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☆ Wall Street is worried about NYCB's loan losses and deposit levels as stock sinks below $4
▼ + stars: | 2024-03-01 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

Mike Segar | ReutersRegional lender New York Community Bank finds itself in an apparently worsening predicament just as the anniversary of last year's banking turmoil nears. "The disclosures add to our concern about NYCB's interest-only multi-family portfolio, which may require a long workout period unless interest rates decline." Days later, ratings agency Moody's cut the bank's credit ratings two notches to junk on concerns over the bank's risk management capabilities after the departure of NYCB's chief risk officer and chief audit executive. The bank's stock was briefly buoyed by a flurry of insider purchases indicating executives' confidence in the bank. Most of those deposits were insured, and it had ample resources to tap if uninsured deposits left the bank, it said.

Persons: Mike Segar, NYCB, Raymond James, Steve Moss, Moody's, Alessandro DiNello, DiNello, D.A, Davidson, Peter Winter Organizations: New York Community Bank, Reuters Regional, New, Community Bank, Silicon Valley Bank, Signature Bank Locations: Yonkers , New York, U.S, NYCB

☆ Unclaimed property day: More than 30 million people have unclaimed money or assets. Are you one of them?
▼ + stars: | 2024-02-01 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

Over 30 million people in the United States have unclaimed property that they have either forgotten about or never knew was theirs, according to the National Association of Unclaimed Property Administrators, which is a part of the National Association of State Treasurers. To get a complete picture of whether you have unclaimed money or assets, first check the unclaimed property sites of all the states where you have lived in your life (including the District of Columbia and Puerto Rico). Each state has its own laws and practices governing unclaimed or abandoned property, which you can find out about by visiting their unclaimed property sites that NAUPA links to here. Consider: More than $4 billion worth of unclaimed property was returned to people in fiscal year 2022, NAUPA said. Each state decides whether to reveal how much your unclaimed property is worth when you do your initial search.

Persons: ”, Michael W, you’ve, haven’t, it’s, Frerichs, state’s, NAUPA Organizations: New, New York CNN, National Association, National Association of State, Illinois, District of Columbia Locations: New York, United States, Puerto Rico, Illinois, Alabama

☆ Giving new babies a savings account can help curb wealth gaps and make college feasible. One Democrat wants to make it federal law.
▼ + stars: | 2024-01-31 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Sen. Bob Casey wants to set up automatic savings accounts for every baby in the US. AdvertisementSen. Bob Casey wants to chip away at wealth inequality and set up kids to be able to build wealth. Casey, a Democrat from Pennsylvania, is introducing legislation that would create Child Savings Accounts nationwide. Those accounts spurred parents to open additional savings accounts for their children, and, by 2019, the average account balance was $3,243. Multiple studies on "baby bond" policies, automatic accounts with money deposited into them, find that they can help narrow racial wealth gaps.

Persons: Sen, Bob Casey, —, they'd, Casey, that's, Cory Booker, Ayanna Pressley Organizations: US, Service, Earned, Joint Economic, CNBC Locations: Pennsylvania, Oklahoma

☆ New bill in Congress calls for creating children's savings accounts from birth. Here's how it would work
▼ + stars: | 2024-01-31 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

The plan calls for providing savings accounts for every child in the U.S. on state 529 college savings platforms, which would be managed by state Treasurers. More from Personal Finance:IRS to launch free tax-filing pilot programJamie Dimon: Improving earned income tax credit is 'no brainer'Biden has forgiven student debt for millions. Children in households that are eligible for the earned income tax credit — which aims to reduce the federal tax burden for low- to moderate-income workers — would receive additional aid. The proposal comes as Congress is poised to consider a new expansion of the child tax credit. Estimates have found the new child tax credit could help about 16 million children from low-income families in the first year, according to the Center on Budget and Policy Priorities.

