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☆ Corporate earnings solid so far, despite threats from a slowing economy and sticky inflation
▼ + stars: | 2024-04-29 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Valuations coming down So if earnings are up, why is the S & P off its highs? Today, a month later, 2024 earnings estimates are essentially the same but the multiple has declined to 20.8. The S & P 500 hit a low of 4,117 on Oct. 27 and only recovered when rates came down in early November. There are some big drags on earnings Some companies are seeing large declines in earnings estimates that are weighing on their sectors. When including this one-time item, the S & P 500 earnings growth rate for the first quarter declines to 5.6%, from 8.7%, LSEG has noted.

Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Christopher Suh, Stephen Squeri, Hess, Nick Raich, LSEG, Hal Lawton, Brian Niccol, CNBC's Kate Rogers, Horton, Paul Romanowski, Kimberly, Clark, Michael Hsu Organizations: Companies, Netflix, JPMorgan, GE Aerospace, Caterpillar, Microsoft, Merck, Ford, Waste Management, Royal, Consumer, American Express, Energy, Marathon Petroleum, Apache, Valero Energy, Oil, Occidental Petroleum, Devon Energy, ConocoPhillips, Exxon Mobil, Scout, Bristol Myers Squibb, Karuna Therapeutics, Boeing, Nvidia, Meta, AMD Locations: financials, industrials, Royal Caribbean, North America

☆ Kimberly-Clark's CEO explains how the company is innovating on products consumers need most
▼ + stars: | 2024-03-27 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Kimberly-Clark's CEO explains how the company is innovating on products consumers need most'Mad Money' host Jim Cramer sits down with Michael Hsu, CEO of Kimberly-Clark, to discuss the company's new strategies to drive innovation and growth while optimizing margins.

Persons: Kimberly, Jim Cramer, Michael Hsu, Clark

☆ An abrupt exit at a Goldman Sachs-backed crypto bank spotlights the industry's tug-of-war with regulators
▼ + stars: | 2024-02-26 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +13 min

Read previewWhen the chief executive of cryptocurrency startup Anchorage Digital posted a message in the company's "announcements" Slack channel in late November about an executive's departure, employees started buzzing. Just over a year after it received the charter, the OCC issued a consent order against Anchorage in April 2022. Regulators are aggressively scrutinizing crypto players and prioritizing monitoring crypto compliance. Regulators' viewThe OCC is now led by Michael Hsu, the former Federal Reserve regulator and self-described crypto skeptic who has viewed crypto companies' regulatory compliance in some areas as inadequate. A crypto bank would face risks in safeguarding digital assets in its custody, maintaining appropriate hedges in crypto-lending, and adhering to capital requirements specific to crypto assets, said Kim, who studies crypto and blockchain technology.

Persons: —, Georgia Quinn, Nathan McCauley's, McCauley, Goldman Sachs, Andreessen Horowitz, Quinn, Brian Brooks, CoinDesk, Oliver Wyman, FTI, Brooks, Michael Hsu, Hsu, Evelyn Hockstein, Mark duBose, Seoyoung Kim, University's, Kim, Diogo Mónica, Axel Springer, Mark McCombe, Max Levchin, BNY, Seyfarth Shaw, Ellenoff Grossman, it's Organizations: Service, Anchorage, Business, Citadel Securities, Apollo Global Management, Visa, OCC, Regulators, Securities, Exchange, IBM, KPMG, Anchorage Digital Bank National Association, Federal Reserve, Reuters, Business Insider, Santander Bank, University's Leavey School of Business, KKR, BlackRock, BNY Mellon Locations: Anchorage, United States, Santa, San Francisco, Portugal

SAN FRANCISCO (AP) — The Democratic mayor of San Francisco is pushing a pair of controversial public safety proposals on the March 5 ballot, including one that would require single adults on welfare be screened and treated for illegal drug addiction or else lose cash assistance. San Francisco is in a struggle to redefine itself after the pandemic left it in economic tatters and highlighted its longstanding problems with homelessness, drugs and property crime. Violent crimes are low in San Francisco, but the city has long struggled with quality-of-life crimes. But she said San Francisco needs to do more. Yet Trent Rhorer, executive director of the San Francisco Human Services Agency, which provides cash assistance and employment services to low-income residents without dependent children, said the current situation is in conflict with the agency's mission: to improve lives.

