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☆ Mastercard doubles down on effort to detect and tackle crypto fraud with AI tie-up
▼ + stars: | 2023-11-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

(Photo by Joan Cros Garcia/Corbis via Getty Images)Mastercard is doubling down on its efforts to detect and prevent fraud that's routed through cryptocurrency exchanges. The company told CNBC exclusively that it's partnered with Feedzai, a regulatory technology platform that aims to combat money laundering and financial scams online using artificial intelligence. "This will increase fraud detection by protecting unwary consumers, but will also detect potential money laundering activity and mule accounts," Feedzai CEO and co-founder Nuno Sebastio told CNBC. An estimated 40% of scam transactions exit directly from a bank account to a crypto exchange today, according to Feedzai data. Feedzai says its software can identify and block suspicious transactions in a matter of nanoseconds — but also recognize transactions that are legitimate.

Persons: Joan Cros Garcia, Corbis, it's, Feedzai, Mastercard's, Nuno Sebastio, Sebastio Organizations: MasterCard, Mobile, Congress, Getty Images, Mastercard, CNBC, Feedzai Locations: BARCELONA, SPAIN, Barcelona, Spain, Coimbra, Portugal, San Mateo , California, Silicon Valley

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Nov 16 (Reuters) - U.S. bank profits are expected to shrink in the coming months, but the industry has regained its footing after the biggest bank failures since the 2008 financial crisis, analysts said. "Nobody wants to own a lot of bank stocks, whether it's large cap, mid cap, ahead of a credit crunch, ahead of a recession." Michaud, CEO of KBW:"There are a lot of healthier banks, I think, that would look to acquire the banks that have low credit performance. Reporting by Lananh Nguyen, Nupur Anand and Pete Schroeder in New York Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Thomas Michaud, Keefe, Erika Najarian, Morgan Stanley, We're, Eugene Ludwig, Ludwig, Mitch Eitel, Sullivan, Cromwell, " Michaud, Lananh Nguyen, Nupur Anand, Pete Schroeder, Mark Potter Organizations: New York Stock, REUTERS, delinquencies, UBS, Ludwig Advisors, Federal Deposit Insurance Corp, Thomson Locations: Manhattan, New York City , New York, U.S, New York

☆ Greece's National Bank attracts strong demand in 20% stake sale - source
▼ + stars: | 2023-11-15 | by ( Lefteris Papadimas | ) www.reuters.com time to read: +2 min

"Demand covered 6.2 times the shares offered," the source involved in the process said on condition of anonymity. On Monday, HFSF concluded the sale of a 9% stake in Alpha Bank to UniCredit and announced plans to sell a 20% stake in NBG. The value of the 20% stake is estimated at about 1 billion euros ($1.09 billion). HFSF currently holds a 40.4% stake in NBG and a 27% holding in Piraeus Bank, (BOPr.AT), Greece's third-largest lender. A source told Reuters on Monday that out of the 20% stake in NBG, 17% would be offered to funds and 3% to retail investors.

Persons: Alkis, HFSF, Greece's, JP Morgan, Goldman Sachs, Morgan Stanley, Lefteris Papadimas, Louise Heavens, Sharon Singleton Organizations: National Bank, REUTERS, Rights, Greece's National Bank, Reuters, P Global, Alpha Bank, Piraeus Bank, UBS, Thomson Locations: Athens, Greece, UniCredit, NBG

☆ Biggest test of Credit Suisse rescue yet to come, says UBS
▼ + stars: | 2023-11-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —2024 will be the “pivotal” year in the takeover of Credit Suisse by UBS, with the migration of IT systems presenting huge risks as the two megabanks merge operations across more than 50 countries, UBS CEO Sergio Ermotti said Wednesday. Next year is “probably the most important year in terms of execution” of the deal, he told clients at a UBS (UBS) conference in London. “In a sense, that will allow us to create clarity.”Ermotti was brought back to helm UBS through its takeover of Credit Suisse within days of the government-orchestrated deal being announced in March. Ermotti said Wednesday that Credit Suisse’s keen focus on clients was both a strength and a weakness of the bank’s culture. “The biggest opportunity (is) allowing the people, the clients, and the product and service capability that Credit Suisse brings to be able to flourish within UBS and make UBS stronger,” Ermotti said.