Persons: Democratic Sens, Bob Casey of Pennsylvania, Chuck Schumer, Ron Wyden, Don Beyer of Virginia, Joyce Beatty, Suzan, Jamie Dimon, Biden, Casey, Momo, Roth, I'm, Madeline Brown Organizations: Democratic, New, Reps, Finance, IRS, Getty, Center, Budget, Urban Institute, D.C Locations: New York, Oregon, Joyce Beatty of Ohio, Washington, U.S

Political Cartoons View All 253 ImagesUnder so-called linked-deposit programs, states deposit money in banks at below-market interest rates. Banks then leverage those funds to provide short-term, low-interest loans to particular borrowers, often in agriculture or small business. The programs can save thousands of dollars for borrowers by reducing their interest rates by an average 2-3 percentage points. Illinois has nearly $950 million of deposits linked to low-interest loans for farmers, businesses and individuals. In 2015, Frerichs said, the state's agricultural investment program had just two low-interest loans.

Persons: Vivek Malek, Malek, ” Malek, Banks, Michael Frerichs, Frerichs, Rafael Salaberrios, ” Salaberrios, Brian Zimmerschied, Doug Fish, Jason Bernard, ” Bernard, Mike Hopkins, “, Hopkins, Jordan Harvey, Sid Miller, hadn't, Miller, ” Organizations: JEFFERSON CITY, Federal Reserve, National Association of State, State Development, “, OakStar Bank, FCS, FCS Financial, BTC Bank, Montana Board of Investments, Republican, AP Locations: Mo, Missouri, New York, Illinois, Montana, “, National Association of State Treasurers . Illinois, Bethany , Missouri, Bethany, Iowa , Kansas, Ohio, Kansas, In Ohio, Texas

☆ India's state-run banks to lower bond purchases as liquidity tightens - treasurers
▼ + stars: | 2023-10-13 | by ( Dharamraj Dhutia | ) www.reuters.com time to read: +2 min

MUMBAI (Reuters) - India’s state-owned banks will slow government bond purchases in the weeks ahead as banking system liquidity tightens, treasury officials from nine state lenders said. REUTERS/Hemanshi KamaniBond yields have spiked since Oct. 6, when the central bank said it will keep monetary policy restrictive and sell bonds to manage banking system liquidity. These lenders have bought 253 billion rupees ($3 billion) of government debt since Sept. 22, including 100 billion rupees on Oct. 6. Banking system liquidity - the quantum of funds in the interbank market - has largely been in deficit from the middle of September. Bond traders expect the banking system’s cash position to stay in deficit because of tax payments and likely bond sales by the Reserve Bank of India (RBI).

Persons: “, ” Vijay Sharma, PNB Gilts, Bond Organizations: REUTERS, Banking, Reserve Bank of India, “ Locations: MUMBAI, ”, India

☆ India's state-run banks to lower bond purchases as liquidity tightens, treasurers say
▼ + stars: | 2023-10-13 | by ( Dharamraj Dhutia | ) www.reuters.com time to read: +2 min

MUMBAI, Oct 13 (Reuters) - India's state-owned banks will slow government bond purchases in the weeks ahead as banking system liquidity tightens, treasury officials from nine state lenders said. Bond yields have spiked since Oct. 6, when the central bank said it will keep monetary policy restrictive and sell bonds to manage banking system liquidity. These lenders have bought 253 billion rupees ($3 billion) of government debt since Sept. 22, including 100 billion rupees on Oct. 6. Reuters GraphicsBanking system liquidity - the quantum of funds in the interbank market - has largely been in deficit from the middle of September. Bond purchases would be incremental and linked to rise in yields, say at every 3-4 basis points, the treasury head at the state-run bank said.

Persons: Vijay Sharma, PNB Gilts, Dharamraj Dhutia, Swati Bhat, Mrigank Organizations: Reuters Graphics Banking, Reserve Bank of India, Thomson Locations: MUMBAI, India

Failure to secure the cash they need at rates they can afford, could lead to insolvencies and layoffs. "I think we're now starting to finally see the fall of some of the zombies," she added. This can include restructuring loan repayments, offering reduced rates or other more relaxed terms and can help banks avoid loan write-offs. "Banks and private equity shops have waited to see if the tide turned but higher rates don't allow hiding anymore." Any large corporate failures are likely to have a "contamination effect", said Tim Metzgen, an A&M managing director.

