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From first to worst: Ranking 9 of America's big banks by customer loyalty

usatoday.com

From first to worst: Ranking 9 of America's big banks by customer loyalty

- For the third time in as many years, all 34 of the country's biggest banks met the minimum capital standards in annual Federal Reserve stress tests designed to safeguard the U.S. from another financial crisis. Video provided by TheStreet Newslook. These banks score highly on customer loyalty, the hallmark of any well-run financial institution. The fundamental challenge facing the banking industry is that the core product is a commodity

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Places: Americas |  North America |  United States | 

Credit Union pays off D91, D93 school lunch balances

eastidahonews.com

Credit Union pays off D91, D93 school lunch balances

- We Matched The following is a news release and photograph from ISU Credit Union. IDAHO FALLS — ISU Credit Union proudly presented the Bonneville Joint School District 93 and Idaho Falls School District 91 with checks to pay off the total unpaid balances due for school lunches in each of the districts. Representatives from the credit union presented the check for District 93 to the School Board on June 14 at their monthly meeting

Categories: Business | 
Places: Americas |  North America |  United States |  West |  Mountain |  Idaho |  Bonneville |  Idaho Falls | 

CNN pulls story linking Trump ally to Russian bank executive

nydailynews.com

CNN pulls story linking Trump ally to Russian bank executive

- CNN has retracted a bombshell story that linked a high-profile Trump ally to a Kremlin-connected bank. The network reported Thursday that the Senate Intelligence Committee was probing a supposed meeting between Trump campaign adviser Anthony Scaramucci and Kirill Dmitriev, chief of the Russian Direct Investment Fund. The incident reportedly occurred four days before last year’s election. CNN also reported the Russian fund was tied to Vnesheconombank, a state-run bank that’s been sanctioned by the U

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Places: United States |  Europe |  E. Europe |  Russia | 

All the banks have enough capital to withstand a severe recession, Fed says

jsonline.com

All the banks have enough capital to withstand a severe recession, Fed says

- The nation’s largest financial institutions all have enough of a capital cushion to withstand a severe recession, the Federal Reserve said Thursday in an annual test designed to head off the kind of risks that threatened the economy during the 2008 financial crisis. The 34 banks would lose a combined $493 billion in the most extreme scenario modeled by the Fed’s annual “stress tests

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Places: Americas |  North America |  United States |  Midwest |  East |  Wisconsin | 

China's top banking regulator tells banks to push forward with reform

reuters.com

China's top banking regulator tells banks to push forward with reform

- BEIJING China's top banking regulator has told banks to reform by tackling China's "zombie firms", control regional housing market bubbles and push forward with debt to equity swaps, according to a statement posted on the regulator's website late Friday. Guo Shuqing, who was appointed chairman of China's banking regulator in February, met with representatives from a number of the country's largest commercial banks on Friday to check up on their progress implementing the central government's reform agenda

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Places: United States |  North |  Beijing | 

Australian bank tax spooks global investors: National Australia Bank CEO

reuters.com

Australian bank tax spooks global investors: National Australia Bank CEO

- SYDNEY Australia's decision to slap a A$6.2 billion tax on its major banks has created uncertainty among global investors who no longer see the country as a stable investment destination, according to the chief executive of National Australia Bank. NAB chief executive Andrew Thornton said London-based investors he had met were concerned about the federal government levy, the Australian Financial Review reported on Saturday

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Places: Oceania |  Australasia |  Australia |  Americas |  North America |  United States |  South Wales |  Sydney | 

European Central Bank Orders Two Italian Lenders Closed

wsj.com

European Central Bank Orders Two Italian Lenders Closed

- Troubled Italian lenders Veneto Banca and Banca Popolare di Vicenza will be wound down after the European Central Bank decided Friday they are likely to fail.

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Places: United States |  Europe | 

New Atlanta Fed president sees lighter burden for small banks

ajc.com

New Atlanta Fed president sees lighter burden for small banks

- Banks — especially the smaller ones — can probably expect a lighter touch from regulators in the future, but not in areas that would weaken protections against another industry meltdown, according to the Atlanta Federal Reserve Bank’s new president. Earlier this month the U.S. Treasury Department unveiled a nearly 150-page report suggesting about 100 changes to banking and financial rules that were created or made tougher by the sweeping Dodd-Frank law enacted after the Great Recession

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Places: Americas |  North America |  United States |  South |  Atlantic |  Georgia |  Metro Atlanta |  Fulton |  Atlanta | 

