Financial technology company SoFi applied for a national bank charter with the U.S. Office of the Comptroller of the Currency on Thursday, after an earlier attempt in 2017 for an industrial loan charter was withdrawn amid controversy involving former executives.
The global banking sector may see structural shifts that last beyond the COVID-19 pandemic, as declining revenues and asset quality push banks toward consolidation and digitization, according to S&P Global in a mid-year report released Thursday.
Financial authorities should nail down rigorous plans to smooth the transition away from the world’s most widely used interest rate benchmark, two major global regulatory bodies cautioned on Thursday.
Mortgage credit availability hit a six-year low in June as lenders remained skittish about making large home loans amid continued economic uncertainty, the Mortgage Bankers Association said Wednesday.
The Federal Reserve Bank of Boston on Wednesday released a state-by-state list of lenders that have registered for the Main Street Lending Program, revealing a selection of the banks that have chosen to participate in the mid-size business loan program.
The U.S. housing market continued on the path to recovery, buoyed by low interest rates and an improving job market, according to data released by the Mortgage Bankers Association this week.
Axis Bank will provide new financing options for customers of car producer Maruti Suzuki India through the end of this month, becoming the latest prominent private lender there to cater to potential auto industry customers who aren’t buying due to the coronavirus pandemic.
The banking system of the United Arab Emirates entered 2020 on strong footing, with capital ratios and liquidity buffers well above regulatory requirements, according to a report released Tuesday by the Middle Eastern nation’s central bank.
Creating a “digital dollar” for all U.S. citizens could make it harder for some households to participate in the financial system and fixing that problem might do more harm that good, the Federal Reserve Bank of Kansas City said.
The U.S. Federal Reserve’s much-delayed Main Street Lending Program, which is designed primarily to assist businesses that are too large to receive aid under the Paycheck Protection Program but too small to easily access capital markets, is now “fully operational,” officials said Monday.
The Central Bank of the United Arab Emirates said Monday that it will launch a new overnight deposit facility next week whose interest rate will become the bank’s main policy rate and signal “the general stance” of its monetary policy.
Wells Fargo will no longer take on new student loan customers, instead issuing loans only to people who currently have an outstanding balance on a previously issued student loan with the bank or who submitted an application before July 1.
The U.S. Federal Deposit Insurance Corp. and the Federal Reserve Board provided the eight largest banks in the U.S. with guidelines for their next resolution plans on Wednesday, asking banks to include a focus on their response to COVID-19 and how the crisis impacted the companies.
U.S. Federal Reserve officials think they may need to provide a “more explicit form of forward guidance” on the federal funds rate and are concerned a second wave of coronavirus could severely impact the economy, according to newly-released minutes of a meeting held earlier this month.
Banks could face greater risk of litigation and reputational damage if they do not implement better plans for replacing the world’s most-quoted interest rate, top U.S. financial regulators said Wednesday.
A disruption in derivative market liquidity in March, showing a stark pullback in the risk appetite of banks as the pandemic set in, may have been exacerbated by reform measures implemented following the financial crisis in 2008, according to a new report from an industry group.
The Bank for International Settlements will establish new “Innovation Hub” locations in Europe and North America as it looks to accelerate work on digital currencies and other financial technology across central banks, BIS said Tuesday.
South Korean financial authorities are preparing to swap foreign currency bonds to inject short-term liquidity into the country’s currency markets amid fears that a resurgent COVID-19 could again spark widespread market volatility.
U.S. lawmakers called on top economic officials Tuesday to address disparities in how banks are distributing federal COVID-19 relief funds to small businesses, communities of color and rural areas as time runs out on the Paycheck Protection Program.
Morningstar issued a grim forecast for auto finance companies on Tuesday, predicting that the sector will suffer delinquencies and losses for the remainder of the year as forbearance and other relief programs expire while the economy continues to struggle.