Capital markets

The muni market finances the "fabric of our nation, and now, because of Citi's exit, the cost of financing for state and local governments is going to go up," a sell-side source said.

Anne Marie Pippin, associate director in the Federal Housing Finance Agency's Office of Financial Technology, weighs the forces shaping the industry's future.

The move gives stockholders a greater portion of recurring, predictable income as private equity asset sales stagnate due to higher interest rates and jitters over a potential recession. In exchange, the firms' dealmakers will get a bigger slice of the gains when their investments pay off.

Some proposed changes to uniform mortgage-backed securities, apartment loans and derivatives will be made while one involving credit reports and scores was pulled.

The Federal Reserve's vice chair for supervision noted that so-called basis trades by hedge funds are highly leveraged and use minimal haircuts. He added that much of this activity is concentrated among just a few funds.

Officials are looking into the banking giant's anti-money laundering measures with clients outside the U.S.

Financing buyouts with "payment-in-kind" loans can preserve cash, but cost more; banks are losing out to private lenders on some of these deals.

Charlie, a neobank marketed to people 62+, and Carefull, which partners with financial institutions, recently raised their Series A's. A third, called EverSafe, is embarking on its first fundraise.

Even though it is less than two years since it allowed Fannie Mae and Freddie Mac to accept such valuations, it is difficult to evaluate their effectiveness without such examinations.

Though home mortgage issuance has slumped in line with originations, new potential bank capital rules and increased consumer debt consolidation could boost activity for these two subsets in the secondary market.

Questions about how it will be implemented and whether the rest of the market will follow the agency's lead make the expense involved difficult to estimate.

While the latest change applies specifically to COVID forbearances, the agency is looking at more options for alternatives that can be offered on a regular basis, Director Sandra Thompson said.

The shape it takes could have implications for how Fannie Mae and Freddie Mac price loans for nonbanks and depositories.

In a deal arranged by the Federal Deposit Insurance Corp., the Pittsburgh bank has bought a portfolio from the wreckage of Signature Bank. The purchase should help PNC expand its fund banking business, which helps private equity firms manage liquidity and finance investments in the short term.

A remnant of the failed bank, now owned by First Citizens, is trying to reclaim its once-prominent role in venture-debt lending to startups. But competition from HSBC and JPMorgan Chase as well as fintechs has multiplied in recent months.

As the United Nations General Assembly convenes in New York to discuss global development, delegates must not overlook the importance of financial services for small businesses in emerging economies.

The firm's investors include Visa and PayPal, as well as the Teacher Retirement System of Texas

Despite an industrywide rough patch, EverBank still sees promise in the niche business line. The Jacksonville, Florida, company has hired a pair of prominent industry experts to lead a new division tasked with serving investment funds.

But at the same time, the publicly traded company is selling off another type of housing finance asset to some large depository institutions.

The Federal Housing Finance Agency also is offering more opportunities for public dialogue as stakeholders debate how fast the process should move forward.