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☆ US regulators are looking at potential ‘bait and switch’ schemes with airline-affiliated credit card reward points
▼ + stars: | 2024-05-09 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

New York CNN —If you use a points-and-rewards credit card offered by an airline in partnership with a big bank, how much are the points you’ve accrued worth in dollars? The terms and conditions of such card programs can be confusing and in some instances they can be changed at any time. “For many families looking to finance a trip or a vacation, those [credit card] benefits are really valuable. “[But] our review of all the fine print suggests that credit card companies and airlines have the power to quickly and dramatically devalue those points by making it more challenging to redeem them. Such a drop in revenue, banks argue, could jeopardize the availability of rewards programs.

Persons: you’re, It’s, ”, Rohit Chopra, Chopra, Transportation Peter Buttigieg, Rob Nichols, ” Nichols, Nichols, Jaret, Seiberg, Biden, Trump Organizations: New, New York CNN, Department of Transportation, Consumer Financial Protection Bureau, Transportation, American Bankers Association, Cowen Washington Research Group Locations: New York, CFPB, U.S

☆ The Chair of the FDIC is facing calls to resign after scathing report. The implications for banks could be significant
▼ + stars: | 2024-05-08 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —Martin Gruenberg, the chair of the Federal Deposit Insurance Corporation, is facing a barrage of calls from lawmakers to resign after a scathing 234-page report released Tuesday detailed pervasive sexual harassment, discrimination and bullying at the agency. If he heeds the calls, there could be significant ramifications for banks across the country. “We do recognize that, as a number of FDIC employees put it in talking about Chairman Gruenberg, culture ‘starts at the top,’” the report said. Gruenberg’s temperament “may hinder his ability to establish trust and confidence in leading meaningful culture change,” the report added. Aside from Democratic Rep. Bill Foster, Democrats have stopped short of calling on Gruenberg to resign.

Persons: New York CNN — Martin Gruenberg, Cleary Gottlieb Steen, Gruenberg, ‘, ’, “, ” That’s, CNN Gruenberg “, Joe Biden, Bill Foster, That’s, Travis Hill, Rulemaking, ” Dennis Kelleher, Hill, Cowen, Sen, Elizabeth Warren aren’t, Karine Jean, Pierre didn’t, Biden, Kelleher Organizations: New, New York CNN, Federal Deposit Insurance Corporation, Hamilton, FDIC, CNN, Democrat, Democratic Rep, Republican, Senate, Democratic, Better, Federal Reserve, White Locations: New York, Basel

☆ These are the most politically sensitive sectors, according to TD Cowen
▼ + stars: | 2024-03-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThese are the most politically sensitive sectors, according to TD CowenJaret Seiberg, Managing Director at TD Cowen, discusses the intersection between politics and the markets.

Persons: TD Cowen Jaret Seiberg, Cowen

☆ What the SEC climate disclosure rule may mean for investors
▼ + stars: | 2024-03-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Climate disclosures would be made in annual filings companies make to the SEC, such as a Form 10-K, and in registration statements filed before an initial public offering. "I think climate disclosures have largely become table stakes for the investment community," said Lindsey Stewart, director of investment stewardship research at Morningstar. Current climate disclosures are 'uncommon'Ships on the Panama Canal on August 21, 2023. Shipping experts fear such events could become the new normal as rainfall shortfalls highlight climate risks. The SEC proposal outlined three tiers of emissions disclosures: Scopes 1, 2 and 3.

Persons: Gary Gensler, Win Mcnamee, —, Lindsey Stewart, Daniel Gonzalez, Stewart, They'd, Rachel Curley, Hurricane Idalia, Christian Monterrosa, Cowen, Patrick McHenry, Sen, Tim Scott, Bill Huizenga, Chris Ratcliffe, They're Organizations: Securities, Exchange, Financial Services, General, Getty, The Securities, Exchange Commission, SEC, Morningstar, Panama Canal Authority, Shipping, Anadolu Agency, P Global, Corporations, U.S . Sustainable Investment, Hurricane, Bloomberg, Republicans, Economic, Deloitte Locations: Washington, Panama, U.S, Cedar Key , Florida, R