Italy to start winding down Veneto banks Saturday after EU green-light

reuters.com

Italy to start winding down Veneto banks Saturday after EU green-light

- MILAN/FRANKFURT The European Commission on Friday gave preliminary approval for an Italian plan to wind down two ailing Veneto-based regional lenders with state money in a move that may allow Rome to solve its latest banking crisis on its own terms. Italy plans to start liquidation proceedings for Banca Popolare di Vicenza and Veneto Banca on Saturday, a source close to the matter said, issuing an emergency decree that will effectively remove one its biggest banking headaches by splitting the two lenders' assets into "good" and "bad" banks

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Places: Americas |  North America |  United States |  Europe |  S. Europe |  Italian Peninsula |  Italy |  Nordest |  Veneto |  Nordovest |  Lombardia |  Milano | 

Exclusive: Investment funds offered to invest in Italy's Veneto banks three weeks ago - sources

reuters.com

Exclusive: Investment funds offered to invest in Italy's Veneto banks three weeks ago - sources

- Funds Sound Point Capital, Cerberus, Attestor and Varde submitted a rescue proposal for Banca Popolare di Vicenza and Veneto Banca on May 30, the sources familiar with the situation said, using Deutsche Bank as their financial adviser. However the sources said the offer was not formally followed up on by Rome. The Italian government is expected to start liquidation proceedings for the two banks on Friday or Saturday, with retail bank Intesa Sanpaolo (ISP

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Places: Americas |  North America |  United States |  Europe |  S. Europe |  Italian Peninsula |  Italy |  Nordest |  Veneto | 

Morning Agenda: Banks Clear First Hurdle in Stress Tests

nytimes.com

Morning Agenda: Banks Clear First Hurdle in Stress Tests

- Photo For the largest banks in the United States, passing the first part of the Federal Reserve’s annual stress tests turned out to be not so stressful after all. The banks did so well that they are likely to increase their calls to start watering down regulations. The nation’s banks have demonstrated they have enough capital to withstand the type of financial shock that nearly sank the global economy in 2008

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Places: Americas |  North America |  United States | 

Fed: Biggest US banks strong enough to withstand recession

siouxcityjournal.com

Fed: Biggest US banks strong enough to withstand recession

- WASHINGTON (AP) — All of the 34 largest U.S. banks are fortified enough to withstand a severe U.S. and global recession and continue lending, the Federal Reserve said Thursday. The first round of the central bank's annual "stress tests" showed that as a group, the 34 big banks have gained strength thanks to a steadily recovering economy. The banks undergoing the seventh annual check-up included JPMorgan Chase & Co

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Places: Americas |  North America |  United States | 

Major US banks would withstand recession: US Fed

channelnewsasia.com

Major US banks would withstand recession: US Fed

- WASHINGTON: The largest US banks would withstand a severe recession and still be able to lend to American households and businesses, the Federal Reserve announced on Thursday (Jun 22). The results of the central bank's so-called stress tests showed 34 major lenders were on solid capital footing, it said. "This year's results show that, even during a severe recession, our large banks would remain well capitalised," Fed Governor Jerome Powell said in a statement

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Places: United States |  Singapore | 

U.S. banks look to rebuild European football from the ground up

reuters.com

U.S. banks look to rebuild European football from the ground up

- Goldman Sachs (GS.N) and Bank of America Merrill Lynch (BAML) (BAC.N) dominate the sector, using stock and bond issues, the sale of naming rights, and securitisations of future ticket and TV revenues to fund improvements in infrastructure. With financial fair play rules curbing the sums deep-pocketed owners can spend, the banks are hoping to capitalize on clubs' need for new sources of financing

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Places: North America |  United States | 

US regulators, lawmakers support Volcker rule revamp at hearing

channelnewsasia.com

US regulators, lawmakers support Volcker rule revamp at hearing

- WASHINGTON: U.S. financial regulators and lawmakers who appeared at a congressional hearing on Thursday generally agreed that the Volcker rule, which restricts banks' ability to make bets with their own money, needs to be reconsidered. The rule should focus only on banks that do a lot of trading, said Federal Reserve Governor Jerome Powell, who leads banking regulation for the central bank

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Places: United States |  Singapore | 

Armed man wearing fake beard robs St. Peters credit union

fox2now.com

Armed man wearing fake beard robs St. Peters credit union

- ST. PETERS, MO – St. Peters, MO police need help identifying a bank robber that hit the Gateway Metro Federal Credit Union in 1400 block of Jungermann Road on Monday. The branch was robbed around 10:35am. Witnesses said the man entered the bank and displayed a semi-automatic handgun, demanding money. Bank employees complied and he left with an undisclosed amount of cash

