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☆ Big Banks Are Making Huge Profits Off Today’s Savings Rates—Are You?
▼ + stars: | 2023-10-23 | by ( Mallika Mitra | ) www.wsj.com time to read: +6 min

That’s because many big banks have been playing a ‘do as I say, not as I do’ game with customers. Many large bricks-and-mortar banks pay even less—Wells Fargo, for example, pays 0.15% on its standard savings account while JP Morgan Chase pays 0.01%. Evergreen Bank—a locally-owned bank serving the Chicago suburbs—is currently offering a 5.25% APY on savings accounts, one of the best savings account rates for October. Compare that to what big banks offer and you can see the appeal of looking for alternatives to the big banks. For some of the current best interest rate deals, check out our list of the best savings accounts and CD rates.

Persons: Mallika Mitra, they’ve, ”, Mayra Rodriguez Valladares, Morgan Chase, Adam Stockton, you’ve, Susan Mitcheltree, ” Mitcheltree, Andrew Herzog, Herzog, Banks Organizations: Federal Reserve, JPMorgan Chase, MRV Associates, Wells Fargo, Evergreen Bank, Valley Bank, Signature Bank, First Locations: U.S, Wells Fargo, New York, Stockton, “, Baltimore, Plano , Texas, Chicago, —

☆ Banks report continued pain on commercial real estate loans
▼ + stars: | 2023-10-18 | by ( Matt Tracy | ) www.reuters.com time to read: +4 min

REUTERS/Amr Alfiky/File photo Acquire Licensing RightsOct 18(Reuters) - A number of U.S. banks saw continued pain in the third quarter on delinquent commercial real estate (CRE) loans in their portfolios, as stress in the sector persists. As a result, banks recorded continued provisions for credit losses and charge-offs from the previous quarter, driven by their non-performing (NPL), or delinquent, CRE loans. Borrowers have struggled to refinance their CRE loans as property values have declined and interest costs have risen. Some $20 billion of office commercial mortgage-backed securities, which bundle together individual loans, mature in 2023, according to real estate data provider Trepp. "While overall credit quality remains strong across our portfolio, the pressures we anticipated within the commercial real estate office sector have begun to materialize," PNC Chief Financial Officer Robert Reilly told analysts.

Persons: Amr Alfiky, Cole, that's, Morgan Stanley, Goldman Sachs, JPMorgan, Mayra Rodriguez Valladares, Wells, Robert Reilly, Matt Tracy, Lananh Nguyen, Jonathan Oatis Organizations: REUTERS, Florida Atlantic University, Bank of America, Trepp, Regulators, JPMorgan, Citigroup, PNC, Thomson Locations: New York City, U.S

☆ Global watchdog reveals tensions at heart of Credit Suisse debacle
▼ + stars: | 2023-10-10 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The report, however, exposed tensions and conflicts at the heart of a process that ultimately required Switzerland to initially back the emergency rescue of Credit Suisse by rival UBS (UBSG.S) with public money to avert panic. The officials summed up that the "resolution" rules for shutting a collapsing bank without panicking markets could have worked for Credit Suisse, though public money would still likely have been needed. The FSB report sheds new light on events that led to Credit Suisse's downfall. The FSB said Switzerland's action preserved financial stability, even if it raised questions as to why the resolution was not chosen.

Persons: Denis Balibouse, Karin Keller, Sutter, Switzerland's Keller, FINMA, Andrew Bailey, Arturo Bris, Mayra Rodriguez Valladares, Arthur Wilmarth, it’s, Tatiana Bautzer, Elisa Martinuzzi, Stefania Spezzati, Pete Schroeder, Mark Potter, Nick Zieminski Organizations: Credit Suisse, UBS, REUTERS, UBS Group, Swiss, U.S, Bank of England, IMD, Bank, MRV Associates, Banco, George Washington University Law School, Thomson Locations: Zurich Switzerland, Switzerland, Swiss, U.S

Banks have been investing in so-called RegTech to cut the costs of complying with such rules through automation. Now the group of five banks, working with RegTech specialist Droit, is looking to streamline efforts and further lower costs. Spokespeople for Barclays and HSBC said the banks are participating in the consortium, but declined further comment. Endoxa members hope other banks will join over time, further harmonising how reporting rules are applied, Chisholm said. Reporting by Sinead Cruise, additional reporting by Elizabeth Howcroft, editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Andrew Kelly, Banks, Pete Chisholm, Chisholm, Kara Lemont, Brock Arnason, Mayra Rodriguez Valladares, Sinead Cruise, Elizabeth Howcroft, Alexander Smith Organizations: New York Stock Exchange, REUTERS, HSBC, Barclays, BNP, Reuters, Regulators, Global, Financial, MRV, Thomson Locations: New York City , New York, U.S

The July indictment accused Mr. Trump, Mr. De Oliveira and Mr. Nauta of trying to delete Mar-a-Lago security footage. The government had requested a trial date in December, while Mr. Trump’s lawyers asked for an indefinite postponement. Once he was sworn in as president, Mr. Trump reimbursed Mr. Cohen. Rather than publish her account, the tabloid suppressed it in cooperation with Mr. Trump and Mr. Cohen, prosecutors say. Ms. Maddock, who has close ties to Mr. Trump and is married to Matt Maddock, a state representative, accused Ms. Nessel of “a personal vendetta.”“This is part of a national coordinated” effort to stop Mr. Trump, she added.