Persons: Sergio Ermotti, Ermotti, —, Morgan Stanley, ”, ” Ermotti Organizations: London CNN, Credit Suisse, UBS, Suisse Locations: London, United States

REUTERS/Evelyn Hockstein/ Acquire Licensing RightsWASHINGTON, Nov 14 (Reuters) - The Federal Reserve's top Wall Street cop Michael Barr and other bank regulators will defend plans to hike U.S. bank capital requirements when they appear before Congress this week as they come under increasing pressure from many lawmakers to rein in their efforts. The proposal would overhaul how banks gauge risk and, in turn, how much capital they must hold against potential losses. Regulators say stronger cash cushions will make the financial system safer and are especially crucial after three banks failed earlier this year. As part of their campaign to kill the Basel proposal, banks have been lobbying lawmakers to put pressure on the regulators. On Monday, 39 Senate Republicans stepped up the pressure, asking the regulators to scrap the proposal, citing economic harm.

Persons: Michael Barr, Evelyn Hockstein, Barr, Federal Deposit Insurance Corporation's Martin Gruenberg, Mike Hsu, Mark Warner of Virginia, Jon Tester, Isaac Boltansky, Gruenberg, Michelle Price, Pete Schroeder, Jonathan Oatis Organizations: Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, Rights, Federal, Federal Deposit Insurance, Financial, Democrat, Senate, Republicans, Journal, Industrial, Commercial Bank of China, Treasury, Thomson Locations: Washington , U.S, U.S, Basel, Montana

☆ EU loophole lets banks dodge ECB's crypto supervision, needs fixing -Enria
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +3 min

He warned the EU's framework placed banks' activity as a 'crypto-asset service provider' -- such as acting as a custodian for customer wallets, exchanging tokens or managing crypto portfolios -- outside of the ECB's purview as a banking supervisor. "In fact, if crypto-asset service providers controlled by banks are not within the scope of their prudential consolidation, the BCBS standard and especially the exposure limit may become ineffective." He added crypto asset service providers should be added "as a matter of urgency" to the list of financial institutions that the ECB supervises under EU rules. MiCAR entered into force at the end of June and will take full effect by the end of next year. The Basel Committee's global standards on exposures to crypto assets are due to be transposed into EU law by Jan. 1, 2025.

Persons: Dado Ruvic, Andrea Enria, Enria, MiCAR, Jan, Claudia Buch, Francesco Canepa, Susan Fenton Organizations: REUTERS, Rights, Central Bank's, Banking, ECB, prudential, EU, Thomson Locations: EU, Venice, Basel

☆ Greece starts process to sell 20% stake in National Bank
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

People walk outside the National Bank of Greece headquarters in Athens, Greece, January 17, 2022. REUTERS/Louiza Vradi/File photo Acquire Licensing RightsATHENS, Nov 13 (Reuters) - Greece on Monday announced plans to sell a 20% stake in National Bank of Greece (NBG) after concluding the sale of a 9% stake in Alpha Bank to UniCredit as it looks to divest from the country's lenders. It currently holds a 40.4% stake in NBG and a 27% stake in Piraeus Bank (BOPr.AT), Greece's third largest lender. NBG's shares were down about 1% at 5.39 euros at 1012 GMT on Monday, with the 20% stake valued at about one billion euros ($1.07 billion). Earlier on Monday, HFSF said it sold its 9% stake in Alpha Bank (ACBr.AT) to UniCredit for 293.5 million euros after an improved bid from the Italian bank.

Persons: Louiza, HFSF, Lefteris Papadimas, Jason Neely Organizations: National Bank of, REUTERS, Rights, Monday, National Bank of Greece, Alpha Bank, Hellenic, Stability, Piraeus Bank, Reuters, Global, Thomson Locations: National Bank of Greece, Athens, Greece, UniCredit, NBG

☆ How US banks can wiggle out of the $650 billion balance-sheet bomb hanging over them
▼ + stars: | 2023-11-11 | by ( Matthew Fox | ) www.businessinsider.com time to read: +6 min

US banks are sitting on an estimated $650 billion in unrealized losses on their bond holdings. Here's why banks have flexibility in making sure that their $650 billion balance sheet bomb is defused. The bond crash culminated in an estimated $650 billion in unrealized losses held by banks, according to Moody's. How banks can defuse their balance sheet bombDespite the massive unrealized losses, banks are looking at three scenarios that could help ensure losses aren't realized. First, banks could simply hold onto their low-yielding debt until it matures and not realize any losses at all.