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Places: Americas |  North America |  United States |  Midwest |  West |  Missouri |  St. Charles |  St. Peters | 

Comerica to invest up to $5M in Detroit home mortgage program

freep.com

Comerica to invest up to $5M in Detroit home mortgage program

- Comerica Bank plans to invest up to $5 million in Detroit Home Mortgage — a program that's designed to cover the "appraisal gap" that hurts home sales in the city. Detroit Home Mortgage, which is managed by the Community Reinvestment Fund, already has had the commitment from Huntington Bank and other banks. But it has had limited success, in part, because some bankers say it's a very complicated program for first-time buyers who want to live in the city

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Places: Americas |  North America |  United States |  Midwest |  East |  Michigan |  Detroit |  Wayne | 

Lawsuits claim Wells Fargo modified mortgages without customer permission

washingtonpost.com

Lawsuits claim Wells Fargo modified mortgages without customer permission

- Wells Fargo is facing more accusations that it made unauthorized changes to customers accounts — this time to their mortgages. The bank forced borrowers in bankruptcy into loan modifications by reducing their monthly mortgage payments, even though homeowners had not requested the adjustments, according to lawsuits filed against Wells Fargo last week and last year. The loan modifications also typically extended consumers’ mortgages by decades, substantially increasing the amount of interest they would owe on their loans and putting them at greater risk of default

