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☆ Arizona, Texas join multi-state probe into big banks over net-zero pledge
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

A combination file photo shows Wells Fargo, Citigbank, Morgan Stanley, JPMorgan Chase, Bank of America, JPMorgan, and Goldman Sachs from Reuters archive. The investigation is targeting JPMorgan Chase & Co , Goldman Sachs Group Inc , Bank of America Corp , Citigroup Inc , Wells Fargo & Co (WFC.N) and Morgan Stanley (MS.N). "American banks should never put political agendas ahead of the secure retirement of their clients," Arizona AG Mark Brnovich said in a statement. "The last thing Americans need right now are corporate activists helping the left bankrupt our fossil fuel industry," Texas AG Ken Paxton said, adding that the banks practices potentially violate consumer protection laws. JPMorgan declined to comment, while the other five banks did not immediately respond to requests for comment.

☆ JPMorgan profit down 17% as sluggish dealmaking, loan loss reserves weigh
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

Oct 14 (Reuters) - JPMorgan Chase & Co (JPM.N) reported a 17% drop in third-quarter profit on Friday, as a worsening economic outlook curbed dealmaking and prompted the largest American bank to boost its reserves for possible defaults. Register now for FREE unlimited access to Reuters.com RegisterDimon, however, cautioned that rising interest rates, inflation and geopolitical turmoil pose significant headwinds. The bank set aside $808 million in reserves, as the Fed's interest rate hikes stoke fears of an economic downturn. By comparison, in the same quarter last year, the bank had released $2.1 billion of reserves that it had kept aside for potential COVID losses. The bank reported $32.72 billion in revenue for the quarter, up from $29.65 billion last year.

☆ All eyes turn to bank earnings for clues on slowing U.S. economy after Dimon’s recession warning
▼ + stars: | 2022-10-13 | by ( Hugh Son | ) www.cnbc.com time to read: +4 min

Big American banks have mostly resisted bulking up loan loss reserves this year as the financial health of consumers and corporations has held up despite mounting recession concerns. For much of the year, bank managers have told one story, while stocks have told another. Retail customers were spending briskly and still had ample cash in their accounts, executives including Bank of America CEO Brian Moynihan have said . In April, JPMorgan was the first big bank to begin boosting reserves for credit losses, taking a $902 million charge. Analysts expect the New York-based bank to generate $2.90 per share in third-quarter earnings, 22% lower than a year earlier.

☆ U.S. banks cut donations to federal candidates, up Democrats' share ahead of mid-terms
▼ + stars: | 2022-10-10 | by ( Pete Schroeder | ) www.reuters.com time to read: +5 min

Following the 2007-09 financial crisis when Democrats cracked down on banks, lenders have typically looked to business-friendly Republicans for support in Congress. And of the top-20 congressional recipients of bank PAC donations this cycle, 10 are Democrats compared with six in 2020, three in 2018, and one ahead of the 2016 election. Reuters GraphicsThe shift in giving patterns shows how banks are rethinking their allegiances amid increased political partisanship. To be sure, the party in power commonly enjoys a bounce in donations and banks are also spreading their bets ahead of a tightening contest, said Ballentine and the other sources. Nine of the top 10 recipients of industry donations are Republicans, including Representative Patrick McHenry who is likely to chair the House finance panel if Republicans win that chamber.

☆ Twitter’s future isn’t just Elon Musk’s problem
▼ + stars: | 2022-10-06 | by ( John Foley | ) www.reuters.com time to read: +6 min

Buying Twitter is financially onerous, too, but compared with buying a bank, it’s pretty simple stuff. Social media companies, conversely, are a place where people tweet poop emojis and exchange cat GIFs. Congress isn’t blind to the legal vacuum in which large social media companies operate. But while politicians squabble, social media continues to shape society in ways that may only become apparent years later. In a tweet later that day, the Tesla chief said that buying Twitter would accelerate the creation of X, an "everything app."