Persons: she'll, San, Breed, Black, Chris Ballard, Coleman, ”, Trent Rhorer, “, Gavin Newsom, Rhorer, ” Rhorer, Michael Hsu, Hsu Organizations: FRANCISCO, —, Democratic, Mayor London Breed, San Francisco Human Services Agency, Democratic Gov, Department of Public Health, . Police Locations: San Francisco, Francisco, Democratic California

☆ Companies are hopeful about the economy again — even if they’re nervous
▼ + stars: | 2024-02-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —Earnings season is in full swing, and that means investors get a chance to hear from multinational companies about the state of the global economy. Some of the United States’ biggest companies are in the hot seat to answer questions about the economy, and where it could be headed. Like the rest of the US, companies are watching whether the economy could still tip into a recession as interest rates hover around a 23-year high. Achieving a soft landing, or a situation in which inflation comes down without an economic downturn, looks likely, some companies said. According to the UK government’s own estimates, the checks — including physical inspections from April — will cost British businesses about £330 million ($419 million) annually and increase food inflation by about 0.2 percentage points over three years.

Persons: it’s, ”, Michael Hsu, Kimberly, Clark, Blackstone, Stephen Schwarzman, Christophe Le Caillec, Jim Vondruska, We’re, Robert Isom, Lorenzo Simonelli, Baker Hughes, Alan Schnitzer, Elisabeth Buchwald, “, Christopher Waller, Waller, Hanna Ziady, Read Organizations: CNN Business, Bell, New York CNN, United States ’, American, O'Hare Airport, Travelers Companies, ”, European Union Locations: New York, Chicago , Illinois, United Kingdom, Britain

☆ What to expect from OPEC meeting as traders digest recent price 'carnage'
▼ + stars: | 2023-11-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

"The oil suite remains rather stunned after the cancellation of Saudi Sunday," wrote John Evans of PVM Oil Associates in a note Friday. U.S. crude recovered most of Wednesday's intraday losses and trading has been relatively muted amid the Thanksgiving holiday with investors trying to digest the recent volatility. Europe demand headache for OPEC With the meeting delayed, investors are left with more bearish news on the demand side. "The likelihood of new demand coming from the continent is tantamount to zero giving more reason to be wary for oil investors and another layer of headache for OPEC," Evans wrote. "It's undermining the Saudi efforts to get the price really back to $100 a barrel plus," Kilduff told CNBC's " Power Lunch " on Wednesday.

Persons: John Evans, Brent, Evans, John Kilduff, PVM's Evans, Kilduff, CNBC's, PVM, Goldman Sachs, Michael Hsueh, Russia's Organizations: Organization of Petroleum, —, PVM Oil Associates, West Texas Intermediate, JPMorgan, Deutsche Bank, Bank of America Locations: China, Europe, Angola, Nigeria, Saudi, Riyadh, U.S, Russia, Moscow, Saudi Arabia

☆ FDIC Chairman Martin Gruenberg Won’t Oversee Misconduct Probe
▼ + stars: | 2023-11-21 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

Martin Gruenberg, the FDIC’s chairman, won’t serve on a special committee that will oversee an independent review the agency’s workplace culture. Photo: Tierney L. Cross/Bloomberg NewsThe Federal Deposit Insurance Corp. board is forming a special committee to oversee an independent review of the agency’s workplace culture, the agency said Tuesday, restricting the ability of the rest of the board—including the chairman—to influence the investigation. The special committee, created by a unanimous vote of the board, will be led by Republican Jonathan McKernan, who was confirmed to the board by the Senate late last year, and Democrat Michael Hsu, who has served as acting comptroller of the currency and an FDIC board member since 2021.

Persons: Martin Gruenberg, won’t, Tierney L, —, Republican Jonathan McKernan, Michael Hsu Organizations: Bloomberg, Federal Deposit Insurance Corp, Republican, Senate

☆ US FDIC launches review of alleged sexual harassment, misconduct
▼ + stars: | 2023-11-21 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

FDIC Chair Martin Gruenberg was also cited in the reports as having earned a reputation for bullying and leniency in cases of misconduct. The special committee will be co-chaired by two FDIC board members, acting Comptroller of the Currency Michael Hsu, a Democrat, and board member Jonathan McKernan, a Republican. Last week, McKernan and FDIC Vice Chair Travis Hill, also a Republican, had demanded that Gruenberg recuse himself from oversight of any review. The board resolution approving the review includes provisions "that restrict the ability of FDIC management and FDIC Board members not on the Special Committee to engage with or influence the review," Hill said, noting that his support of the decision had depended on that condition. In a statement, Sherrod Brown, a Democrat and chair of the Senate Banking Committee who last week called on FDIC inspector general's office to investigate, said the FDIC board had taken "appropriate steps" to ensure its own review would proceed independently.