Persons: Dado Ruvic, Alvarez, Julie Palmer, Begbies Traynor, we're, Begbies, Nicola Marinelli, Banks, Paul Kirkbright, Kirkbright, Eva Shang, Katie Murray, Naresh Aggarwal, Ravi Anand, Anand, Tim Metzgen, Jane Merriman Organizations: REUTERS, Reuters, Britain's, National Statistics, Casino, Regent's University, of England, Bank of, Finance, M's, NatWest Group, Association of Corporate, Companies, Thomson Locations: Europe, Middle East, Africa, England, Wales, U.S, Basel III

The Office of Management and Budget reminded senior agency officials Friday to update and review shutdown plans. Those plans can vary from shutdown to shutdown. The nearly 4 million Americans who are federal employees will feel the effect immediately. Essential workers will remain on the job, but others will be furloughed until the shutdown is over. For many of them, a shutdown would strain their finances, as it did during the record 35-day funding lapse in 2018-2019.

Persons: “, ”, Doreen Greenwald, Everett Kelley, Pell, disbursing Pell, It’s, treasurers Organizations: CNN, Management, National Treasury Employees Union, American Federation of Government Employees, Transportation Security Administration, Social Security, TSA, of Labor Statistics, Federal Reserve, Business Administration, Futures, US Centers for Disease Control, Drug Administration, Safety, Health Administration, Environmental Protection Agency, ”, Smithsonian, National, National Archives, National Park Service, of Education, Federal Student Aid, Federal, Department of, Assistance, SNAP, US Department of Agriculture, Women, of Housing, Urban Development, Commission, Research, NOAA, Oceanic, Administration, National Science Foundation, Peace Corps, State Department, Defense Department Locations: United States, America, Washington, DC, shutdowns

"There's no real consensus at the moment about the increase in interest rates among economic actors," Jeremie Delecourt, chief operating officer at French private equity fund Ardian, told Reuters. In the euro zone, the peak is near after a combined 4 percentage points rise in the past year, ECB policymaker and French central bank governor Francois Villeroy de Galhau said on a panel at the conference. But he also said that rates would be left high for as long as necessary to ensure that inflation is headed back to the European Central Bank's 2% target by 2025. The ECB raised interest rates to their highest level in 22 years last month and promised another hike this month, with possibly another in September. "I see quite a bit of optimism in the short term, but I see a lot of downside risks if there is a policy mistake, especially from the central banks," she added.

Persons: Jeremie Delecourt, Francois Villeroy de Galhau, Jean, Louis Girodolle, Lazard, Mario Draghi's, Somersan Coqui, Daniel Barneix, Barneix, Veronika Grimm, Leigh Thomas, Alexander Smith Organizations: Reuters, ECB policymaker, Central, ECB, Atlantic, Allianz Trade, Thomson Locations: PROVENCE, France, United States, Europe, Aix, Provence

☆ BNY expands short-term investment options as investors chase yields
▼ + stars: | 2023-05-22 | by ( Laura Matthews | ) www.reuters.com time to read: +2 min

NEW YORK, May 22 (Reuters) - BNY Mellon is expanding its offering of short-term investment products as investors chase higher yields, the bank announced on Monday. The bank is now offering access to mutual funds, interest-bearing deposits and sponsored cleared repurchase agreement sweep products through its LiquidityDirect platform, a portal for institutional investors. BNY currently oversees $1.3 trillion of cash investments across deposits, money market funds and other instruments. Cash management is quickly becoming a top priority for finance executives as some regional banks, a key source of market liquidity, undergo stress as rates rise. LiquidityDirect saw a 16% increase in money-market funds flows in mid-March, BNY data showed.

☆ A Historic Breach of Fiduciary Duty
▼ + stars: | 2023-05-16 | by ( Marlo Oaks | Todd Russ | ) www.wsj.com time to read: +1 min

Highlights from a Fox Business interview with Jamie Dimon, in which the J.P. Morgan CEO discussed issues surrounding his WSJ op-ed, 'The West Needs America's Leadership.' Image: Zuma Press Composite: Mark KellyMany American workers don’t realize that their hard-earned money is being used against them. It is perhaps the most severe breach of the fiduciary standard in American history. Treasurers and other state financial officers are fiduciaries—legal stewards of Americans’ retirement assets, not the owners of those assets. Lately such proposals have included requests that U.S. financial institutions align their lending, financing and underwriting activities with a net-zero-emissions world.