Persons: —, aren't, Louis Navellier, Geetu Sharma, Sharma, Banks Organizations: Service, Fed, Silicon Valley Bank, First Republic Bank, Signature Bank, Consumers, of America, Treasury, Federal Reserve, Banks, P Bank, P Regional Bank ETF

☆ Brazen ransomware attack on US unit of Chinese banking giant has financial sector on alert
▼ + stars: | 2023-11-10 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +5 min

It led to a flurry of behind-the-scenes coordination with the affected bank and across the financial sector about the threat. The hackers hit New York-based ICBC Financial Services, a subsidiary of the world’s largest bank by assets and a Chinese state-owned institution. ICBC Financial Services did not respond to CNN’s request for comment on Friday. “If China sees this as a black eye, they may demand action from the Russian government,” Liska told CNN. LockBit ransomware was the most deployed ransomware around the world in 2022, according to US cybersecurity officials.

Persons: ”, “, ” Jon Miller, Halcyon, BNY Mellon, LockBit, Allan Liska, ” Liska, JPMorgan Chase, LockBit ransomware, ” Will Thomas Organizations: CNN, Commercial Bank of, Intelligence, Financial Services, Treasury, ICBC Financial, Reuters, JPMorgan, FBI, Infrastructure Security Agency, Treasury Department Locations: Commercial Bank of China, US, York, China, Russia, United States, Iran, cybersecurity

☆ Wall St Week Ahead Bargain or trap? US bank stock outlook hinges on Fed's path
▼ + stars: | 2023-11-10 | by ( David Randall | ) www.reuters.com time to read: +4 min

Bank stocks are at an all-time low compared with the S&P 500 based on relative prices, according to data from BofA Global Research. One key factor for bank stocks is whether the Federal Reserve is close to wrapping up a monetary tightening cycle that has brought the highest U.S. interest rates in decades. Yet signs the Fed may keep rates around current levels through most of next year have weighed on bank stocks. This month, analysts at BofA Global Research said investors should “selectively” add exposure to bank stocks in anticipation of an interest rate peak. Overall, about 61% of all outstanding mortgages have an interest rate below 4%, according to the Apollo Group, leaving consumers little incentive to refinance or move.

Persons: Brendan McDermid, ”, Quincy Krosby, Bill Gross, Neville Javeri, Goldman Sachs, Jeff Muhlenkamp, David Randall, Bansari Mayur, Ira Iosebashvili, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Silicon Valley Bank, Bank, BofA Global Research, LPL, Federal Reserve, Fund, Allspring Global Investments, Fifth Third Bancorp, Investors, Apollo Group, financials, Fed, Muhlenkamp & Company, Thomson Locations: New York City, U.S, Silicon

☆ US banking executives talk soft landing, capital rules
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

[1/2] Bank of America Chairman and CEO Brian Moynihan speaks at the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 8, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsNov 8 (Reuters) - Top U.S. banking executives on Wednesday allayed fears of a recession, with Bank of America (BAC.N) CEO Brian Moynihan reiterating his expectation of a soft landing for the economy. Here are some excerpts from their interviews at the Reuters NEXT conference in New York:BRIAN MOYNIHAN, CEO AT BANK OF AMERICASOFT LANDING EXPECTATIONS"Our research team is the best in the business. They have moved to the soft landing category. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) ISSUES"On a given day, we are criticized for being a large lender to energy companies.

