SEC proposes lifting reporting requirements for smaller institutional investors

The U.S. Securities and Exchange Commission on Friday proposed drastically raising disclosure requirement thresholds for institutional investors from $100 million to $3.5 billion, in a move the agency said would reduce regulatory burdens for smaller money managers.

Consumers may face heavy debt-collection pressure in the next recession, CFPB warns

Consumers could face added pressure to settle debts in a future economic downturn as higher volumes of debt are turned over to collectors and alternatives for handling delinquencies remain scarce, the Consumer Financial Protection Bureau said Friday.

BBVA issues bond worth GBP 300 million to shore up capital position

Banco Bilbao Vizcaya Argentaria said Friday that it issued a GBP 300 million bond (nearly $379 million) in order to improve its capital position to meet a European Union rules change.

US Treasury proposes letting grandfathered health plans under ACA stay that way

Group health plans given grandfather status under the Affordable Care Act will have new options to preserve their exemptions, even if they pass along more costs to consumers, under a new rule proposed by federal regulators on Friday.

State Auto extends CEO’s contract amid pandemic, citing need for continuity

Ohio-based insurer State Auto Financial on Thursday extended CEO Mike LaRocco’s employment agreement for an extra year, as the superregional carrier seeks a return to stability and profitability amid pandemic-related disruption.

California lawmakers propose state bank to assist economic recovery

California state lawmakers on Thursday introduced legislation to establish a public bank, an institution proponents argue would support the state’s push for equitable economic recovery following the coronavirus crisis.

Erie Insurance Group put on negative outlook by AM Best as weather-related claims grow

AM Best has placed Pennsylvania-based Erie Insurance Group and its subsidiaries on a negative credit outlook, citing lagging underwriting performance due to weather-related losses, the ratings agency said Friday.

Legal & General urges UK to reduce building-related emissions in pandemic recovery

London-based financial and insurance firm Legal & General wants to see the U.K. implement stringent efficiency standards and emission targets for the country’s buildings during the country’s post-pandemic economic recovery.

Admiral offers travel insurance from UK as country lifts quarantine requirements

Admiral Insurance has begun selling travel insurance with specific provisions related to COVID-19, after a four-month hiatus in the business, as the United Kingdom eases quarantine requirements, making travel abroad less cumbersome.

Chinese new bank lending soars to record CNY 12.09T in first half of 2020

Chinese new bank lending soared to a record CNY 12.09 trillion ($1.72 trillion) in the first half of 2020 as China sought to recover from pandemic-related shutdowns, according to data released Friday by the country’s central bank.

Commercial mortgage security defaults loom if workers stay home long-term, Moody’s says

Corporate America’s flight from offices isn’t expected to be permanent, but if the transition to remote working becomes more entrenched, commercial-backed mortgage securities could seek a dramatic surge in default risk, Moody’s said in a new report Thursday.

Chinese central bank unloads shares in India’s Housing Development Finance Corporation

China’s central bank has sold some of its stake in India’s Housing Development Finance Corporation amid rising tensions between the world’s two most populous countries.

T. Rowe Price leads $2.5B investment round for Tesla rival Rivian

Funds and accounts managed by T. Rowe Price led a $2.5 billion investment round for Tesla rival Rivian, the startup said Friday, as investors chase the electric car hype.

ING says pandemic accelerating Dutch bank branch closures as more consumers go digital

Amsterdam-based ING Group said Friday it will close about a quarter of its bank branches in the Netherlands as lockdown measures aimed at containing the coronavirus outbreak have hastened the adoption of online banking.

BTIG expects employees to work from home through 2020

Brokerage firm BTIG said Friday it expects its U.S. employees to continue working remotely for the rest of the year, joining the ranks of employers who say their staff have adjusted to the new normal and prefer to play it safe as transmission rates spike in parts of the country.

Franklin Templeton to close Canadian version of senior loan ETF

Franklin Templeton’s Canadian arm said on Friday that it will shutter the Canadian dollar hedged version of Franklin Liberty Senior Loan ETF (the ticker symbol is FLSL), with the closure set to be completed in September.

Chief executive at BNC National Bank steps down

The president and CEO of BNCCORP, Inc., the holding company of BNC National Bank, has stepped down after seven years in the role, the company said Friday, marking the second leadership change in less than a year for the North Dakota bank.

Finance trade groups urge Congress to pass PPP forgiveness bill

Dozens of state and national financial trade groups sent letters to U.S. lawmakers on Thursday in support of the Paycheck Protection Program Small Business Forgiveness Act, which would provide the majority of PPP small business recipients with an easier loan forgiveness application process and potentially save banks millions of dollars.

Fintech Marqeta, backed by Goldman Sachs and Visa, eyes IPO: Reuters

Marqeta, a fintech that provides a platform for card issuers and whose backers include Visa and Goldman Sachs, is exploring an initial public offering, Reuters reported on Thursday.

Lloyd’s to relinquish US admitted licenses and focus on US reinsurance, E&S markets

Lloyd’s of London said Friday that it plans to stop accepting admitted market accounts in the U.S. in a year as part of an effort to “strengthen its focus” on the U.S. reinsurance and excess and surplus insurance market.

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