☆ 19 Republican states accuse JPMorgan of closing bank accounts and discriminating against customers due to their religious or political beliefs
▼ + stars: | 2023-05-14 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

19 Republican states accused JPMorgan of closing bank accounts on political or religious grounds. Republican attorneys general from 19 states have accused JPMorgan Chase of closing accounts and discriminating against customers due to their political or religious beliefs, a report says. Further, the letter claimed JPMorgan asked the Securities and Exchange Commission to ignore a proposal for the bank to disclose its policy for closing accounts. A JPMorgan representative told The Journal: "We have never and would never exit a client relationship due to their political or religious affiliation." A spokesperson for JPMorgan said: "We do not close accounts due to religious or political affiliations, and did not in these cases."

☆ JPMorgan Targeted by Republican States Over Accusations of Religious Bias
▼ + stars: | 2023-05-13 | by ( Jathon Sapsford | ) www.wsj.com time to read: 1 min

WASHINGTON— JPMorgan Chase has become the target of a campaign by Republican state officials seeking to expose what they see as religious discrimination in the bank’s business practices. Nineteen Republican state attorneys general sent a letter this month addressed to JPMorgan Chief Executive Jamie Dimon , accusing the nation’s largest bank of a “pattern of discrimination” and of denying customers banking services because of political or religious affiliations. In March, 14 Republican state treasurers wrote a similar letter to Mr. Dimon, making the same accusations.

☆ BlackRock Communications Specialists Exit As Fink Scrutiny Mounts
▼ + stars: | 2023-03-29 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +7 min

At least nine people have left or are transitioning out of BlackRock's communications group. The corporate communications team has some 90 employees globally, up from 48 in 2019, a BlackRock spokesperson said. "We're fortunate the BlackRock communications team includes some of the most talented professionals in the industry and that we have continued to attract top talent as the team has grown in recent years," Badenhausen said in a statement to Insider. Jonathan Posen, a veteran speechwriter who worked as former Treasury Secretary Tim Geithner's chief writer on the financial crisis and other economic matters, joined BlackRock's communications group in 2013. The criticism reached new heights in 2022 as Republican state officials coordinated attacks on Fink and BlackRock and some pulled their investments.

☆ German corporate treasurers urged not to underestimate the current situation
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, March 16 (Reuters) - German corporate treasuers were urged by an industry association on Thursday not to "underestimate the current situation" as cracks in the global banking system emerge. The warning came in a blog post on Thursday from the Association of German Treasurers entitled "SVB collapse not without consequences for treasurers" asking whether this was a "Lehman 2.0" moment. "Nevertheless, treasurers should not underestimate the current situation, even if they themselves are not directly or indirectly affected by the collapse of the three U.S. banks," the association wrote. It cited a reserch report from the bank LBBW saying that a flight to quality could weaken smaller and medium-sized banks. Reporting by Tom Sims and Marta Orosz Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ BlackRock's Larry Fink says the US banking system may face 'more seizures and shutdowns' after Silicon Valley Bank's collapse
▼ + stars: | 2023-03-15 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

BlackRock CEO Larry Fink raised the prospect of more bank "seizures and shutdowns" taking place. Markets remain on edge even after regulators took decisive action on Silicon Valley Bank, he said. Fink, in his annual letter to shareholders released Wednesday, addressed last week's seizure of SVB following its asset-liability mismatch. A jump in interest rates since March 2022 spurred billions in losses in Silicon Valley Bank's bond holdings, sparking last week's run on deposits. Fink said the fall of SVB recalled other periods of "spectacular financial flameouts" following prior tightening cycles.

[1/2] A sign for Silicon Valley Bank (SVB) headquarters is seen in Santa Clara, California, U.S. March 10, 2023. The bank's sudden shutdown sent a chill through Silicon Valley amid an otherwise gloomy period marked by tech layoffs and a pullback in spending as consumers tightened their wallets. Company executives, many of whom stashed all of their funds in Silicon Valley Bank, took to Twitter and other social media networks to beg for relief. A joint statement Sunday by U.S. government bodies including the Treasury Department and Federal Reserve indicated taxpayers would not bear any cost associated with the new plans around Silicon Valley Bank. Silicon Valley Bank until now had been a reliable source of funding for startups relative to other banks.

