On the GOP keeping a distance from the cannabis banking debate amid the 2020 presidential campaigns:
"Disappointing but not surprising — congresspersons putting themselves and their re-election ahead of considering the appropriate guardrails to provide a safe and sound way for legal businesses to enter the financial system."
Close up of businessman or accountant hand holding pen working on calculator to calculate business data, accountancy document and laptop computer at office, business concept
NATEE MEEPIAN/Natee Meepian - stock.adobe.com
Another reader reacts to a commentary that banks must prepare for CECL, as some nonbanks are ready for implementation:
"The article makes it clear that CECL could well be very harmful to certain segments of our society, particularly the underserved . . . My experience is that nonbank lenders have difficulty attracting funding when the markets retrench. Bill Isaac, former Chairman of FDIC."
A barber shop stands between two short-term loan stores in Birmingham, Alabama, U.S., on Tuesday, Feb. 10, 2015. In Alabama, the sixth-poorest state, with one of the highest concentrations of lenders, advocates are trying to curb payday and title loans, a confrontation that clergy cast as God versus greed. They have been stymied by an industry that metamorphoses to escape regulation, showers lawmakers with donations, packs hearings with lobbyists and has even fought a common database meant to enforce a $500 limit in loans. Photographer: Gary Tramontina/Bloomberg
On consumer groups pushing the Consumer Financial Protection Bureau to enforce certain payment protections in its payday lending rule:
"The consumer activist narrative on payments is not factual . . . An outdated CFPB regulation on top of this regulation would be duplicative and creates disparate impact on non-prime borrowers."
On why the Federal Reserve's monetary policy makes it a vulnerable target to President Trump:
"I don't understand how people feel everyone should make the same amount of money. Life just doesn't work that way. Some people choose to work harder than others and to use the liberals words, it wouldn't be fair if lazy people got paid the same as those that aren't."
BBVA USA was one of the first U.S. banks to deploy a real-time core system and to purchase a neobank. Here's what PNC may keep, and what it may jettison, after it acquires the U.S. unit of the Spanish banking giant.
The OCC, Federal Reserve and FDIC said that a failure to adequately prepare for the transition away from Libor could undermine banks' safety and soundness, but also extended the sunset date for many iterations of the interest rate benchmark to July 2023.
A new report from California shows that less-regulated mortgage lenders may be doing a better than banks of serving Black and Latino homebuyers. But consumer advocates say the data bolsters the case for tougher supervision of nonbanks.
Harris Simmons, the chairman and CEO of Zions Bancorp. in Salt Lake City, said in a letter to employees that he was recently diagnosed with a form of non-Hodgkin’s lymphoma and would be pursuing a treatment plan over the next several months.