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July 28 (Reuters) - U.S. banks should incorporate the Federal Reserve's emergency lending facility known as the "discount window" as part of their contingency funding plans, federal banking regulators said in updated guidance on Friday. The discount window is "an important tool" banks can use to manage liquidity risk, bank regulators including the Federal Reserve and Federal Deposit Insurance Corp said in an updated interagency policy statement. Bank runs in mid-March that forced regulators to shut down Silicon Valley Bank and Signature Bank "underscored the importance of liquidity risk management and contingency funding planning," the agencies said. "Banks are now working to see that they are ready to use the discount window, and we are strongly encouraging them to do that," he said. Reuters GraphicsThe guidance also said financial institutions should establish and maintain operational readiness to use the discount window, including conducting periodic small value transactions.

Persons: Lorie Logan, Jerome Powell, Banks, Hannah Lang, Dan Burns, Marguerita Choy, Richard Chang Organizations: Federal Reserve, Federal Deposit Insurance Corp, Bank, Signature, Dallas, Reuters, Thomson Locations: Washington

Federal banking regulators are expected to introduce proposals in the coming weeks requiring banks to keep more cash on hand to ensure the financial system remains stable. The nation's largest lender may increase prices or abandon some products as a way to offset the higher capital costs, Barnum said. One key new expected rule would require banks to hold more capital against certain trades. Meanwhile, banks are staying cautious and preserving capital until there is more clarity around the rules. Wells Fargo was expecting capital requirements to climb and weighing the potential effect on stock buybacks, CEO Charlie Scharf told investors on its call.

Persons: Michael Barr, Jeremy Barnum, Barnum, Jane Fraser, Wells Fargo, Charlie Scharf, Blackstone, Jamie Dimon, Pete Schroeder, Nupur Anand, Saeed Azhar, Tatiana Bautzer, Lananh Nguyen, Megan Davies, Susan Heavey Organizations: WASHINGTON, Federal, JPMorgan Chase's, JPMorgan, U.S, Treasury, Industry, Blackstone, Apollo, JPMorgan Chase, Thomson Locations: Washington, New York

☆ Buy Buy Baby stores set to shutter as Go Global's deal to save chain falls apart at eleventh hour
▼ + stars: | 2023-07-11 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Signs stating everything is on sale at a Buy Buy Baby store in the Brooklyn borough of New York, Feb. 6, 2023. Buy Buy Baby's stores are set to disappear after a last ditch effort to save the chain and keep the business alive fell apart, CNBC has learned. Sixth Street was not unreasonable but there was a difference in opinion on valuation," he said. However, nearly three months into liquidation sales at Buy Buy Baby's 120 stores, there was very little left to bid on besides its IP, empty stores, leases and whatever inventory was left, said the source. During a hearing in federal bankruptcy court in Newark, New Jersey, on Tuesday, Judge Vincent Papalia approved the sale of Buy Buy Baby's intellectual property to Dream on Me as one of the bidder's staffers, who appeared virtually via Zoom for the hearing, was seen smoking a cigarette on screen.

Persons: Janie, Jack, Jeff Streader, Streader, Judge Vincent Papalia, aren't Organizations: CNBC, Brand, Go Global, Sixth Street Partners, Bed, Global, Industries, Sixth, Go Locations: Brooklyn, New York, New Jersey, Newark , New Jersey

☆ These stocks that are about to turn a profit should beat the market, Jefferies says
▼ + stars: | 2023-07-09 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

In a Thursday note, the firm outlined a basket of stocks that may be on the brink of turning a profit. Jefferies has a buy rating on DraftKings stock with a $35 per share price target, or about 39% upside from Thursday's close. Jefferies' buy rating and $250 per share price target equates to roughly 18% upside for the stock from Thursday's close. SoFi stock has climbed more than 78% from the start of the year. SOFI YTD mountain Jefferies' buy rating and $9.60 price target forecasts about 19% upside for SoFi Stock.

Persons: Jefferies, John Colantuoni, Colantuoni Organizations: CNBC, Boeing, Jefferies, SoFi Stock Locations: SoFi, fintech

"I question whether the state party has the necessary expertise to spend the money well," he said. Kristina Karamo, chair of the Michigan state party, didn't respond to a request for comment for this story. The Arizona party, meanwhile, raised roughly $139,000 in the first three months of this year, according to state and federal filings. But the state party's organizational heft will be hard to replicate, said Jeff Timmer, a former executive director of the Michigan Republican Party. "But not having the state party well funded is detrimental to many Republican campaigns next year," he added.