Persons: Brian Moynihan, Brendan McDermid, BRIAN MOYNIHAN, HOLLY O'NEILL, JIM ESPOSITO, GOLDMAN SACHS, Niket Nishant, Manya Saini, Lananh Nguyen, Saeed Azhar, David Gregorio Our Organizations: Bank of America, REUTERS, U.S, Reuters NEXT, OF, GOLDMAN, Reuters, reuters, Thomson Locations: New York City , New York, U.S, New York

☆ Signa founder Benko hands reins of property empire to Geiwitz
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

A view of the sign of Signa Holding on their headquarters in Vienna, Austria, November 6, 2023. Benko, an Austrian entrepreneur and a key figure in Europe's property market for two decades, is known for high-profile purchases including New York's iconic Chrysler Building and Britain's Selfridges. Some current and former investors - themselves titans of industry - have in recent days publicly lashed out at Benko, raising questions about his future role at Signa. What is important now is to restore trust, and I want to play my part in that," Benko said in the statement. Geiwitz is best known for his role in the insolvency proceedings of Germany's Galeria Kaufhof-Karstadt department stores and drug store chain Schlecker.

Persons: Leonhard Foeger, Rene Benko, Arndt Geiwitz, Fitch, Benko, Signa, Geiwitz, Germany's Galeria, Alexandra Schwarz, Tom Sims, Matthias Williams, Kirsti Knolle, Bernadette Baum Organizations: Signa, REUTERS, Rights, Chrysler, titans, Germany's, European Central Bank, Thomson Locations: Vienna, Austria, FRANKFURT, Germany, Austrian, Benko

☆ Deposit delays: Fed tells banks to get customers help
▼ + stars: | 2023-11-07 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Federal Reserve officials are urging banks to work with customers hurt by ongoing deposit delays that have prevented some people from accessing their paychecks and other funds. The deposit delays are linked to a problem that emerged on Friday with the Automated Clearing House (ACH) payments system, causing headaches for consumers and employers. “The Federal Reserve encourages banks to work quickly to resolve issues for customers experiencing delays in receiving direct deposit payments as a result of operational issues at a private sector payments provider,” a Fed spokesman told CNN in a statement. Fed officials signaled they want banks to help customers by waiving overdraft or late fees. The Consumer Financial Protection Bureau similarly told CNN on Monday that consumers “should not be penalized” by fees and penalties.

Persons: haven’t, waiving overdraft, JPMorgan Chase, Banks, Chase Organizations: New, New York CNN — Federal Reserve, Federal Reserve, CNN, Consumer Financial, JPMorgan, Fed, ACH Network, Bank of America, US Bank Locations: New York, United States, Wells Fargo

☆ Three things you can do if your bank deposits were delayed
▼ + stars: | 2023-11-06 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

The situation is not yet fully resolved, and it’s unclear just how many banks were affected, although Bank of America, Chase and US Bank have confirmed they are among them. That would include an overdraft fee from your bank if a payment was made from your account before an expected deposit showed up. But if it’s not, contact your bank and let them know the situation needs to be corrected. You also want to avoid a late fee or penalty interest from a creditor if your payment got delayed. “The key is providing verifiable documentation that the delay was not your fault.”At the moment it’s not clear whether or how every affected bank is notifying their customers.

Persons: ”, Bruce McClary, ” McClary, Thomas Kelly, it’s, McClary, you’re, — CNN’s Matt Egan Organizations: New, New York CNN, Bank of America, Chase, US Bank, National Foundation, Credit, JPMorgan Chase, Consumer Financial Protection Bureau Locations: New York, —

☆ Banking industry direct deposit delays: Customers of Bank of America, Chase, and more have reported payment issues
▼ + stars: | 2023-11-06 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Some customers still haven’t received their direct deposit paychecks following a “human error” last week deep in the plumbing of America’s banking system. The deposit delays are linked to a problem that emerged on Friday with the Automated Clearing House (ACH) payments system, causing headaches for consumers and employers. An industry source confirmed to CNN on Monday that it’s likely some customers haven’t received their deposits yet. Clearing house says it was a ‘manual error’Asked for comment, multiple banks referred inquiries to The Clearing House, which is owned by the largest commercial banks including Bank of America, JPMorgan Chase, CitiBank and Wells Fargo. The Clearing House did not provide an updated comment on Monday or any timetable for when the problem will be fully resolved.