Persons: Donald J, Trump, Trump’s, Jack Smith, Fani, Willis, Mr, Alvin L, Bragg, Rudolph W, Giuliani, Mark Meadows, —, “, ” Mr, Brad Raffensperger, Joseph R, Biden, Emily Kohrs, “ You’re, ”, Ms, Smith’s, Smith, Prosecutors, Mike Pence, Walt Nauta, Carlos De Oliveira, De Oliveira, Nauta, ’, Stormy Daniels, Michael D, Cohen, Daniels, Karen McDougal, McDougal, Bragg’s, Juan M, Merchan, “ Trump, Merchan’s, Cyrus R, Vance Jr, Daniels’s, Hope Hicks, Kellyanne Conway, Allen H, Weisselberg, Mimi E, Rocah, Letitia James, James, Donald Jr, Eric, Ivanka Trump, Michigan’s “, Dana Nessel, Meshawn Maddock, Maddock, Matt Maddock, Nessel, Wright Blake, Mayra Rodriguez, Kris Mayes, Richie Taylor, Maggie Haberman, Glenn Thrush, Jonah E, Rebecca Davis O’Brien, Michael Gold, Michael Rothfeld, Ed Shanahan, Richard Fausset, Ashley Wong Organizations: Mr, Democrat, New, New York City, White House, Department, Georgia Republican Party, Trump, The New York Times, Capitol, Federal, Court, Congress, Justice Department, Mar, Manhattan, National Enquirer, Trump Tower, U.S, National, Trump Organization, Trump National Golf Club Westchester, New York, Civil, Michigan, Michigan Republican Party Locations: Manhattan, Georgia, Fulton County, Lago, New York, United States, Washington, Palm Beach, Fla, Mar, Lower Manhattan, Westchester County, Michigan, Arizona, Bromwich

☆ US bank regulators announce sweeping proposals on capital rules
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +4 min

WASHINGTON, July 27 (Reuters) - U.S. regulators unveiled a sweeping overhaul Thursday that would direct banks to set aside billions more in capital to guard against risk. If fully implemented, the proposal would raise capital requirements for large banks by an aggregate 16% from current levels, with the brunt felt by the largest and most complex firms, regulators said. Here are key quotes about the proposal:FINANCIAL SERVICES FORUM CEO KEVIN FROMER"There is no justification for significant increases in capital at the largest U.S. ANDY DUANE, ATTORNEY AT POLUNSKY BEITEL GREEN "Raising capital requirements could see regional banks shift away from mortgage lending. Even larger bank lenders could continue to retreat from mortgage lending or impose sharp increase in fees passed along to borrowers."

Persons: KEVIN FROMER, RICK MECKLER, CHERRY, MAYRA RODRIGUEZ VALLADARES, KENNETH BENTSEN, BRIAN MOYNIHAN, ANDY DUANE, GREG BAER, Pete Schroeder, Matt Tracy, Tatiana Bautzer, Nupur Anand, Sinead Carew, Lananh Nguyen, Nick Zieminski Organizations: Regulators, NEW VERNON, NEW, MRV, AMERICA, FOX, Thomson Locations: U.S, CHERRY LANE, NEW JERSEY, Basel, United States, Washington, New York

☆ Michigan attorney general charges fake Trump electors over alleged 2020 election crimes
▼ + stars: | 2023-07-18 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

Attorney Dana Nessel, surrounded by her family, announces her bid for Michigan Attorney General in Braun Court Ann Arbor on Tuesday, Aug. 15, 2017. Mandi Wright | Detroit Free Press | Tribune News Service via Getty ImagesMichigan's attorney general on Tuesday criminally charged 16 so-called "fake electors" for former President Donald Trump, accusing them of a fraudulent effort to reverse President Joe Biden's victory in the state's 2020 election. The 16 people each face eight charges, including election law forgery, uttering and publishing and conspiracy, state Attorney General Dana Nessel said in a video announcement. The case is the first time that any members of fake Electoral College slates for Trump have been criminally charged. Smith's investigation is focused on, among other things, the attempted use of fake Electoral College slates to thwart Biden's victory.