Persons: Ron Weiser, Weiser, Donald Trump, Trump, Seth Masket, Kelli Ward, Joe Biden, It's, Jim Click, Kristina Karamo, Ward, Jeff DeWit, haven't, Karamo, Matt Johnson, Jason Roe, DeWit, Zlaticanin, Jeff Timmer, Timmer, Jonathan Lines, Tim Reid, Nathan Layne, Ross Colvin, Pravin Organizations: Michigan Republican Party, Republicans, White, U.S . Congress, Republican Party, Michigan, University of Denver, Arizona, Justice Department, Trump, Democratic, Reuters, Republican National Committee, Republican, Biden, Thomson Locations: Michigan, Arizona, North Carolina, Detroit, New Arizona

☆ JPMorgan Chase's drawn-out breakup with Jeffrey Epstein
▼ + stars: | 2023-06-23 | by ( Kaja Whitehouse | Emmalyse Brownstein | ) www.businessinsider.com time to read: +29 min

Several months later, in October 2006, JPMorgan categorized Epstein as a "high-risk" client, according to a transcript of Dimon's deposition in May. Today, banks have entire departments dedicated to tracking client activity and flagging suspicious behavior. Lots of questions'The fuss JPMorgan compliance officers raised about Epstein in 2011 was extensive. A 'faithless servant'One person who might know much more about the tangled relationship between Epstein and JPMorgan is Jes Staley. Staley sent Epstein internal JPMorgan documents and relied on him for guidance on an array of business and personal dealings, the JPMorgan internal report shows.

Persons: —, Morgan Stanley, Lehman Brothers —, Jamie Dimon, Jeffrey Epstein, Leon Black, Bill Clinton, Donald Trump, Epstein, Jes Staley, Staley, Jeffrey Epstein's, Michelle Licata, Courtney Wild, Stephanie Keith, Jane Doe, JP Morgan —, Epstein —, jes staley, Patricia Wexler, Wexler, Dimon, Barry Krischer, JPMorgan, Ghislaine Maxwell, Rod Stewart, Cipriani, Joe Schildhorn, Patrick McMullan, Frank Haberstroh, Haberstroh, Les Wexner, Wexner, Tom Williams, JP Morgan, Little, Little Saint James, Epstein's, Jim Spellman, Staley didn't, Morgan, James, Emily Michot, Bill Gates, Larry Summers, Woody Allen, Stephen Cutler, Cutler, Mary Erdoes, Erdoes, Youngbee Dale, Dale, JPMorgan Chase, Michael M, NYDFS, Bernie Madoff, Cecile de Jongh, Joe Shmoe, Jacob Shamsian Organizations: JPMorgan, Highbridge Capital Management, Citigroup, Lehman Brothers, titans, Apollo, US, US Virgin Islands, Bloomberg TV, Financial, US Department of, Treasury, Getty, BSA, Polaris Market Research, United Nations University Centre, M2C Model, Palm, JPMorgan Chase, Washington D.C, Inc, Apollo Global Management, The New York Times, Little Saint, Virgin, U.S ., Miami Herald, Tribune, Service, Microsoft, Columbia University, Mountain Capital, DOJ, New, Deutsche Bank, New York Department of Financial Services, Virgin Islands, Barclays, Authority, Wall Street Journal Locations: York, Manhattan, New York, US Virgin, dimon, Palm Beach , Florida, New York City, UN, Paris, Washington, Prague, thomas, Wexner, Little Saint, I'm, Little St, U.S, U.S . Virgin Islands, Staley, Dimon's, Virgin, British

☆ 'Lots of smoke. Lots of questions': Internal emails show JPMorgan Chase execs worried about the bank's ties to Jeffrey Epstein. So why did it take so long to cut him loose?
▼ + stars: | 2023-06-23 | by ( Kaja Whitehouse | Emmalyse Brownstein | ) www.businessinsider.com time to read: +29 min

That, of course, is the billion-dollar question: What did JPMorgan, America's largest bank, know about Epstein's alleged sex trafficking? Today, banks have entire departments dedicated to tracking client activity and flagging suspicious behavior. Lots of questions'The fuss JPMorgan compliance officers raised about Epstein in 2011 was extensive. Lots of questions," declared a senior JPMorgan compliance officer reviewing Epstein's accounts as part of that 2011 compliance review, according to court papers filed by the US Virgin Islands. Staley sent Epstein internal JPMorgan documents and relied on him for guidance on an array of business and personal dealings, the JPMorgan internal report shows.

