Economy

The Treasury Department outlined its vision Friday for how and when federal agencies should use their powers to subject nonbanks to enhanced regulatory scrutiny, emphasizing activities over individual firms.

The House-passed tax bill would eliminate the New Markets Tax Credit while the Senate bill would not reauthorize it when it expires in two years. Bankers and other proponents say that if it is discontinued many economic development projects in rural and low-income communities won’t be funded.

The startup Intrinio lets algorithmic traders and banks pick the types of company and market data they want to use rather than pay a large monthly fee for a broad, terminal-based service.

Mnuchin’s former business associate is likely to be sworn in next week; Mulvaney, as a congressman, called the CFPB a “joke” and co-sponsored a bill to kill it.

The FHFA is allowing Fannie Mae and Freddie Mac to invest in the credits for the first time since they entered conservatorship. Its purpose is to promote affordable housing in underserved markets.

While technology will let many banks cut staff and reduce the size of branches, factors such as geography, customer demographics and strategic direction will ultimately shape the look and feel of future offices.

Natco plans to use the grant monies to expand lending opportunities for low-income consumers.

It’s good to be a business lender with a long contact list. Loan growth is weak and the talent pool has been shrinking, so banks big and small are paying top dollar to get an edge.

Brian Behlendorf, leader of the Linux Foundation's effort to establish standards for blockchain, likens the invention of cryptocurrencies to the moon launch and says banks, open-source developers and others are working to make the underlying technology commercially viable.

The differences in business model between commercial banks and universal banks should not be ignored as Congress works to recalibrate the regulatory regime.

Year to date through Jun. 30, 2017. Dollars in thousands.

Full-time equivalent, as of Jun. 30, 2017. Dollars in thousands.

Year to date through June 30, 2017. Dollars in thousands.

Freeing a number of big banks from enhanced oversight, including capital requirements, could motivate CEOs to pursue deals. Still, other impediments could prevent a flood of large mergers.

Banks and their regulators quickly got back up to speed in markets hit hard by recent hurricanes, thanks in part to the lessons learned in the aftermath of Hurricanes Katrina and Sandy, a panel of regulators said Tuesday.

James Schenck will serve a two-year tern on the board.

Federal Deposit Insurance Corp. Chairman Martin Gruenberg on Tuesday opposed efforts to roll back “core reforms” to bank regulation that were implemented after the 2008 financial crisis, but said some review of the Dodd-Frank law is warranted.

Bipartisan proposal would remove the SIFI label from more than two dozen banks; European regulator cautions investors on the risks as bitcoin price plunges.

In his first major move as CEO, Charlie Scharf has made several management changes at Bank of New York Mellon.

The planned sale will also include $70 million of loans in southern California.