Persons: Sheila Bair, Jason Reed, Martin Gruenberg, Gruenberg, Michael Hsu, Jonathan McKernan, McKernan, Travis Hill, Hill, Sherrod Brown, Douglas Gillison, Lisa Shumaker, Marguerita Choy, Leslie Adler Organizations: Federal Deposit Insurance Corp, REUTERS, Companies United, U.S . Federal Deposit Insurance Corp, Street Journal, Wall Street, Republican, FDIC, Democrat, recusal, Thomson Locations: Washington, Companies United States, America

☆ FDIC Chair takes heat over stunning allegations of sexual harassment and discrimination at agency
▼ + stars: | 2023-11-14 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —Federal Deposit Insurance Corporation Chair Martin Gruenberg testified Tuesday that he was unaware of the allegations of widespread sexual harassment and discrimination at the agency detailed in a Wall Street Journal investigation. “I did not know about the individual cases,” Gruenberg told him. Martin Gruenberg, chair of the Federal Deposit Insurance Corporation, told senators on Tuesday he was troubled by the allegations detailed in a Wall Street Journal investigation. The report also referenced a 2019 survey conducted by the inspector general that found 8% of the 2,376 respondents experienced sexual harassment between January 2015 to April 2019. The 2020 inspector general report made 15 recommendations to prevent and address sexual harassment at the agency, which Gruenberg said in his testimony on Tuesday had been implemented but acknowledged “didn’t change the culture” at the FDIC.

Persons: Martin Gruenberg, Gruenberg, “, we’ve, ”, Mike Rounds, Thom Tillis, ” Gruenberg, Michael Barr, Michael Hsu, Urban Affairs Gruenberg, Jelena McWilliams Organizations: New, New York CNN, Federal Deposit Insurance, Street, Senate, Street Journal, FDIC, Federal Reserve, Federal Deposit Insurance Corporation, Banking, Housing, Urban Affairs, Financial Locations: New York, South Dakota, North Carolina, “, U.S

☆ US consumer watchdog warns no more 'rubber stamp' for bank mergers
▼ + stars: | 2023-07-20 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

Bank executives, meanwhile, complain that regulators' foot-dragging and uncertainty caused by looming regulatory reforms have depressed merger activity among healthy banks to historic lows. That drew the ire of Democratic Senator Elizabeth Warren, who helped create the CFPB and backed Chopra for the director role. Chopra called in May for the FDIC to adopt changes to bank merger guidelines. He declined to discuss possible changes but said the approval process was already evolving, citing a review of bank merger guidelines undertaken in 2022. Reporting by Douglas Gillison; Editing by Michelle Price and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Rohit Chopra, Banks, Chopra, Janet Yellen, Michael Hsu, JPMorgan Chase, Elizabeth Warren, Douglas Gillison, Michelle Price, Jamie Freed Organizations: Consumer Financial Protection Bureau, Reuters, Federal Deposit Insurance Corporation, Bank, JPMorgan, Democratic Party, First, FDIC, Bank of America, Thomson Locations: First Republic, Wells Fargo

Bank regulators led by the U.S. Federal Reserve are finalizing the proposal which would implement international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. On Wednesday, Fed Chair Jerome Powell told Congress it was critical banks have strong capital, but regulators must be mindful of the tradeoffs. Republican officials at the agencies have flagged similar concerns, two people said, while Republican lawmakers on Wednesday also raised worries over capital rules with Powell. The Fed is drafting the Basel rules with the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corp. (FDIC). Speaking to reporters last week, acting Comptroller Michael Hsu said banks had "not been shy about sharing their concerns" which regulators were taking into account.

Persons: Morgan Stanley, Andrew Kelly, Jerome Powell, Michael Barr, Isaac Boltansky, jitters, Powell, “, Kevin Fromer, It's, Michael Hsu, Pete Schroeder, Niket Nishant, Lananh Nguyen, Tatiana Bautzer, Michelle Price, David Gregorio Organizations: New York Stock Exchange, REUTERS, WASHINGTON, Bank, U.S . Federal, Banking, Bankers, Committee, American Express, U.S, UBS, Deutsche Bank, Barclays, Washington, Bank Policy Institute, WALL, Fed, Industry, Republican, Financial Services, Currency, Federal Deposit Insurance Corp, Regulators, FDIC, OCC, Thomson Locations: Manhattan , New York City, U.S, Basel, Silicon

☆ Banking sector as a whole is strong and resilient, says Comptroller of the Currency Michael Hsu
▼ + stars: | 2023-05-19 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBanking sector as a whole is strong and resilient, says Comptroller of the Currency Michael HsuMichael Hsu, Acting Comptroller of the Currency, joins 'Closing Bell Overtime' to discuss testifying in front of congress, the regional banking sector, and more.