☆ Cramer says J&J stock is a 'coiled spring'
▼ + stars: | 2023-06-22 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Market in 'no man's land ' Watch 'coiled spring' J & J Stick with Humana 1. Upcoming clinical trial results for an oral psoriasis treatment represent another catalyst for the stock , Jim added. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, Palo, J Jim, Johnson, Jim, Truist, Jim Cramer's Organizations: CNBC, Nasdaq, Palo Alto Networks, Dow Jones, Johnson, Humana Locations: California

☆ Pyrex, Instant Pot maker files for bankruptcy as sales fall
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: +1 min

Instant Pot multicookers for sale at Bloomingdale's Inc. flagship department store in New York, U.S., on Wednesday, Oct. 21, 2020. Instant Brands, the maker of Pyrex glassware and Instant Pot pressure cookers, has filed for bankruptcy, saying high-interest rates, tighter credit conditions and falling consumer demand made its debt load unsustainable. Instant Brands, whose products also include Corningware, said it plans to keep operating while it restructures, and toward that end has lined up $132.5 million in financing. The Downers Grove, Illinois-based company has more than 1,800 employees, over half of whom are unionized. Entities located outside the United States and Canada are not seeking court protection.

Organizations: Bloomingdale's Inc, Instant Brands, Cornell Capital LLC Locations: New York, U.S, Houston, Downers Grove , Illinois, United States, Canada

☆ Pyrex kitchenware maker files for Chapter 11 bankruptcy
▼ + stars: | 2023-06-12 | by ( Jonathan Stempel | ) www.reuters.com time to read: +1 min

June 12 (Reuters) - Instant Brands, the maker of Pyrex kitchenware, filed for bankruptcy on Monday, saying it had too much debt to withstand rising interest rates and tighter credit conditions. Instant Brands said it plans to keep operating while it restructures, and toward that end has lined up $132.5 million in financing. "Tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable," Chief Executive Ben Gadbois said in s statement. Instant Brands' portfolio also includes products such as Instant Pot pressure cookers and Corningware. The case is In re: Instant Brands Acquisition Holdings Inc, U.S. Bankruptcy Court, Southern District of Texas, No.

Persons: Pyrex kitchenware, Ben Gadbois, Davis Polk, Jonathan Stempel, Bill Berkrot Organizations: Brands, Cornell Capital LLC, Instant Brands, Federal Trade Commission, Holdings Inc, Bankruptcy, Southern District of, bk, Thomson Locations: Texas, United States, Canada, Downers Grove , Illinois, USA, China, Southern District, Southern District of Texas, New York

☆ Diamond Sports must pay four MLB teams in full, bankruptcy judge says
▼ + stars: | 2023-06-02 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Diamond Sports, the owner of regional sports networks, was ordered this week by a bankruptcy judge to make full media rights payments to four Major League Baseball teams. Diamond had already paid the teams up to 75% of the payments owed earlier in its bankruptcy, court papers show. If Diamond doesn't make the remainder of the payments owed to the teams, those teams can walk away from their contracts with the company, a judge ruled. In particular, Diamond has been pushing to hold the direct-to-consumer streaming rights to all MLB teams that air on its networks. Currently, Diamond has deals with all its NBA and NHL teams, plus a handful of MLB teams for the streaming rights.

Persons: Diamond, Rob Manfred Organizations: Ohio, Bally Sports, Cincinnati Reds, Cleveland Guardians, Progressive, Diamond Sports, Major League Baseball, MLB, Arizona Diamondbacks, Texas Rangers, Minnesota Twins, San Diego Padres, Padres, Federal, Court, Diamond, NBA, NHL, The Athletic, Sinclair Broadcast, Sinclair Locations: Cleveland, Houston

Compare Third Federal Savings and Loan to Other Mortgage LendersThird Federal Savings and Loan vs. Carrington Mortgage ServicesCarrington Mortgage Services Types of mortgages Conforming, Smart Rate Adjustable Mortgage, jumbo, bridge loan, HELOC, home equity loan Types of mortgages Conforming, jumbo, FHA, USDA, VA, Carrington Flexible Advantage Standout feature Low Cost Mortgages Standout feature Carrington Flexible Advantage mortgage Compare rates Compare RatesCarrington Mortgage Services is our "best overall' lender for borrowers with low credit scores. How Third Federal Savings and Loan Mortgages WorkThird Federal Savings and Loan offers mortgages in California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Virginia, Washington, and Washington, DC. Is Third Federal Savings and Loan Mortgage Trustworthy? Third Federal Savings and Loan Mortgage FAQIs Third Federal Savings and Loan a safe bank? Yes, Third Federal Savings and Loan is a safe bank to get a mortgage from.