The lawsuit marks a major escalation of tensions between the industry and the consumer watchdog, which industry groups say has repeatedly overstepped its mandate under President Joe Biden's director Rohit Chopra. Register now for FREE unlimited access to Reuters.com RegisterThe groups said the agency does not have the legal authority to make that change. Certain financial products, like no-fee checking accounts, could be seen as discriminatory using a disparate impact analysis, the Chamber said. "The CFPB is attempting to pretend that they are Congress and impose new theories of disparate impact through an extra-legal process," Bradley said. The Chamber was joined in the lawsuit, filed in the Eastern District of Texas, by the American Bankers Association and Consumer Bankers Association, among other state groups.

☆ Business Groups Sue CFPB Over Antidiscrimination Guidelines
▼ + stars: | 2022-09-28 | by ( Paul Kiernan | ) www.wsj.com time to read: 1 min

The CFPB’s mandate is to protect consumers against ‘unfair, deceptive, or abusive practices.’WASHINGTON—Business groups sued the Consumer Financial Protection Bureau over a recent move by the agency to combat potential discrimination in banking services, as legal battles between industry and Biden administration regulators are beginning to intensify. The U.S. Chamber of Commerce, American Bankers Association and several other trade groups Wednesday asked a federal court in Texas to stop the CFPB from looking for discriminatory behavior when conducting routine examinations of financial firms.

☆ Chamber of Commerce sues Biden administration regulator over an attempt to fight discrimination at financial services companies
▼ + stars: | 2022-09-28 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN Business —The US Chamber of Commerce and other trade groups filed a lawsuit against the Consumer Financial Protection Bureau over the agency’s recent attempt to examine discrimination in financial services, a move that the groups argue needs congressional approval. The Biden administration recently updated the Unfair, Deceptive, or Abusive Acts or Practices section of the CFPB’s examination manual to include discrimination – specifically whether financial products are offered equally to all customers of different backgrounds. The groups say allegations of discrimination in finance are investigated from other government agencies. Putting CFPB in charge of that could “result in the disappearance of products consumers currently enjoy and benefit from,” they argue. Democratic Sen. Elizabeth Warren and other proponents argue it’s a key watchdog agency working for American consumers.

A spokesperson for BNY Mellon declined to comment on the status of its crypto custody project. “BNY Mellon believes digital assets are here to stay, and increasingly becoming part of the mainstream of finance," he added. Offering to hold clients' digital assets appeared the safest way to enter the market. read moreThe SEC guidance departed from that practice. At a conference last week, the SEC's acting chief accountant said that custodied crypto assets present "unique" risks which meet the definition of a liability under U.S. accounting standards.

Today, there are 56 Hispanic American banks and credit unions that are FDIC or NCUA insured around the US. We selected Hispanic American-owned credit unions from the National Credit Union Administration's list of minority depository institutions which was also updated on June 30, 2022. In our list of Hispanic American-owned banks and credit unions, many of the institutions listed offer customer support in Spanish and English. You can open up savings accounts, checking accounts, CDs, and money market accounts in most of the institutions listed. To help you learn more about a specific Hispanic American-owned bank or credit union, we've included links to reviews of individual institutions.

☆ Bank stocks, once a Buffett favorite, take a back seat at Berkshire Hathaway amid recession worries
▼ + stars: | 2022-04-28 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

In this article BRK.A Follow your favorite stocks CREATE FREE ACCOUNTWarren Buffett, Chairman and CEO of Berkshire Hathaway. David A. Grogan | CNBCWarren Buffett has begun to unleash Berkshire Hathaway 's massive cash stockpile in recent weeks, snapping up an insurer and multi-billion dollar stakes in energy and computer corporations. Like another top Buffett industry — railroads — banks are part of the infrastructure of the country, a nation he continually bets on. (Watch the 2022 Berkshire Hathaway annual shareholders meeting live on Saturday, April 30 at 9:45 a.m. Despite the industry becoming significantly cheaper to own, Buffett reversed many of his wagers, unloading JPMorgan, Goldman and Wells Fargo.

