It is difficult to live without banks. But having an account often ties our money to the conveyor belt of global finance and its effects on the climate. Take Citigroup, which owns Citibank, for example. Market research firm YouGov ranks Citibank Among the most popular banks in the United States. It’s also the world’s second-largest …
Continue reading “How shareholders are pushing big banks for climate action”
Advocates took to the streets of Glasgow last month to press banks and other financial institutions to become more responsible stewards of the climate at the 26th United Nations climate summit. But a bank just 50 miles east of the Scottish city is already showing what that could look like. NatWest, formerly the Royal Bank …
Customers who have already signed up for Capital One’s overdraft program will be automatically moved to the free version early next year, eliminating the $35 fees altogether. The bank said eliminating them would cost about $150 million in annual revenue. While Capital One isn’t among the nation’s largest banks – according to the consumer bureau, …
Continue reading “The CFPB said it will examine banks that are heavily dependent.”
WASHINGTON — Treasury Secretary Janet L. Yellen said on Tuesday she still supports a tough proposal that would require banks to turn over additional information about their customers’ accounts to the Internal Revenue Service, arguing that the proposal would help ensure the rich don’t run out of money. tax evasion. The idea of bank reporting …
Continue reading “Janet Yellen still supports plan to get banks to give something new to the IRS”
The Financial Stability Board has increased the capital requirements of three banks deemed systemically important (BNP Paribas, Goldman Sachs and JPMorgan Chase) as part of its annual review of the measures it has identified to try to prevent another global financial crisis. The board, a board led by central bankers and other government officials from …
Continue reading “Global regulators are raising capital requirements for the three big banks.”
Complex supply chains, rising raw material costs, and rising consumer demand have combined to rapidly raise prices in many wealthy countries, prompting central banks around the world to begin rolling back some of the extraordinary economic support measures they have put in place during the pandemic. In the United States, the Federal Reserve is expected …
Continue reading “Central Banks Turn Down Pandemic Period Support”
As with stock and bond prices, Goldman has recently started publishing digital asset prices for large clients such as hedge funds on its Marquee platform, preparing for a time when the bank can support cryptocurrency trading. In 2019, a unit of JPMorgan called Onyx Introduced JPM CoinA digital currency backed by the dollar running on …
Continue reading “Banks Tried To Kill Crypto And Failed. They’re Embracing Him Now”
WASHINGTON — Bowing to an aggressive banking lobbying campaign and yielding to Republican backlash, the Biden administration has agreed to support a much more limited scheme for the Internal Revenue Service to try to curb tax fraud. Senate Democrats are expected to present a new proposal Tuesday that will narrow the scope of information banks …
Continue reading “Democrats Will Scale Back Proposal for Banks to Report Account Balances”
Four of the nation’s largest banks posted quarterly earnings that beat expectations on Thursday, continuing a strong earnings season for the financial sector. Solid reports from four banks (Bank of America, Wells Fargo, Morgan Stanley and Citigroup) highlighted their optimism about the economic recovery from the pandemic, even amid risks from the Delta variant of …
Continue reading “Bank of America, Wells Fargo and Other Banks Report Strong Earnings”
Jim Reuter, chief executive of FirstBank near Denver, said concerns about potential provisions are often raised, including over a coffee he had with a small business owner in early October. Mr. Reuter said, “The results are, ‘I pay my taxes, so why send additional information to the IRS?’ it happened,” recalls Mr. Reuter. “I said …
Continue reading “Biden’s Proposal to Strengthen IRS Rattles Banks and Clients”
The nation’s largest banks are expected to report solid profits this week, thanks to their central role in reopening the economy, as investors prepare for low-income reports from much of the business community. Banks’ quarterly reports will reflect both a bumpy and volatile recovery – business jobs will likely lag behind last year’s unexpected decline, …
Continue reading “Loans Will Be The Key To The Future Of Banks”
The White House announced on Thursday that President Biden has chosen Cornell Law School professor Saule Omarova to head the Office of the Currency Supervisor, the regulator that oversees the largest US banks. If approved, Ms. Omarova, now growing up in Kazakhstan, will be the first woman and the first non-white person to serve as …
Continue reading “Biden’s Election for Bank Regulator Worries Banks Are Too Powerful”