Persons: HELOC, Carrington, you'll, It's, Marc Stefanski, Grace, Molly Grace, Molly, mgrace, Read Organizations: Federal Savings, PMI, Loan, DC, Loan Mortgage, Cost Mortgage, Third Federal, Mortgage, Carrington Mortgage, FHA, USDA, Carrington, Mortgage Services, Guild Mortgage, Third Federal Savings, ARM, Federal, Better, BBB, preapproval, Financial Corporation, Finance, Insider, Rocket Companies Locations: Washington, Ohio, Florida, California , Colorado , Connecticut, Georgia , Illinois , Indiana , Kentucky, Maryland , Massachusetts , Missouri , New Hampshire , New Jersey , New York, North Carolina , Ohio , Oregon , Pennsylvania, Tennessee, Virginia, DC, VA, New York, Chevron

☆ A telco billionaire gave $1,000 each to 2,500 Boston college graduates and encouraged them to donate half of it, calling it a 'gift of giving'
▼ + stars: | 2023-05-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Robert Hale, the founder, and CEO of Granite Telecommunications, gave 2,500 graduating students $1,000 each. But he called on the graduates to donate half of the gift, or $500, calling it the "gift of giving." He isn't the only billionaire donating to college students. He then urged them to donate half of the gift, or $500, calling it the "gift of giving," according to media reports, including NBC Boston. In May 2022, Hale gifted $1,000 each to 150 graduates at the Roxbury Community College in Boston, per NBC Boston.

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.

☆ Bank Turmoil Is Paving the Way for Even Bigger ‘Shadow Banks’
▼ + stars: | 2023-05-06 | by ( Lauren Hirsch | ) www.nytimes.com time to read: +1 min

Whipsaw trading in shares of regional banks this week made it clear the fallout from three federal bank seizures was far from over. Some investors are betting against even seemingly healthy banks like PacWest, and regulators are gearing up to tack on new capital constraints for small and medium-size lenders. Large banks, though raking in cash, are facing their own constraints, saddled with loans written before interest rates started rising. That means businesses large and small may soon need to look elsewhere for loans. And a growing cohort of nonbanks, which don’t take deposits — including giant investment firms like Apollo Global Management, Ares Management and Blackstone — are chomping at the bit to step into the vacuum.

☆ The US has over 4,000 banks
▼ + stars: | 2023-05-05 | by ( ) www.businessinsider.com time to read: +5 min

To protect their communities, many states passed legislation requiring banks to operate out of only one building—thus creating community banks. To make matters worse, the failure of one bank often sparked contagion to other community banks. Community banks were better able to compete with larger banks because they were perceived as safe. They know the community: Smaller banks tend to know the communities they serve very well . But as more community banks face trouble, it’s likely we’ll see intense scrutiny of these smaller institutions, more regulation aimed at them, and potentially a massive outflow of deposits into larger banks.

☆ Analysis: Fed report on SVB collapse could buoy shareholder lawsuits
▼ + stars: | 2023-04-29 | by ( Jack Queen | ) www.reuters.com time to read: +4 min

FILE PHOTO: The Silicon Valley Bank headquarters seen from the street in Santa Clara, California, U.S. March 13, 2023. The bank’s parent company, SVB Financial Group, entered bankruptcy on March 17. The Fed’s report concluded that SVB did not adequately hedge against risk, failed its own liquidity stress tests, and chased short-term profits at the expense of long-term stability. Rather than address these risks, the bank changed how it measured them, the report found. “I see this (Fed) report as being extraordinarily useful evidence to dangle in front of a judge or jury on class action lawsuits against accounting firms,” Cox said.

☆ The Fed’s autopsy report on Silicon Valley Bank is coming. Here’s what to expect
▼ + stars: | 2023-04-28 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

The Federal Reserve, which is responsible for supervising banks in the United States, plans to release its report at 11 a.m. Another federal regulator, the Federal Deposit Insurance Corporation, will release a similar report on Signature Bank, which fell two days after SVB, in the afternoon. Those assets began steadily losing value when the central bank raised interest rates at a rapid pace last year. As the bank stumbled, it became clear that virtually all — 97%, according to data from Wedbush Securities — of SVB’s deposits were uninsured. There are indications the Fed, SVB’s primary regulator, warned the bank as early as 2019 about its insufficient risk-management systems, according to reporting from the Wall Street Journal and the New York Times.