The bottom line: IDB Global Federal Credit Union could be a good fit if you are an IDB or IDB Invest employee and want to use a Hispanic American-led credit union. Read our review Read Our Review A looong arrow, pointing rightThe IDB Global Federal Credit Union Checking Account is a strong, low-fee checking option. How IDB Global Federal Credit Union worksIDB Global Federal Credit Union is a Hispanic American-led institution with one branch in Washington, DC. How to join IDB Global Federal Credit UnionIDB Global Federal Credit Union is a credit union, not a bank, so only certain people can become members. How IDB Global Federal Credit Union comparesIDB Global Federal Credit Union is the only Hispanic American institution in Washington, DC.

Persons: Wells, you'll, Wells Fargo Organizations: Federal Credit Union, Invest, IDB, Inter, American Development Bank, Savings IDB Global Federal Credit Union, Global Federal Credit Union, IDB Global, Credit, Chevron, Global, IDB Global Federal Credit Union, Federal Credit, Global Federal Credit, IDB Global Federal Credit, Apple, Google, IDB Global Federal Credit Union IDB Global Federal Credit Union, Better, American, Bank of America, Federal Credit Union Wells Fargo Bank of America DC, Department, Labor Locations: American, Washington, Washington ,, Wells Fargo, Philadelphia

How Gulf Coast Federal Credit Union products compare Gulf Coast Federal Credit Union Share CertificateGulf Coast Federal Credit Union Savings AccountGulf Coast Federal Credit Union Money Market AccountGulf Coast Federal Credit Union Basic Checking Account Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. How Gulf Coast Federal Credit Union worksGulf Coast Federal Credit Union is a Hispanic American-led institution in Texas. You can also use ATMs in the Members First Credit Union, CC City Employees Credit Union, Star Credit Union, and Rally Credit Union networks for free, and at Stripes Stores. How Gulf Coast Federal Credit Union comparesWe've comapred Gulf Coast Federal Credit Union to two other Hispanic American-led insitutions in some of the same cities: Rally Credit Union and CoastLife Community Credit Union. Gulf Coast Federal Credit Union Rally Credit Union Coast Life Credit Union Texas locations 4 (Corpus Christi, Alice, Portland) Texas locations 19 (Corpus Christi, Aransas Pass, Beeville, Calallen, Kingsville, Portland, Rockport, Brownsville, Edinburg, McAllen, Mission, Weslaco) Texas locations 7 (Corpus Christi, Portland) Standout feature High interest rates Standout feature ATM fee refunds Standout feature High interest rates Open account Start Saving Open accountAll three institutions pay respectable interest rates, with Gulf Coast and CoastLife paying slightly higher rates than Rally.

Persons: you'll, Alice, You'll Organizations: Gulf Coast Federal Credit Union, Coast Federal Credit Union, Coast Federal Credit, Certificate, Federal Credit Union Savings Account, Federal Credit Union, Federal Credit, Gulf, Gulf Coast Federal Credit, Savings, Savings Gulf Coast Federal Credit Union, Chevron, First Credit Union, CC City Employees Credit Union, Star Credit Union, Navy Army Federal Credit Union, Stripes, Reading Chevron, Corpus Christi, Rally Credit Union, Stripes Stores, Gulf Coast, Apple, Google, Better, CoastLife Community Credit Union, Gulf Coast Federal Credit Union Rally Credit, Coast Life Credit Union Texas Locations: Gulf Coast, Texas, American, Coast, Chevron, Corpus, Alice, Portland, Savings Gulf Coast, Gulf, Kasasa, Portland ) Texas, Christi, Aransas, Calallen, Kingsville , Portland, Rockport, Brownsville, Edinburg, McAllen, Mission, Weslaco, Christi , Portland

United Bank of El Paso del Norte was acquired by First American Bank in June 2022. The bottom line: United Bank of El Paso del Norte is a Hispanic American-owned bank in Texas with low minimum opening deposits. How United Bank of El Paso del Norte worksUnited Bank of El Paso del Norte is a Hispanic American-owned bank with three branches in El Paso, Texas. How United Bank of El Paso del Norte comparesWe compared the United Bank of El Paso del Norte to two other Hispanic American-owned banks in Texas: Texas National Bank and Rio Bank. You may prefer United Bank of El Paso del Norte if you want to open a CD with a low minimum opening deposit.

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