☆ America is on the cusp of a new biggest credit card company. Here’s what it means for you
▼ + stars: | 2024-02-20 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

If approved by regulators and shareholders, Capital One’s (COF) acquisition will create the biggest US credit card company by loan volume. Discover cards are already accepted at 99% of all US merchants that allow customers to make credit card purchases, according to the company. Credit card networks are the liaison between card issuers and merchants, for whom they set fees. If Capital One flips all its credit cards to Discover, Mastercard would stand to lose a quarter of its US credit card volume. Compared to other major credit card issuers, Capital One has historically catered to customers with credit scores in the 600s range, which is considered subprime.

Persons: New York CNN —, Biden, Richard Fairbank, Fairbank, JPMorgan Chase, Andrew Harrer, Democratic Sen, Elizabeth Warren, Jaret, Cowen Organizations: New, New York CNN, Discover Financial Services, Capital, Discover, Mastercard, Visa, US, American Express, JPMorgan, Bank of America, Citigroup, Bloomberg, Getty, Consumer Financial, ”, Democratic Locations: New York, Mastercard’s, Visa’s

☆ Cannabis 'legalization is inevitable,' says policy analyst—what to know before you invest
▼ + stars: | 2023-11-28 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

Cannabis stocks aren't the only ones that were riding high in early 2021. Those changes have yet to come on a federal level, and dimming enthusiasm from investors, among other factors, has led to a major slide in pot stocks. The AdvisorShares Pure US Cannabis ETF, which holds U.S.-based cannabis companies, currently trades for $6.80 a share, down from nearly $52 in February 2021. But for experts in the space, the question surrounding cannabis legalization (and a subsequent boom in the industry) isn't if, but when. "Legalization of cannabis is inevitable," says Jaret Seiberg, a policy analyst at TD Cowen.

Persons: Jaret Seiberg, Cowen, Brady Cobb, Mike Johnson's ascendency, Johnson, Cobb, Joe Biden, Jason Wild Organizations: Democratic, Cannabis ETF, Department of Health, Human Services, Bloomberg, HHS, Drug Enforcement Agency, JW Asset Management Locations: Ohio, Massachusetts

☆ High mortgage rates could boost GSE reform, says Cowen's Jaret Seiberg
▼ + stars: | 2023-10-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHigh mortgage rates could boost GSE reform, says Cowen's Jaret SeibergJaret Seiberg, housing policy analyst at Cowen Washington Research Group, joins 'The Exchange' to discuss Fannie Mae and Freddie Mac reform, lowering home borrowing costs, and more.

Persons: Cowen's, Fannie Mae, Freddie Mac Organizations: Cowen Washington Research Group

The scheduled Fed board meeting will mark the first time in over a decade that the central bank has proposed revising the fees, which generated around $24.31 billion for lenders in 2019, the most recent Fed data shows. The Fed has not said how it plans to change the fees, which have long been criticized by retailers as disproportionately high, and a spokesman for the central bank declined to comment. The Wall Street Journal reported last week that the Fed will lower the caps, sending shares in credit card companies Visa V.N and Mastercard MA.N lower. In 2011 the central bank capped them at 21 cents per transaction, plus 0.05% of the transaction cost. Analysts said that it is likely the Fed could face a legal challenge from either industry if it pursues new caps.

Persons: Austen Jensen, Dodd, Frank, Banks, TD Cowen, Jaret Seiberg, Pete Schroeder, Michelle Price, Aurora Ellis Organizations: U.S . Federal, Fed, Retail Industry, Association, Street, Visa V.N, Mastercard MA.N, Thomson

☆ Lawmakers take aim at credit card interest rates, fees as cardholder debt tops $1 trillion
▼ + stars: | 2023-10-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

"We do not see a path forward for legislation to cap credit card interest rates," Seiberg said. There are 70 million more credit card accounts open now than in 2019, it said. Credit card interest rates have predominantly remained below 36% due to "self-restraint" by banks, though that's still "extremely high" for a credit card, said Lauren Saunders, associate director at the National Consumer Law Center. I think some of the [political] lines are starting to blur a little bit, at least on credit card issues. How to reduce your personal card rate to 0%Rossman's general advice to consumers: Make your personal credit card rate 0%.