Persons: haven’t, Banks, Chase, ”, Downdetector, Wells, “ Wells, Wells Fargo, Jim Seitz, ” Chase, Greg MacSweeney, MacSweeney, Dennis Kelleher, ” Kelleher Organizations: New, New York CNN, CNN, Consumer Financial, Bureau, Bank of America, US Bank, Twitter, “, ” Bank of America, JPMorgan Chase, CitiBank, House, Federal Reserve, Fed, ACH Network, Better Locations: New York, Wells Fargo, ACH, United States

☆ Defaults of high-yield corporate bonds are accelerating and could bring a $46 billion wave of distressed debt in 2024, Bank of America says
▼ + stars: | 2023-11-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

The US could see a $46 billion wave of distressed high-yield debt next year, BofA warned. Higher interest rates could cause defaults and bankruptcies to peak in early 2024, experts warn. AdvertisementAdvertisementThat amounts to $35 billion in those three sectors alone, or around 75% of all high-yield defaults expected next year, strategists said. Federal ReserveExperts have been warning of a wave of defaults and bankruptcies to hit the market, especially as interest rates remain higher-for-longer. Meanwhile, total US bankruptcies and debt defaults could peak sometime in the first quarter of 2024, Charles Schwab estimated.

Persons: BofA, —, Charles Schwab Organizations: Service, Bank of America, " Bank of America, HY, Treasury, ICE Bank of America, Federal

☆ Bank of America warns of banking industry deposit delays
▼ + stars: | 2023-11-03 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

New York CNN —Bank of America alerted customers on Friday that their deposits may be delayed due to a problem impacting multiple banks. Customers at Bank of America, Chase, US Bank, Truist and Wells Fargo have complained of issues on Friday morning, according to Downdetector. An industry source tells CNN that the issue appears to be related to the Automated Clearing House (ACH), which is a network for processing transactions. The source said the problem does not appear to be a bank-specific issue. In a message to customers on Friday, Bank of America said “some deposits may be temporarily delayed.”The message said the deposits from Friday may be delayed due to an “issue impacting multiple financial institutions.”“Your accounts remain secure, and your balance will be updated as soon as the deposit is received,” the Bank of America message read.

Persons: Wells Fargo Organizations: New, New York CNN — Bank of America, Bank of America, US Bank, CNN, Reserve, US Treasury Department Locations: New York, Truist, Wells

☆ Buy these 12 high-quality stocks that are up to 42% below their fair market value as Fed rate hikes begin to hit the economy hard, according to Morningstar's chief strategist and economist
▼ + stars: | 2023-11-01 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

The firm estimates fair value based on its projection of a company's future cash flows and the predictability of those flows. The best opportunities are now in value stocks that are trading at about a 22% discount to fair value, Sekara noted. Currently, the real estate sector is the most undervalued sector, with REITs trading at a 26% discount to fair value, Sekara said. Finally, American Tower (AMT), which owns and operates wireless and broadcast communications infrastructure, trades at a 24% discount to fair value. Two other five-star stocks that remain significantly undervalued are AT&T and Verizon, trading at a 35% discount to fair value.

Persons: Morningstar's Preston Caldwell, Caldwell, Dave Sekara, Sekara, Wells Organizations: Treasury, Morningstar, Simon Property Group, Realty Trust, Communications, Verizon, Citigroup, PNC, US Bank

☆ Native American populations are ‘invisible’ to banks. That needs to change
▼ + stars: | 2023-10-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +13 min

Before the Bell: What do investors need to know about investing in Native American and Alaskan Native communities? Dawson Her Many Horses: Native American and Alaskan Native communities are more than an ethnic group or racial category. The National League Gaming Commission, which is the regulator for Native American casinos, publishes a yearly report on gross gaming revenues for casinos. When you look at some of the research that gets done, Native American and Alaskan Native households are almost always the most underbanked. People like to focus on what I call the ‘poverty porn’ aspects of Native American and Alaskan Native communities.

