A new rule by the SEC requiring disclosure on short-sell positions was welcome news for bank stocks beleaguered by short positions in last year's sell-offs. The Financial Industry Regulatory Authority was to begin posting delayed short-sale info on bank stock securities in August. Although not a complete plug - hedge funds are excluded, and individual money manager positions remain hidden - the rule will give short-selling exchange-traded funds some needed scrutiny, said Atlanta-based FIG Partners, whose research in January found one ETF had a 35 percent impact on large-cap bank stocks through its own daily traded volume. "Thank goodness these ETFs, who helped pile on short-selling of bank stocks and recklessly pushed them to extreme lows by early March 2009, are finally getting their day in court," FIG Partners wrote in its Aug. 3 newsletter.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27