Persons: Luis Alvarez, Rossman, Seiberg, There's, that's, Lauren Saunders, Ted Rossman, Sen, Bernie Sanders, Alexandria Ocasio, Glenn Grothman, Grothman, Hawley Organizations: Digitalvision, Getty, Cowen Washington Research Group, Republican, Federal Reserve Bank of New, Federal Reserve, National Consumer Law Locations: Federal Reserve Bank of New York, Alexandria, Cortez, Jesús, Chuy, García

☆ Remains unclear how far Patrick McHenry could press his powers: TD Cowen's Jaret Seiber
▼ + stars: | 2023-10-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRemains unclear how far Patrick McHenry could press his powers: TD Cowen's Jaret SeiberJerry Seib, former executive Washington editor at the Wall Street Journal, and Jaret Seiberg, financial services and housing policy analyst at Cowen Washington Research Group, join 'The Exchange' to discuss the internal fight among Republicans that triggered the vote to oust Representative McCarthy as Speaker, clashing opinions in Congress over budget appropriation, and the impact of a budget deficit on treasury investors.

Persons: Patrick McHenry, Jaret, Jerry Seib, McCarthy Organizations: Wall Street Journal, Cowen Washington Research Group, Republicans Locations: Washington

ATLANTA (AP) — Baseball's best team has some major pitching concerns heading into the final week of the regular season. Strider remains confident in his team, no matter who is healthy for the playoffs. Without Fried, the Braves would have to turn to someone they never expected to use for a playoff start. Morton (14-12) definitely is out until at least the best-of-seven NL Championship Series, which begins Oct. 16 and would require four starters. Should the Braves advance past the NLDS, they hope the 39-year-old right-hander will be able to return from a sprained index finger.

Persons: — Baseball's, — Max Fried, Charlie Morton —, Spencer Strider, Bryce Elder, Strider, ”, “ It's, It's, Allan Winans, Winans, Fried, Morton, Brian Snitker, “ There's, Snitker, NL Cy Young, He's, Kyle Wright, Wright, “, Hurston Waldrep, Waldrep, Jaret Shuster, Dylan Dodd, AJ Smith, Darius Vines, “ We've, ” Strider Organizations: ATLANTA, Braves, NL, Washington, ”, Philadelphia, Phillies, NL Cy, Triple, Gwinnett Locations: Atlanta

[1/2] A U.S. flag flies outside a branch of the Silicon Valley Bank in Wellesley, Massachusetts, U.S., March 13, 2023. REUTERS/Brian SnyderWASHINGTON, June 20 (Reuters) - The U.S. Justice Department antitrust division plans to expand the scope of its bank merger review process, the department's chief said on Tuesday, in a sign the agency may get tougher when scrutinizing such deals. The comments are likely to disappoint the industry, which had been hoping Democratic President Joe Biden's administration would be more open to allowing deals after a spate of bank failures since March. Specifically, Kanter said any merger review for antitrust purposes must go beyond traditional factors like the impact on local depositors and branches, and consider a broader set of issues. "We believe this policy change will not be as negative for bank mergers as it may first appear," he added.

Persons: Brian Snyder WASHINGTON, Jonathan Kanter, Joe Biden's, Kanter, Biden, Isaac Boltansky, Cowen, Jaret Seiberg, Pete Schroeder, Deepa Babington, Michelle Price Organizations: Bank, REUTERS, U.S . Justice Department, Brookings Institution, Democratic, Justice Department, Silicon Valley Bank, DOJ, Thomson Locations: U.S, Wellesley , Massachusetts, Silicon

☆ Why bank stocks are so unstable
▼ + stars: | 2023-05-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

New York CNN —The financial sector has been churning in rough water since the shocking collapse of Silicon Valley Bank in March. Bank insiders see this and have been buying up shares of regional lenders, according to a report by Timothy Coffey, an analyst at Janney Montgomery Scott. The Oracle of Omaha said he remains cautious about holding bank stocks and that he has reduced his own exposure to the sector. The S&P 500 financial sector, however, is down more than 12% over the same period. Economists were hoping that this year would bring better news, but instead 2023 brought the collapse of three US regional banks and a subsequent lending squeeze.