Persons: Dawson, “, “ I’ve, ”, Bell, Banks, Wells, That’s, we’ve, Wells Fargo, they’re, Danielle Wiener, Bronner, Kit Kat, ” Hershey, Michele Buck, It’s, Dan Sadler, Covid shutdowns Organizations: CNN Business, Bell, New York CNN, CNN, Wells, Rosebud Sioux, The National League Gaming Commission, Bank of America, Federal, American Finance, Silicon Valley Bank, Hershey, Consumers, Dow, Federal Reserve, Apple Locations: New York, Rosebud, South Dakota, Wells Fargo, United States, Federal Government, Silicon, New York City, Alaska, Oklahoma, confections

☆ Major US airlines are on the warpath with Congress over a bill they say would gut flyer miles
▼ + stars: | 2023-10-26 | by ( Matthew Loh | ) www.businessinsider.com time to read: +5 min

They say it will cut revenues of major payment networks, making them pull out of rewards programs. AdvertisementAdvertisementUS airlines are attacking a new bill in Congress that seeks to lower credit card swipe fees, saying it would effectively end most flyer miles programs. AdvertisementAdvertisementIn a statement to Insider, Southwest Airlines said the bill is a "bad policy" that would "undermine, if not completely end, credit card rewards programs." Notably, losing credit card rewards programs could create troubles for airlines that go beyond irate customers missing their free miles. "Their banks and airlines still offer points and miles programs," Durbin told Insider in a statement.

Persons: Sen, Dick Durbin of, Durbin, Ed Bastian, Bloomberg, Scott Kirby, they're, it's, Lance Gooden Organizations: Visa, Mastercard, Morning, Dick Durbin of Illinois, Air, Airlines for, Southwest Airlines, American Airlines, United, European Union, GOP, Democratic, Republican Locations: Airlines for America, European, Texas

☆ 6 troubling questions about the Corizon bankruptcy deal
▼ + stars: | 2023-10-26 | by ( Dakin Campbell | Nicole Einbinder | ) www.businessinsider.com time to read: +20 min

The bankruptcy of prison health provider Corizon has faced pressure from senators and a federal regulator in recent weeks. Other troubling questions surrounding the bankruptcy involve payments to insiders, "dishonest" testimony, and a secret data breach. The other company, Tehum, was saddled with most of Corizon's liabilities and, in February, filed for bankruptcy. AdvertisementAdvertisementNine US senators have written to Corizon successor companies Tehum Care Services and YesCare demanding answers about Corizon's efforts to "manipulate bankruptcy law." AdvertisementAdvertisementLefkowitz repeatedly said under oath during a June creditor call that he didn't know who owned Geneva Consulting — the company Corizon paid $5.5 million.

Persons: Corizon, —, Christopher Lopez, David Jones, Elizabeth Freeman, YesCare, Jones, Tehum, Judge Jones, Freeman, Ian Cross, Elizabeth Warren, Bernie Sanders, Cory Booker, Dick Durbin, Lopez, they're, Kevin Eckhardt, Hector Garcia Jr, Hector Garcia, Belen Lowery, Garcia's, Jeff Sholey, Isaac Lefkowitz, Lefkowitz, Sara Tirschwell, Jeffrey Scott King, Ayodeji, Michelle Rice, Jennifer Finger, Sholey, Edward Janger, Janger, he's, didn't, Geneva, Russell Perry, Baker, Hostetler, Tehum's, Tracey Grissom, Grissom, Julia Tutwiler, Roman, Sannikov, CISA, Tehum hadn't, What's, it's Organizations: Service, Tehum Care Services, Justice Department, Corizon, Arizona Department of Corrections, Rehabilitation, Geneva Consulting, Tehum, University of Missouri Health Care, Brooklyn Law School, Geneva, Genesis Healthcare, Department, US, Court, Southern, Southern District of, Baker, FBI, Infrastructure Security Agency, of Health, Human, CISA, HHS, HIPAA, Women Locations: Houston, Texas, YesCare, Reorg, New Mexico, Corizon, Geneva, Southern District, Southern District of Texas, Alabama, Wetumpka , Alabama, Rivers, bitcoin, Tehum

☆ A new bill in Congress could wipe out the credit card rewards programs Americans rely on for their vacations, Southwest says
▼ + stars: | 2023-10-26 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Southwest Airlines said a new bill in Congress could "completely end" loyalty rewards programs. It's taking aim at the Credit Card Competition Act, which seeks to lower credit card fees. "Our customers and employees use the Southwest Rapid Rewards Credit Card to earn points that can be redeemed for Southwest flights, car rentals, gift cards, and more." "This legislation is bad policy and would undermine, if not completely end, credit card rewards programs that millions of Americans rely on for their vacations or personal travel needs," Southwest added. The Credit Card Competition Act was originally introduced to the previous Congress in 2022, but never came to a vote.