☆ Cannabis stocks light up after a group of lawmakers again seeks to protect banks that work with legal marijuana businesses
▼ + stars: | 2023-04-27 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Cannabis stocks jumped Thursday as lawmakers sought again to pass a bill to protect banks that work with legal pot firms. The SAFE Banking Act of 2023 was refiled by Democrats and Republicans in the House and Senate. The Secure and Fair Enforcement, or SAFE, Banking Act was refiled late Wednesday by House and Senate lawmakers from both the Democratic and Republican parties. They say the proposal is aimed at dealing with safety concerns stemming from legal cannabis businesses being locked out of banking services. Merkley said there's now a path for the first time for the SAFE Banking Act to move through the Senate Banking Committee and to a Senate floor vote.

☆ Johnson & Johnson consumer health unit valued at $40 billion ahead of IPO, report says
▼ + stars: | 2023-04-24 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +1 min

Johnson & Johnson 's consumer health business is valued at $40 billion ahead of its initial public offering later this year, according to a report by The Wall Street Journal. The soon-to-be spinoff Kenvue aims to raise $3.5 billion or more in the offering, people familiar with the matter told the Journal. Kenvue plans to meet with prospective investors as early as Monday, the sources told the Journal. When asked about the Journal's report, J&J spokesperson Tesia Williams told CNBC, "Unfortunately, I do not have any information to provide." J&J still faces thousands of allegations that its talc baby powder and other talc products caused cancer.

☆ U.S. bankruptcy judge halts 40,000 Johnson & Johnson talc and cancer lawsuits
▼ + stars: | 2023-04-20 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

In this photo illustration, a container of Johnson and Johnson baby powder is displayed on April 05, 2023 in San Anselmo, California. A federal bankruptcy judge on Thursday halted roughly 40,000 lawsuits that allege Johnson & Johnson 's baby powder and other talc products caused cancer. Amid the ongoing legal fights, J&J has continued to deny the allegations that its talc products caused cancer. The suits allege J&J's talc products were contaminated with the carcinogen asbestos, which caused ovarian cancer in thousands of individuals. Some lawsuits link several deaths to J&J's talc products.

New York CNN —A federal judge on Wednesday denied a request by Manhattan District Attorney Alvin Bragg’s office for a temporary restraining order to stop a House Judiciary Committee subpoena of former prosecutor Mark Pomerantz. District Judge Mary Kay Vyskocil said Pomerantz must appear for a deposition as the House panel investigates Bragg’s recent indictment of former President Donald Trump. Bragg’s office says it will appeal. During the hearing, an attorney for Bragg’s office argued – unsuccessfully – that Pomerantz ignored cautions from the DA before publishing the book, so the district attorney’s office should not be penalized. The clash between federal and state powers began in March when Jordan asked Bragg’s office for documents and communications after news organizations reported that Bragg’s office was moving closer to seeking to indict Trump.

☆ Investors are watching guidance this earnings season, but might not like what they see
▼ + stars: | 2023-04-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

New York CNN —Corporate guidance statements will be front and center as earnings season kicks off, with investors trying to gauge the economy’s temperature. Analysts forecast that first-quarter earnings for companies in the S&P 500 will fall 6.8% from the same period the previous year, according to FactSet. “We all expect earnings to be less than stellar,” says Shana Sissel, chief executive officer at Banríon Capital Management. Earnings season for banks starts on Friday with JPMorgan Chase, Wells Fargo, BlackRock, Citigroup and PNC Financial Services slated to report before the bell. Still, earnings are just one factor driving markets, and inflation remains a key concern for the Fed.

☆ 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."

The White House's push for more regulation comes after days of turmoil in the banking sector after the collapse of U.S. lenders Silicon Valley Bank and Signature Bank. "This ... is really about making sure that we are protecting the resilience and stability of the banking system going forward," the official added. Silicon Valley bank had $209 billion in assets at the end of last year. According to Federal Reserve data, about 30 banks had assets of more than $100 billion at the end of last year, a list that included Silicon Valley Bank and Signature Bank. The Fed and other bank regulators have indicated they are already looking to strengthen bank rules, particularly for firms between $100 billion and $250 billion in assets.

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