications two to three times more frequently than small banks. The latter need to press examiners to recognize the contribution they’ve made to their communities.