Persons: Dana Nessel, Braun Court Ann Arbor, Mandi, Donald Trump, Joe Biden's, Nessel, Trump, Jack Smith, Mike Pence, Kathy Berden, Rose Rook, Mayra Rodriguez, Hank Choate, Meshawn Maddock, Ann Henry, John Haggard, Clifford Frost, Kent Vanderwood, Stanley Grot, Marian Sheridan, Timothy King, James Renner, Michel Lundgren, Amy Facchinello, Ken Thompson, Maddock Organizations: Michigan, Braun Court, Detroit Free Press, Tribune, Service, Getty, Trump, of Justice, Biden, GOP, Electoral, U.S . Senate, National, CNN, Michigan Republican, U.S, Supreme Locations: Braun, Mandi Wright, Michigan, Mari, Texas, Georgia , Pennsylvania, Wisconsin

☆ What we know about the 16 fake electors charged in Michigan
▼ + stars: | 2023-07-18 | by ( Marshall Cohen | ) edition.cnn.com time to read: +5 min

Some of the GOP electors in Michigan were local activists who were recruited to serve as “fake electors,” all while inaccurately believing there was still a chance that then-President Donald Trump might secure a second consecutive term. CNN has reached out to the 16 fake electors for comment about the criminal charges. Here’s what we know about the 16 fake electors facing state charges. Meshawn Maddock, 55, was co-chair of the Michigan Republican Party during the 2020 campaign and is married to a GOP member of the Michigan House of Representatives. James Renner, 76, was also brought in later in the process to replace one of the original GOP electors.

Persons: ”, Donald Trump, Meshawn Maddock, Kathy Berden, Marian Sheridan, Kent Vanderwood, Stanley Grot, Amy Facchinello, Ann Henry, Michele Lundgren, “, we’d, Trump, …, ” Clifford Frost, John Haggard, Timothy King, Rose Rook, Mayra Rodriguez, Hank Choate, Sonny Perdue, Ken Thompson, Thompson, James Renner Organizations: CNN, Republicans, Republican National Committee, Trump, Michigan Republican Party, GOP, Michigan, Representatives, Republican National Convention, Wyoming City Council, 2nd District Republican Party, Genesee County Republican Party, Congressional, Republican, Democratic, Detroit Free Press, Michigan GOP Locations: Michigan, Washington ,, DC, Wyoming , Michigan, Grand Rapids, Wyoming, Shelby Township, Grand Blanc, Flint , Michigan, Genesee, Michigan’s, Lansing, Detroit, Macomb County, Van Buren County

The latest case in point: The Federal Deposit Insurance Corp (FDIC) chose JPMorgan Chase & Co (JPM.N) as the winning bidder in an auction to buy collapsed lender First Republic Bank on Monday. FDIC officials, however, say would-be buyers risk losing out if they allow the value of an acquisition target to deteriorate over time while waiting for an FDIC receivership. SWEETENERSU.S. bank mergers were already sluggish as interest rates rose and recession loomed, analysts at Raymond James wrote in an Apr. The first quarter was the quietest opening to a year for bank deals in a generation, they said. Market volatility stops bank buyers from pulling together enough money to cover writedowns on struggling assets, which would be triggered by a traditional acquisition, said David Sandler, co-head of financial services investment banking at Piper Sandler Companies (PIPR.N).

☆ Quotes: Fed plans broad revamp of bank oversight in wake of SVB collapse
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +11 min

The assertion in the introduction that the Fed should focus on large bank capital requirements is disconnected from the report's conclusions. AMERICAN BANK ASSOCIATION PRESIDENT AND CEO ROB NICOLS"We take any bank failure seriously, and we will review the findings and proposed policy changes in these reports carefully, including where the conclusions may differ. JONATHAN MONDILLO, HEAD OF NORTH AMERICAN FIXED INCOME AT ABRDN"We're likely to see higher capital requirements. What that means for the overall markets is that the devil is in the details: how stringent those capital requirements will be. A potential First Republic Bank failure could similarly present a risk to the long-term investment strategy of high net-worth individuals."

☆ US Fed plans broad revamp of bank oversight in wake of SVB collapse
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +7 min

Many commentators linked the lessons learned from the earlier crisis to the ongoing concerns about First Republic Bank. INSTITUTE OF INTERNATIONAL BANKERS CEO BETH ZORC"The IIB commends the Federal Reserve's timeliness of producing its report on SVB. "There are similarities between SVB's situation and what is happening with First Republic Bank: both are affected by the rapid movement of very large sums of money." A potential First Republic Bank failure could similarly present a risk to the long-term investment strategy of high net-worth individuals." "It feels isolated, than the rest of the regional bank system, feels like it's in a different place than where FRC is."

WASHINGTON/NEW YORK, March 11 (Reuters) - The rapid unraveling of SVB Financial Group (SIVB.O) has blindsided the banking industry after years of stability. Investors and customers now face a nervous wait to see if SVB bank finds a buyer quickly. During the 2008 financial crisis, Washington Mutual found a buyer immediately. One area of particular focus could be larger regional banks, which saw some rule relief under the Trump administration. U.S. banking regulators said in October they were considering new requirements on large regional banks, including holding more long-term debt to weather losses.

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