☆ $70 billion in unclaimed property held by states belongs to 33 million Americans. Here's how to see if you're one of them
▼ + stars: | 2023-02-01 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +3 min

An estimated $70 billion in unclaimed property is being held by states, and belongs to about 33 million Americans. Americans are encouraged to search for property that may belong to them in any state where they've lived. According to the site, which is run by the National Association of Unclaimed Property Administrators, the average claim is just over $2,000, but they range from pennies to thousands, and there is an estimated $70 billion in unclaimed property on the website, according to CNBC. "States are required to return unclaimed property to its owner no matter how long it takes," Nebraska's treasurer and NAUPA President John Murante said. —National Association of State Treasurers (@StateTreasurers) January 30, 2023

☆ States have $70 billion in unclaimed assets. How to check if any is yours
▼ + stars: | 2023-02-01 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

There's a decent chance that your state is holding money or other assets that belong to you — and government officials want you to have it. About 1 in 7 people — 33 million altogether — collectively have an estimated $70 billion worth of unclaimed property being held by state treasurers, according to the National Association of Unclaimed Property Administrators. The types of assets that end up with states range from uncashed paychecks or rebate checks to inactive brokerage accounts and unpaid life insurance benefits. "Regardless of the size, we try to get it as quickly to [owners] as possible." Last year, about $4 billion in property was returned to rightful owners.

Musk's comments add to a long-running debate over whether such advisers have too much sway over corporate decision-making. Academic reviews have found mixed evidence about the proxy advisers’ impact. U.S. Republican state officials have also weighed in, writing to the two advisory firms asking if their recommendations met their obligations to investors. Contrary to Musk, however, Republicans at the state and national level have also charged top passive fund managers themselves have grown too aggressive with their proxy votes, a claim fund managers deny. Tesla has faced its own disagreements with the proxy advisers.

☆ Republicans went after BlackRock and sustainable investing in 2022. Meet 12 officials crusading against 'woke capitalism.'
▼ + stars: | 2022-12-28 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +14 min

A group of vocal conservative officials are criticizing aspects of ESG investing. Players in the ESG ecosystem, like S&P Global and BlackRock, the world's largest money manager and an influential proponent of ESG investing, are often the subject of their critiques. Instead, officials often paint large financial firms' ESG strategies as functions of left-leaning agendas. Here are key GOP players who are taking aim at ESG investing. Abbott, who is seeking reelection in November, was early to denouncing ESG investing.

☆ Companies Strengthen Collections, Aim to Get Cash in the Door as Threat of Downturn Looms
▼ + stars: | 2022-12-21 | by ( Kristin Broughton | ) www.wsj.com time to read: +6 min

Companies are stepping up efforts to collect on their bills and get cash in the door, aiming to limit future write-offs ahead of a potential downturn. The company’s days of sales outstanding during the latest quarter declined to 67.3 days from 70.4 days during the prior period, according to S&P. Early in the pandemic, some companies extended payment terms to customers that needed funds to shore up liquidity to help navigate temporary lockdown measures. Everbridge said it aims to provide customers with payment terms that are mutually beneficial. ServiceNow’s days of sales outstanding during the third quarter fell to 44 days from 47.4 days a year earlier, according to S&P.

☆ Meet 12 Republican officials crusading against BlackRock and ESG investing
▼ + stars: | 2022-12-01 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +14 min

☆ The C-Suite Survival Guide to Inflation and Economic Turbulence
▼ + stars: | 2022-11-27 | by ( Brian Hershberg | ) www.wsj.com time to read: +5 min

C-suite executives and other business leaders are planning for a period where inflation is sticky, interest rates are rising, the geopolitical landscape is fraught with tumult and the economy is slowing. U.S. retailers, for instance, are struggling to balance consumer expectations for discounts and the need to keep raising prices to offset high inflation. Real-estate companies are finding it costly to hedge their floating-rate debt amid surging interest costs, and even highly rated companies are pursuing term loans instead of bonds to save on interest costs. In Europe, the war in Ukraine is driving inflation, food shortages, and the prospect of a long, cold winter. Here is how marketing executives can continue to sell their brands to consumers during tight times.

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