☆ Janet Yellen told bank CEOs more mergers may be necessary, sources say
▼ + stars: | 2023-05-19 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —During Thursday’s meeting with the CEOs of large banks, Treasury Secretary Janet Yellen told executives that more bank mergers may be necessary as the industry continues to navigate through a crisis, two people familiar with the matter told CNN. However, sources tell CNN that bank mergers were discussed during Yellen’s meeting with bank CEOs. Yellen echoed remarks from US regulators who have said there may be bank mergers in the current environment, one person familiar with the matter said. Yet earlier this month, regulators allowed JPMorgan Chase, the nation’s largest bank, to buy most of First Republic, the second-largest bank to fail in US history. Michael Hsu, acting comptroller of the currency, told lawmakers earlier this week that his agency would be willing to quickly consider bank mergers.

☆ Sen. Elizabeth Warren presses regulators for answers on First Republic takeover
▼ + stars: | 2023-05-18 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Sen. Elizabeth Warren, D-Mass., greets Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation, during the Senate Banking, Housing, and Urban Affairs Committee hearing in Dirksen Building on Tuesday, March 28, 2023. WASHINGTON — Sen. Elizabeth Warren is asking federal financial regulators for answers over what she called a "deeply troubling" deal that saw JPMorgan Chase take over First Republic Bank. "Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund." Instead, the insurance fund was allowed to take a multibillion-dollar loss after billions of dollars worth of the bank's uninsured deposits were rescued during the deal, Warren said. "The FDIC appeared to prioritize First Republic's uninsured deposits at the bank before the Insurance Fund," she said.

Senator Elizabeth Warren is questioning federal bank regulators on their decision to sell First Republic Bank to the nation's largest bank, JP Morgan Chase. In a letter sent to the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation Wednesday, Warren said the deal was "deeply troubling," and sought details on how the agencies decided to arrange that particular sale, allowing JPM to grow even larger. This is a troubling outcome, leaving me with numerous questions," she wrote. The FDIC announced this month it had seized First Republic and sold it to JPM in a deal that it estimated would cost its deposit insurance fund $13 billion. Warren also pressed the matter with Michael Hsu, the acting Comptroller of the Currency, at a hearing Thursday.

WASHINGTON, May 15 (Reuters) - Top U.S. banking regulators plan to tell lawmakers the government will be open to future bank mergers, but are committed to establishing tougher rules after recent turmoil. Barr maintained his commitment to overhauling bank rules to ensure firms do not escape stricter oversight because they are smaller or viewed as less risky. "The prudential regulation and supervision of these institutions merits additional attention, particularly with respect to capital, liquidity, and interest rate risk," he said in prepared testimony. While vowing to draft tougher rules, the agencies have also been criticized for not identifying and preventing weaknesses before the lenders failed. In prepared testimony, he said rapid interest rate increases and social media-fueled rumors drove the "unprecedented" bank run that sank his firm.

WASHINGTON, May 15 (Reuters) - A U.S. banking regulator plans to tell lawmakers his agency is "open-minded" when it comes to potential bank mergers and would act on any proposed deal in a timely fashion. Recent turmoil has added "urgency" to the OCC's work on updating bank merger guidelines, Hsu said. Tuesday's hearing will be the first for regulators since the FDIC agreed to sell failed First Republic Bank to JPMorgan Chase & Co (JPM.N) this month. Watchdogs have been under intense scrutiny after the collapses of SVB and Signature set off fears of contagion. In prepared testimony, he said rapid interest rate increases and social media-fueled rumors drove the "unprecedented" bank run that sank his firm.

☆ Senate Democrats led by Elizabeth Warren press federal bank regulators to implement stronger capital requirements
▼ + stars: | 2023-03-30 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

WASHINGTON — Senate Democrats are pressing federal banking regulators to toughen bank capital requirements following back-to-back congressional hearings where officials testified about the failures of Silicon Valley Bank and Signature Bank. "We write to urge you follow through with establishing strong capital requirements that protect consumers and taxpayers, and preserve the safety and soundness of our banking system," Warren, along with Sens. Under the "stress capital buffer" implemented at the time, the capital requirements for banking firms is determined annually according to supervisory stress tests. The lawmakers urged regulators to enforce strong capital requirements to fend off aggressive lobbying from Wall Street and safeguard against more bank failures. "In order to prevent future bank crises and protect working Americans, I urge your agencies to quickly implement strong capital requirements and resist industry pressure to weaken or delay these requirements."