WASHINGTON, March 28 (Reuters) - Lawmakers are expected to put top U.S. bank regulators on the defensive over the unexpected failures of regional lenders Silicon Valley Bank and Signature Bank when they testify before Congress on Tuesday. Regulators have vowed to review their rules and procedures after the twin failures while insisting the overall system remains sound. Tuesday's hearing at the Senate Banking Committee will give lawmakers the chance to press watchdogs on what went wrong on their watch, and push preferred policy prescriptions. They just didn't," said Sen. Tim Scott of South Carolina, the top Republican on the Senate Banking Committee, at a banking industry conference last week. Some Democrats, including major bank critic Senator Elizabeth Warren of Massachusetts, have also argued a 2018 bank deregulation law is to blame.

☆ UBS has to be the world's safest bank for depositors right now, says TD Cowen's Jaret Seitberg
▼ + stars: | 2023-03-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS has to be the world's safest bank for depositors right now, says TD Cowen's Jaret SeitbergJaret Seitberg, financial services and housing policy analyst for Cowen Washington Research Group, joins 'Squawk Box' to discuss Seitberg's thoughts on the recent moves from Switzerland, the big news from the past weekend, and how the FDIC should handle bank runs.

☆ FDIC sells most of failed Signature Bank to Flagstar
▼ + stars: | 2023-03-19 | by ( David Goldman | ) edition.cnn.com time to read: +1 min

New York CNN —A week after Signature Bank failed, the Federal Deposit Insurance Corporation said it has sold most of its deposits to Flagstar Bank, a subsidiary of New York Community Bank. New York Community Bank bought substantially all of Signature’s deposits and a total of $38.4 billion worth of the company’s assets. That includes $12.9 billion of Signature’s loans, which New York Community Bank purchased at a steep discount -— it paid just $2.7 billion for them. New York Community Bank also paid the FDIC stock that could be worth up to $300 million. That’s likely why New York Community Bank was unwilling to take on all Signature’s assets.

☆ Premarket stocks: What comes next in the banking crisis? The early 1990s hold clues
▼ + stars: | 2023-03-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

This isn’t 2008: There are some key differences between today’s banking saga and what happened in 2008. This time around the US federal government stepped in early to guarantee all customer deposits and restore confidence in the US banking system. Here comes CPIFormer banking regulators, economists and Wall Street analysts are increasingly calling for the Federal Reserve to pause its inflation-fighting interest rate hikes because of the current banking sector chaos. Last Wednesday, investors were putting 70% odds of a half-point interest rate hike at the Federal Reserve policy meeting next week, according to the CME FedWatch tool. Analysts expect the inflation rate to come in at 6% year-over-year (down from 6.4% in January) and at 0.4% month-over-month (down from 0.5% in January).

The Federal Deposit Insurance Corporation (FDIC), which was appointed receiver, was trying to find another bank over the weekend that was willing to merge with Silicon Valley Bank, people familiar with the matter said on Friday. However, it was not clear if regulators would have political support to throw a lifeline to the bank, which catered to Silicon Valley startups and investors. Silicon Valley Bank had an unusually high level of deposits that were not covered by the FDIC's guarantees, which are capped at $250,000. Signature Bank, First Republic Bank, PacWest Bank and Charles Schwab did not immediately respond to requests for comment. "Silicon Valley had a unique business model that was less dependent on retail deposits than a traditional bank."

☆ Our two financials differ from failed Silicon Valley Bank. But we're not buying the dips yet
▼ + stars: | 2023-03-10 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +10 min

The failure of Silicon Valley Bank is raising questions about the overall financial sector, which includes Club holdings Wells Fargo (WFC) and Morgan Stanley (MS). For now, we're waiting for the market to realize that Wells Fargo and Morgan Stanley are different. However, Wells Fargo turned positive by day's end, gaining more than half of a percent. In this environment, startups were using up a lot of money that had been deposited in SVB bank accounts to run their businesses. People walk past a Wells Fargo bank on 14th Street on December 20, 2022 in New York City.