Persons: Sen, Dick Durbin of, Durbin, Scott Kirby, Lance Gooden Organizations: Southwest Airlines, Credit, Airlines, Dick Durbin of Illinois, Visa, Mastercard, Rapid, Southwest, United Airlines, Democratic, Republican, GOP, Texas Locations: Airlines

☆ Powerful senators fire off letter decrying 'abusive' tactics in Corizon bankruptcy
▼ + stars: | 2023-10-25 | by ( Dakin Campbell | Nicole Einbinder | ) www.businessinsider.com time to read: +10 min

Nine US senators including Elizabeth Warren, Dick Durbin, and Bernie Sanders have sent a letter to Corizon leaders demanding answers on its bankruptcy. The letter says Corizon has sought "to manipulate bankruptcy law" and calls the strategy "abusive." Citing Insider's reporting, the senators gave Corizon two weeks to turn over details about its use of the Texas Two-Step to shield assets from creditors. AdvertisementAdvertisementA powerful group of senators have pressed for answers about the bankruptcy of the private prison healthcare provider formerly known as Corizon Health. "The Texas Two-Step is a distorted use of the U.S. bankruptcy system by corporations to evade mass tort liability," the senators write.

Persons: Elizabeth Warren, Dick Durbin, Bernie Sanders, Corizon, —, Cory Booker, Ron Wyden, Tehum, Jeffrey Sholey, Isaac Lefkowitz, Tehum's, Sholey, Lefkowitz, Sen, Warren, YesCare, Hector Garcia, Adria Malcom, excoriate Corizon, Hector Garcia Jr, David Jones, Jones, Christopher Lopez, Durbin, Johnson, Sanders, Booker, Wyden, Democratic Sens, Richard Blumenthal, Mazie, Jeff Merkley, Peter Welch of Organizations: Service, Tehum Care, Finance, Corizon, Detention, Genesis Healthcare, Geneva Consulting, Genesis, Geneva Consulting —, Genesis HealthCare Inc, US, Texas, Committee, Democratic Locations: Texas, Ana, Las Cruces , New Mexico, New Mexico, Alabama, Richard Blumenthal of Connecticut, Hawaii, Oregon, Peter Welch of Vermont

☆ A new bill in Congress is going to 'kill' card rewards programs, says United CEO
▼ + stars: | 2023-10-25 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

United CEO Scott Kirby says a new bill in Congress is putting miles programs on the chopping block. The Credit Card Competition Act, proposed by Sen. Dick Durbin, seeks to lower card swipe fees. "This would kill rewards programs," United CEO Scott Kirby said in an October 18 earnings call. It will kill debit card rewards programs when it happens, and I think it's bad policy." The Credit Card Competition Act, proposed by Sen. Dick Durbin of Illinois, seeks to end what Durbin calls a "Visa-Mastercard duopoly" over credit card transactions.

Persons: Scott Kirby, Sen, Dick Durbin, Kirby, Dick Durbin of, Durbin, it's, Ed Bastian, Durbin's Organizations: Visa, Mastercard, Morning, United, Dick Durbin of Illinois, Republican, Democrat, House, Air, Bloomberg, European Locations: European Union

After 525 basis points of interest rate hikes, financial conditions are now the tightest in a year, and biting. JPMorgan strategists estimate that the impact on GDP from tightening financial conditions takes anywhere from one to two years to be felt. Reuters Image Acquire Licensing RightsReuters Image Acquire Licensing RightsThe renewed weakness of U.S. regional bank shares is one of them. Reuters Image Acquire Licensing RightsReuters Image Acquire Licensing RightsBNP Paribas analysts reckon the impact on GDP growth from tighter financial conditions recently equates to a 40 basis point rate hike. Around a third of the bank's financial conditions index rise since April is from higher bond yields.

Persons: Brendan McDermid, Goldman Sachs, Torsten Slok, Morgan Stanley, Jerome Powell, Jamie McGeever, Andrea Ricci Organizations: New York Stock Exchange, REUTERS, Rights, Fed, Treasury, Wall, JPMorgan, National Federation of Independent, Reuters, Thomson Locations: New York City, U.S, Rights ORLANDO , Florida, October's

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