☆ US regulators say deposits into First Republic Bank show system's resilience
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 16 (Reuters) - Federal regulators and the Treasury Department on Thursday welcomed a decision by 11 larger banks to deposit $30 billion into regional bank First Republic Bank (FRC.N) and said it showed the resilience of the U.S. banking system. "This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system," they said. First Republic was one of the banks that had been under more stress amid worries of another run on a regional bank, and a significant shift in deposits to larger banks. The rescue plan executed for First Republic averts an outright takeover of the bank by a larger institution, which would have run counter to a broad White House push against excessive concentration in other U.S. sectors. Reporting by Andrea Shalal and Rami Ayyub; editing by Dan Whitcomb and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ Tech pressure, Yellen everywhere: How Washington scrambled as SVB collapsed
▼ + stars: | 2023-03-15 | by ( Andrea Shalal | ) www.reuters.com time to read: +7 min

Yellen heads to the White House, Brainard meets with her staff and holds Zoom calls in her wood-paneled office in the West Wing. Treasury staff hustle to get Yellen on CBS News' "Face the Nation" program on Sunday, in an attempt to reassure markets. White House officials draft news releases with various scenarios, uncertain until shortly before 6 p.m. if an acquisition can still happen. As he leaves Delaware to return to the White House, Biden tells reporters he will make a statement on Monday. Treasury and White House officials reach out to members of Congress and their staffs throughout the evening to explain the plan, with discussions continuing into Monday.

☆ Big Banks Might Face Breakup, Top Regulator Says
▼ + stars: | 2023-01-17 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

WASHINGTON—Big banks may need to be broken into smaller pieces if they become too big to manage and are unable to fix significant regulatory lapses, a top federal banking regulator said in a warning shot across Wall Street on Tuesday. A bank’s failure to resolve longstanding deficiencies despite reprimands from its regulators and onerous restrictions such as caps on its growth are evidence that a firm is unmanageable and needs to be broken up, acting Comptroller of the Currency Michael Hsu said.

☆ U.S. lawmakers press federal banking regulators on the industry’s exposure to crypto after Alameda stake in bank comes to light
▼ + stars: | 2022-12-08 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Top Senate Democrats pressed key banking regulators on possible ties between the industry and digital currency exchanges following the bankruptcy of major cryptocurrency firm, FTX. "Banks' relationships with crypto firms raise questions about the safety and soundness of our banking system and highlight potential loopholes that crypto firms may try to exploit to gain further access." Silvergate Capital Corp., Provident Bancorp Inc., Metropolitan Commercial Bank, Signature Bank, Customers Bancorp Inc. are among several noted banks experiencing heightened volatility after the FTX failure. "Banks' relationships with crypto firms raise questions about the safety and soundness of our banking system and highlight potential loopholes that crypto firms may try to exploit to gain further access to banks," the senators wrote. To better understand the banking industry's exposure to crypto, the senators asked for responses to a roster of questions, including all business relationships between FTX, Alameda and Moonstone, by Dec. 21.

☆ U.S. OCC to establish office dedicated to financial technology in early 2023
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: 1 min

Oct 27 (Reuters) - The U.S. Office of the Comptroller of the Currency will launch a division on financial technology early next year, the banking regulator said Thursday. The new office will build on the agency's preexisting Office of Innovation, which was established in 2016, and will be led by a chief financial technology officer. “The establishment of this office will enable us to be more agile and to promote responsible innovation, consistent with our mission," said Michael Hsu, the acting comptroller of the currency, in a statement. Reporting by Hannah Lang in WashingtonOur Standards: The Thomson Reuters Trust Principles.

"Look, bank-fintech partnerships, they're here to stay. OVERWEIGHT CRYPTOOn cryptocurrency, Hsu said he was actually worried policymakers in Congress and regulators are overextending themselves to the detriment of other areas. "It's interesting, it has thorny issues... but relative to other technology and banking issues, I think we're now kind of overweight crypto." "Crypto is just occupying a lot of brain space for an awful lot of people, both on [Capitol] Hill and the regulatory community," he said. "The persistence of the occupation of brain space, it’s starting to worry me now that we’re not spending that time and attention on some other things."

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