Fund managers must correct misleading labels, Australian regulator says

September 22, 2020.
The Australian Securities and Investments Commission told 13 fund managers that they had to make changes to their funds’ marketing, which the regulator said could leave already vulnerable investors at risk of unanticipated losses.

Bank worker advocacy group dings major US lenders for COVID-19 mortgage policies

September 22, 2020.
U.S. Bancorp and Wells Fargo performed the worst for struggling U.S. mortgage borrowers at the height of the COVID-19 pandemic, according to a new analysis published Tuesday by an advocacy group for front-line bank employees.

EU covered bond issuance to drop due to more stimulus, fewer mortgages: S&P

September 18, 2020.
New issuances of covered bonds in Europe, where they are most common, are expected to fall in the second half of 2020, as central bank stimulus provides a competitive new source of funding for banks, S&P Global said.

COVID-19 a bigger risk for Caribbean insurers than tropical storms, AM Best says

September 18, 2020.
Although tropical-storm activity through August reached record levels, the biggest threat to Caribbean property and casualty insurers’ profitability this year is the COVID-19 pandemic, AM Best said Friday.

NCUA looks to credit union deposits for relief as equity ratio drops

September 18, 2020.
The National Credit Union Administration reported a second-quarter equity ratio close to dangerous levels as a result of the pandemic, and temporarily amended lending regulations for U.S. real estate transactions.

Major British mortgage lenders join push for emissions disclosures

Last modified September 21, 2020. Published September 17, 2020.
A growing alliance of financial institutions involving some of the biggest banks in the world said Thursday it is zeroing in on carbon accounting in the U.K. with a new coalition, after its presence in the country nearly doubled in members, to include Lloyds Banking among them.

UK regulators propose suspending interest and fees for COVID-19-affected borrowers

September 16, 2020.
The U.K.’s top financial regulator proposed that banks freeze new interest payments and other charges for struggling borrowers who are continuing to face hardships due to COVID-19.

ORIX unit to boost low-income housing portfolio with $7.3B acquisition

September 15, 2020.
A subsidiary of Japanese conglomerate ORIX will buy a portfolio of properties covered by low-income housing tax credits, as the company seeks revenues from a sector which has proven resilient to economic downturns in the past.

India’s ICICI Lombard strikes deal to sell insurance products with Yes Bank

September 14, 2020.
Indian property and casualty insurer ICICI Lombard General Insurance has partnered with Yes Bank on a deal to sell coverage using the lender’s nationwide branch network, the latest in a push for growth.

Deutsche Bank US unit settles with Treasury over alleged Ukraine-sanctions violations

Last modified September 10, 2020. Published September 10, 2020.
Deutsche Bank Trust Company Americas will pay more than a half-million dollars in two settlements with the U.S. Department of the Treasury to resolve investigations into alleged violations of Ukraine-related sanctions.

Quicken Loans to sell $1.25B of bonds to pay off debt

September 9, 2020.
Rocket Companies Inc. said Wednesday that its online mortgage lending subsidiary Quicken Loans will issue and sell $1.25 billion of senior notes due in 2029 and 2031, just over a month after the company went public on the New York Stock Exchange.

DBS unveils Singapore’s first SORA-linked business property loan

September 4, 2020.
DBS said on Thursday that it launched a business property mortgage loan pegged to the Singapore Overnight Rate Average, the first of its kind in Singapore, as the city-state transitions in the adoption of the new benchmark interest rate.

Arch Capital unit returns to bond market to reinsure $32 billion US mortgage pool

Last modified September 3, 2020. Published September 3, 2020.
Arch Capital Group has turned to the bond market for the second time this year to reinsure its $32 billion U.S. mortgage pool, amid signs of heightened credit risk within the private mortgage insurance sector.

Climate change could force REITs to make changes in U.S. coastal holdings: Moody’s

September 3, 2020.
Climate change is likely to force U.S. real estate investment trusts to make adjustments to portfolios as related insurance costs rise, particularly for properties in California and along the East Coast, Moody’s said.

US to recover $60M in 1MDB assets from ex-Malaysian PM’s stepson

September 3, 2020.
The U.S. Department of Justice will recover more than $60 million in additional assets involving funds allegedly tied to the 1Malaysia Development Berhad bribery and money laundering scheme, settling cases involving the stepson of ousted Malaysian Prime Minister Najib Razak.

UOB, CapitaLand to debut Singapore’s first dual tranche SORA, SOFR-pegged loan

September 3, 2020.
Singapore’s United Overseas Bank and CapitaLand have entered into an agreement for a two-year, SGD 200 million ($146.6 million) term loan pegged to both the Singapore Overnight Rate Average and the Secured Overnight Financing Rate.

Federal Reserve says uncertainty remains high as economic recovery slows

September 2, 2020.
The U.S. financial sector is seeing a moderate rebound led by a surge in mortgage lending, but the end of federal unemployment benefits and growth in permanent layoffs are slowing the overall economic recovery, the Federal Reserve said.

Independent mortgage bankers see record profits in Q2 as new loan applications slip

September 2, 2020.
Independent mortgage bank profits soared to their highest level since 2008 in the most recent quarter, even as COVID-19 headwinds keep pushing down demand for new home loans, according to the Mortgage Bankers Association.

Crypto bank Sygnum wins approval for digital asset trading

September 2, 2020.
Cryptocurrency bank Sygnum said on Tuesday that it received regulatory approval from Switzerland to introduce a digital asset trading facility.

PIMCO warns Fannie, Freddie conservatorship exit could trigger mass MBS sell-off

September 1, 2020.
PIMCO, the eighth-largest U.S. asset manager, said a “flood” of investors could rush to unload mortgage-backed securities if Fannie Mae and Freddie Mac are released from conservatorship without addressing potential credit risks.