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☆ CFPB Funding Method Found Unconstitutional by Federal Appeals Court
▼ + stars: | 2022-10-19 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

WASHINGTON—A federal appeals court found the U.S. Consumer Financial Protection Bureau is funded through an unconstitutional method, a ruling that threw out the agency’s regulation on payday lenders and struck a blow against how the agency operates. The ruling, by a three-judge panel of the Fifth U.S. Circuit Court of Appeals in New Orleans, found the CFPB’s funding structure violated the Constitution’s doctrine of separation of powers, which sets the authority of the three branches of government. Congress has the sole power of the federal purse, and the bureau’s funding structure undercuts that authority, the court said.

☆ Fed Approves U.S. Bancorp Acquisition of MUFG Union Bank
▼ + stars: | 2022-10-14 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

Approval of U.S. Bancorp’s deal solidifies its status as the fifth-largest retail bank in the country. WASHINGTON—The Federal Reserve on Friday approved U.S. Bancorp acquisition of MUFG Union Bank’s core retail-banking business, one of a series of large regional bank mergers pending before federal regulators. In conjunction with the approval, regulators said they would launch a related rule-making process to enhance regulators’ ability to wind-down large regional banks in an orderly way should they fail.

☆ Rapid Rise in Rates Could Fuel Global Economic Disorder, IMF Warns
▼ + stars: | 2022-10-11 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

WASHINGTON—Global central banks’ moves to raise interest rates at the fastest pace in more than 40 years are fueling increased risks to the financial system, the International Monetary Fund warned Tuesday. Deteriorating market liquidity, or the ability to easily buy or sell an asset, could combine with elevated financial vulnerabilities, fueled by years of low-interest rates and cheap credit, to amplify future shocks, the IMF said in the latest update to its semiannual Global Financial Stability Report. The report comes as concerns about financial stability bubble up in the U.K.

☆ Wall Street CEOs Uncertain Fed Can Achieve Soft Landing
▼ + stars: | 2022-09-21 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

WASHINGTON—The heads of the largest U.S. banks expressed concerns about the state of the U.S. economy as they began two days of questioning Wednesday from Congress. Bank chief executives, including JPMorgan Chase & Co.’s Jamie Dimon , Citigroup Jane Fraser and Wells Fargo & Co.’s Charles Scharf , offered a favorable picture of an industry they say helped the economy recover from a pandemic-induced recession while warning of risks on the horizon.

☆ Bank CEOs to Go Before Congress, With Economy and High Inflation in Focus
▼ + stars: | 2022-09-20 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

JPMorgan Chase CEO Jamie Dimon is expected to warn about competing forces affecting the economy, such as strong consumer spending and disrupted supply chains. WASHINGTON—The heads of seven of the largest U.S. banks are set to face questions from Congress on hot-button issues including money-transfer scams, the state of the U.S. economy and a credit- and debit-card code that identifies when purchases are made at firearms stores. Bank chief executives, including JPMorgan Chase & Co.’s Jamie Dimon , Citigroup Inc.’s Jane Fraser and Wells Fargo & Co.’s Charles Scharf , plan to offer a favorable picture of an industry they say helped the economy recover from a pandemic-induced recession, according to prepared remarks. Two days of hearings start Wednesday.

Lea Michele referenced the viral rumor that she can't read in a recent TikTok video posted over the weekend. Jonathan refers to actor Jonathan Groff, who Michele is close friends with. The online rumor that Michele can't read began as a joke in 2017, according to meme database Know Your Meme. The commenters on Michele's TikTok video appeared thrilled to see the actor subtly weighing in the years-old meme. And then there’s a rumor online that I can’t read or write?

☆ Big Regional Banks Might Face New Rules for Dealing With a Crisis
▼ + stars: | 2022-09-19 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

Michael Barr, the Fed’s top bank regulator, signaled he is looking at large regional banks ‘as they grow and as their significance in the financial system increases.’WASHINGTON—A group of President Biden-appointed bank regulators are considering new rules to require large regional banks to add to financial cushions that could be called on in times of crisis. The steps under consideration include requirements that the regional firms raise long-term debt that can help absorb losses in case of their own insolvency, according to three people familiar with the matter, extending a slimmed-down version of requirements that at present apply only to the largest U.S. megabanks.

☆ The pros and cons of going to graduate school right now, according to academic and business experts
▼ + stars: | 2020-07-09 | by ( Robin Madell | ) www.businessinsider.com time to read: +13 min

Due to the current job market, many recent college graduates are considering going back to school. Could now be a smart time to put your job search on ice and shift gears to graduate school? The prosYou avoid entering a limited job market and possibly stunting your compensationPatrick Mullane, executive director of Harvard Business School Online, explained one benefit of going to graduate school while the economy isn't robust. J. Celeste Walley-Jean, dean at Clayton State University's School of Graduate Studies & Inclusive Engagement, noted that another indicator that the timing may be right to attend graduate school is cost. "If you just graduated and can't find a job, grad school might seem like a great way to ride out the recession.

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