☆ Bitcoin, ether fall after go-to crypto bank Silvergate announces liquidation
▼ + stars: | 2023-03-09 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

The slight move lower began late Wednesday, a few hours after Silvergate Capital announced it will wind down operations and liquidate its crypto-friendly bank. Crypto prices fell on Thursday after Silvergate, a bank that has been at the center of the industry's growth, made a decision to shut down. "This likely consolidates crypto exposure to a handful of smaller banks, which means more liquidity risk and more concentration risk. "We've also noticed a drop in liquidity on both USD crypto pairs and U.S. exchanges as liquidity providers are taking a wait-and-see approach. In the short term, lower liquidity will lead to more volatility in markets and bigger price moves up or down."

☆ CFPB: What it does and why its future is in question
▼ + stars: | 2023-03-03 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

The CFPB’s missionThe agency was created after the 2008 financial meltdown, as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The broad purpose of the CFPB is to protect consumers from financial abuses and to serve as the central agency for consumer financial protection authorities. It is charged with implementing and enforcing consumer protection laws, making rules and issuing guidance for consumer financial institutions. And it is the place consumers can go to lodge complaints about financial products and services. “It has completely changed the consumer financial marketplace.

☆ NHL roundup: Adrian Kempe, Kings pound Penguins
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +10 min

Mika Zibanejad scored his 27th goal, Kaapo Kakko also found the net and Vincent Trocheck and Jimmy Vesey each added two assists. Carolina's Sebastian Aho saw his six-game goal streak end. Blues 6, Coyotes 5 (OT)Ryan O'Reilly scored the winning goal 1:02 into overtime to lift St. Louis past visiting Arizona. Scott Wedgewood made 28 saves in his first appearance since blanking the Los Angeles Kings 4-0 on Jan. 19. Jonatan Berggren scored two goals, Filip Hronek scored a goal, and Ben Chiarot had two assists for the Red Wings.

☆ NHL roundup: Panthers rally late, nip Bruins in OT
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +8 min

Barkov also assisted on Brandon Montour's goal, and Sam Bennett scored for the Panthers. Anders Lee also scored for New York, which won its second straight game and prevailed for just the third time in 13 games (3-7-3). Carrier scored the only goal for Vegas, which lost its fourth straight game (0-2-2) and fell for the seventh time in eight games (1-5-2). Jaret Anderson-Dolan and Phillip Danault scored goals for the Kings, whose three-game winning streak ended. Colorado forward Valeri Nichushkin sat out for the second straight game with an upper-body injury.

☆ House speaker drama sparks fears of 2011-style debt ceiling crisis – or something worse
▼ + stars: | 2023-01-09 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The historic dysfunction surrounding the election of House Speaker Kevin McCarthy is raising concern of a debt ceiling crisis this summer or fall that threatens the world economy. “Even before this week, there was a growing concern about how things like the debt limit and funding the government would be processed. Weeks before the messy McCarthy vote, Goldman Sachs similarly cautioned that the next debt ceiling fight could be the riskiest since 2011. Congress has some time to figure out how to address the debt limit before it becomes a crisis. Recall that after months of fighting, Congress eventually raised the debt limit in 2021 to stave off economic disaster.

☆ SEC Chair Gary Gensler tees up changes to how the stock market operates
▼ + stars: | 2022-12-13 | by ( Bob Pisani | ) www.cnbc.com time to read: +8 min

These wholesalers may send the orders to exchanges, but often match the orders against their own internal order flow. However, Gensler has claimed that pension funds and other institutional investors are not able to interact with that retail order flow. Execution quality disclosure Market participants are required to submit monthly reports indicating how well they are executing client orders. Gensler has said investors today need a better understanding of how well their trading orders are being executed. Gensler's broad agenda The proposals on market structure are part of a broad agenda Gensler has undertaken this year.

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