Banco Popular de Puerto Rico

Consumer banking may do better this year, while the investment banking boom is unlikely to repeat; several prominent investors likely took losses betting on Fannie, Freddie privatization.

The expected nomination of Michael S. Barr has disappointed many progressives; the Morgan Stanley boss got a 22% raise to $33 million, while JPMorgan CEO held steady at $31.5 million.

The Senate voted 84-15 to approve the former Fed chief as the first woman to head the department; Biden White House is resuming efforts to replace Jackson with the abolitionist.

The banks are publicly committing to interview more minorities for top positions; the agency says automated compliance checks are preventing lenders from approving loan applications.

The bank’s plans are more ambitious than Goldman’s Marcus bank, which only offers savings accounts; top officials say the Fed won’t pressure banks to avoid lending to certain industries.

The chief bank supervisor says eurozone banks aren’t taking loan losses seriously enough; the German bank is planning to cut payroll by a third and close nearly half of its branches.

The administration is expected to stress financial access and consumer protection; economists differ whether the move away from cash was a temporary response to Covid or long-lasting.

The FDIC fined the New York bank $12.5 million for ignoring previous orders to clean up its act; economists say the program hasn’t saved that many jobs to justify the expense.

The country’s financial regulator says many people who take out “buy now, pay later” deals don’t view them as loans; Navient ordered to repay $22 million it overcharged the government.

Isabel Guzman wants the agency to better help minority businesses and underserved communities; volume has jumped by as much as 200% as consumers shop online and eschew credit cards.