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Tag: economy


News

Credit Suisse warns of $1.6B Q4 loss

November 23, 2022

Via: Banking Dive

Although the outflows have been “reduced substantially from the elevated levels of the first two weeks of October 2022,” they have yet to reverse, Credit Suisse said Wednesday. The pace of withdrawals pushed the bank’s liquidity below some local-level requirements, […]


News

Global Times: Financial Street Forum, a bellwether of China’s financial reform, highlights robustness, openness

November 22, 2022

Via: PR Newswire

China’s vibrant financial sector, a solid underpinning of the economic prowess and a crucial part of the country’s reform and opening-up, is set to anchor the world’s second-largest economy toward higher-quality growth and amplify its role as a stabilizer of […]


News

Demand for credit cards climbed this year

November 22, 2022

Via: Payments Dive

The last time the 12-month consumer application rate for credit cards was higher than in June of this year was in June 2019 when it reached 28.4%, according to the Fed’s data. In a slightly different measure of the credit […]


Capital and Risk, Macroeconomic

KY State Treasurer: ESG Investing ‘Puts Our Pensions at Risk’ and ‘Harms Our Economy in Kentucky’

November 15, 2022

Via: CNSNews.com

“Elections matter” and Americans should strive to “elect people that are representing the interest of pensions,” said Kentucky State Treasurer Allison Ball on Monday in Washington, D.C. She also sharply criticized ESG investing and explained that many voters are unaware […]


Activity, Corporate Banking

Legacy Specialist Enstar Completes Loss Portfolio Transfer With Argo Group

November 14, 2022

Via: Insurance Journal

Enstar Group Ltd., the Bermuda-based legacy acquisition specialist, announced that one of its wholly owned subsidiaries has closed its loss portfolio transfer transaction with specialty insurance underwriter Argo Group International Holdings Ltd. to reinsure a number of its direct U.S. […]


News

2023 Bank M&A Survey Results: Can Buyers and Sellers Come to Terms?

November 14, 2022

Via: Bank Director

Year after year, Bank Director’s annual M&A surveys find a wide disparity between the executives and board members who want to acquire a bank and those willing to sell one. That divide appears to have widened in 2022, with the […]


Activity, Corporate Banking

TIAA to sell banking unit

November 4, 2022

Via: Banking Dive

“As we refocus on retirement, we have decided now is the appropriate time for TIAA Bank to begin a new chapter under new ownership,” David Nason, TIAA’s chief operating officer said in a statement. “The changes we’re announcing are in […]


Activity, Investment Banking

U.S Bank receives $60 million of New Markets Tax Credit allocation

November 3, 2022

Via: Yahoo

U.S. Bank’s community development entity (CDE) – USBCDE, LLC – received $60 million of New Markets Tax Credit (NMTC) allocation from the U.S. Department of Treasury. The allocation was among the largest awarded in this round and is part of […]


Capital and Risk, Operational

What to Consider as Regulators Scrutinize Bank-Fintech Partnerships

October 10, 2022

Via: Bank Director

Fintech partnerships, specifically banking as service arrangements, are changing the risk profile at community banks and require heightened risk management from executives and the board. Banking as a service has evolved from the niche domain of certain community banks to […]


News

New York Surgeon Pleads Guilty to Participating In $31M Trip-and-Fall Fraud

October 3, 2022

Via: Insurance Journal

A New York doctor last week pled guilty to performing unnecessary surgeries as part of a scheme by doctors and lawyers to obtain insurance reimbursements and other compensation from fraudulent trip-and-fall accidents, according to federal prosecutors. A litigation funding company […]


News

Visa, Uber issue $1M in grants to small business owners

September 30, 2022

Via: Payments Dive

Now that Restaurant Revitalization Fund grants and Payroll Protection Program funds are all but gone, restaurants have few funding options to support pressing financial needs. The National Restaurant Association issued a letter to the Small Business Administration earlier this week […]


Capital and Risk, Trading

3 Trading Exit Strategies – How to Exit a Profitable Trade

September 30, 2022

Via: DailyFX

Traders focus a lot of their energy on spotting the perfect time to enter a trade. While this is important, it is ultimately where traders choose to exit trades that will determine how successful the trade is. This article hones […]


News

US fintech funding round-up: Brightflow AI, Inclined and Remofirst

September 30, 2022

Via: FinTech Futures

Brightflow AI, a fintech platform enabling small businesses to control their cash flows and make data-backed decisions, has raised $19 million in funding. It consists of a $15 million Series A led by Haymaker Ventures and a previously unannounced $4.2 […]


Activity, Retail Banking

Consumers tap BNPL for larger purchases

September 29, 2022

Via: Payments Dive

Marqeta’s report points to consumers acquiring more credit cards. The share of consumers who only have one credit card fell, from 49% in 2021 to 39% this year. Conversely, the portion of respondents with two credit cards increased, from 31% […]


Regulations

Bank-fintech partnerships don’t need more regulation

September 29, 2022

Via: American Banker

In the aftermath of the global financial crisis, fintech companies burst onto the scene with a dizzying array of exciting new products and services. While fintechs are perhaps best known for designing online and mobile applications that make it easy […]


Capital and Risk, Macroeconomic

Biden: Inflation Month to Month Is ‘Just an Inch, Hardly at All’; ‘It Hasn’t Spiked’

September 19, 2022

Via: CNSNews.com

As Americans watch their grocery bills climb, President Joe Biden is putting his best possible spin on the highest inflation since 1982. In an interview with CBS’s Scott Pelley that aired on Sunday’s “60 Minutes,” Biden was asked what he […]


Capital and Risk, Macroeconomic

August Jobs Report: Nonfarm Payrolls at 315,000; USD in Focus After Breakout

September 2, 2022

Via: DailyFX

The U.S. dollar, as measured by the DXY index, maintained a slightly bearish bias after the NFP report crossed the wires despite the U.S. Treasury yields’ attempt to perk up. However, the greenback could resume its ascent soon as the […]


Capital and Risk, Macroeconomic

Pelosi Changes Her Tune: Loan Relief Is ‘Bold Action,’ No Mention of Biden-Can’t-Do-This

August 25, 2022

Via: CNSNews.com

In a statement on Wednesday following President Biden’s announcement on student debt relief, House Speaker Nancy Pelosi hailed the move by the executive branch: “President Biden’s bold action is a strong step in Democrats’ fight to expand access to higher […]


Capital and Risk, Macroeconomic

Manchin Admits Inflation Reduction Act Won’t Immediately Reduce Inflation

August 17, 2022

Via: CNSNews.com

Sen. Joe Manchin (D-W.Va.) said Tuesday that the Inflation Reduction Act that he voted for, which was touted as a way to reduce inflation, won’t “immediately” reduce inflation. In a letter to the Congressional Budget Office on July 28, Sen. […]


Capital and Risk, Liquidity

EUR/USD Price Update: Knee-Jerk ‘Fed Pivot’ Already a Distant Memory

August 15, 2022

Via: DailyFX

GERMAN GAS LEVY TO FUND ALTERNATIVE SUPPLY TO BEGIN IN OCTOBER Trading Hub Europe is expected to announce the 2-3 cents per kilowatt hour (kWh) levy later today in an effort to fund alternative gas supply in the wake of […]