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Latest Stories

Home / United States / Business / Finance / Financial Institutions
E.U. Commission Approves Billions in Aid for 2 Italian Banks
E.U. Commission Approves Billions in Aid for 2 Italian Banks Photo The sometimes creaky machinery of the European Union moved swiftly on Sunday to keep the struggles of two small Italian banks from undercutting confidence in the country’s fragile banking system. The European Commission approved plans by the Italian government to provide 4.8 billion euros, or $5.4 billion, in cash and 12 billion euros in guarantees to protect depositors of the troubled lenders, Banca Popolare di Vicenza and Veneto Banca   Read More ...
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Places: United States |  Europe |  S. Europe |  Italian Peninsula |  Italy | 
BIS warns of geopolitical events and four other risks that could undermine global upswing
BIS warns of geopolitical events and four other risks that could undermine global upswing A shift in attention to geopolitical events this year could undermine the sustainability of the global upswing, warned Basel-based Bank of International Standards. The organization commonly known as the central bank of central banks said financial markets were confronted by a changing political environment as the economic background brightened. "Political events surprised market participants, who quickly needed to take views on the shifting policy direction and its economic implications   Read More ...
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Places: Americas |  North America |  United States | 
Italy giving 5.2B euros in resources to keep 2 banks open
Italy giving 5.2B euros in resources to keep 2 banks open ROME (AP) — The Italian government on Sunday made 5.2 billion euros ($5.8 billion) of resources immediately available to keep operative two banks that the European Central Bank has deemed "failing or about to fail," sending them into insolvency procedures. Premier Paolo Gentiloni defended the swift action by the government as vital for ensuring Italy's slow economic recovery isn't derailed by a "disorderly" failure of Veneto Banca and Banca Popolare di Vicenza   Read More ...
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Places: Americas |  North America |  United States |  S. Europe |  Italian Peninsula |  Italy |  Centro |  Lazio |  Rome | 
From first to worst: Ranking 9 of America's big banks by customer loyalty
From first to worst: Ranking 9 of America's big banks by customer loyalty For the third time in as many years, all 34 of the country's biggest banks met the minimum capital standards in annual Federal Reserve stress tests designed to safeguard the U.S. from another financial crisis. Video provided by TheStreet Newslook. These banks score highly on customer loyalty, the hallmark of any well-run financial institution. The fundamental challenge facing the banking industry is that the core product is a commodity   Read More ...
Categories: Business | 
Places: Americas |  North America |  United States | 
Italy giving 5.2B euros in resources to keep 2 banks open
Italy giving 5.2B euros in resources to keep 2 banks open ROME (AP) — The Italian government on Sunday made 5.2 billion euros ($5.8 billion) of resources immediately available to keep operative two banks that the European Central Bank has deemed "failing or about to fail," sending them into insolvency procedures. Premier Paolo Gentiloni defended the swift action by the government as vital for ensuring Italy's slow economic recovery isn't derailed by a "disorderly" failure of Veneto Banca and Banca Popolare di Vicenza   Read More ...
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Places: Americas |  North America |  United States |  S. Europe |  Italian Peninsula |  Italy |  Centro |  Lazio |  Rome | 
Italy makes 5.2B euros in resources to keep 2 banks afloat
ROME (AP) — The Italian government is making 5.2 billion euros ($5.8 billion) of resources available to keep operative two banks that the European Central Bank last week had deemed "failing or about to fail," sending them into insolvency procedures. Premier Paolo Gentiloni said the measures, adopted at a Cabinet meeting Sunday, are "in full respect of EU rules" about national governments' aiding local banks   Read More ...
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Places: Americas |  North America |  United States |  S. Europe |  Italian Peninsula |  Italy |  Centro |  Lazio |  Rome | 
Italy makes 5.2B euros in resources to keep 2 banks afloat
The Italian government is making 5.2 billion euros ($5.8 billion) of resources available to keep operative two banks that the European Central Bank last week had deemed "failing or about to fail," sending them into insolvency procedures.   Read More ...
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Places: United States |  S. Europe |  Italian Peninsula |  Italy | 
Push on with the 'great unwinding', BIS tells central banks
Push on with the 'great unwinding', BIS tells central banks LONDON Major central banks should press ahead with interest rate increases, the Bank for International Settlements said on Sunday, while recognizing that some turbulence in financial markets will have to be negotiated along the way. The BIS, an umbrella body for leading central banks, said in one of its most upbeat annual reports for years that global growth could soon be back at long-term average levels after a sharp improvement in sentiment over the past year   Read More ...
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Places: United States | 
Credit Union pays off D91, D93 school lunch balances
Credit Union pays off D91, D93 school lunch balances We Matched The following is a news release and photograph from ISU Credit Union. IDAHO FALLS — ISU Credit Union proudly presented the Bonneville Joint School District 93 and Idaho Falls School District 91 with checks to pay off the total unpaid balances due for school lunches in each of the districts. Representatives from the credit union presented the check for District 93 to the School Board on June 14 at their monthly meeting   Read More ...
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Places: Americas |  North America |  United States |  West |  Mountain |  Idaho |  Bonneville |  Idaho Falls | 
CNN pulls story linking Trump ally to Russian bank executive
CNN pulls story linking Trump ally to Russian bank executive CNN has retracted a bombshell story that linked a high-profile Trump ally to a Kremlin-connected bank. The network reported Thursday that the Senate Intelligence Committee was probing a supposed meeting between Trump campaign adviser Anthony Scaramucci and Kirill Dmitriev, chief of the Russian Direct Investment Fund. The incident reportedly occurred four days before last year’s election. CNN also reported the Russian fund was tied to Vnesheconombank, a state-run bank that’s been sanctioned by the U   Read More ...
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Places: United States |  Europe |  E. Europe |  Russia | 
Italian PM 'guarantees' savers' accounts in 2 troubled banks
ROME (AP) — Italy's premier says holders of accounts in two troubled Italian banks will have their savings guaranteed despite insolvency proceedings. Premier Paolo Gentiloni was referring to Veneto Banca and Banca Popolare di Vicenza, each struggling with unpaid loans. The European Central Bank Friday night ruled those banks were "failing or about to fail." In comments on Italian state radio Saturday, Gentiloni said "the guarantee regarding savers, account-holders, is a guarantee that I feel I can totally confirm   Read More ...
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Places: Americas |  North America |  United States |  S. Europe |  Italian Peninsula |  Italy |  Centro |  Lazio |  Rome | 
Italian PM 'guarantees' savers' accounts in 2 troubled banks
ROME (AP) — Italy's premier says holders of accounts in two troubled Italian banks will have their savings guaranteed despite insolvency proceedings. Premier Paolo Gentiloni was referring to Veneto Banca and Banca Popolare di Vicenza, each struggling with unpaid loans. The European Central Bank Friday night ruled those banks were "failing or about to fail." In comments on Italian state radio Saturday, Gentiloni said "the guarantee regarding savers, account-holders, is a guarantee that I feel I can totally confirm   Read More ...
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Places: Americas |  North America |  United States |  S. Europe |  Italian Peninsula |  Italy |  Centro |  Lazio |  Rome | 
Italian PM 'guarantees' savers' accounts in 2 troubled banks
Italy's premier says holders of accounts in two troubled Italian banks will have their savings guaranteed despite insolvency proceedings. Premier Paolo Gentiloni was referring to Veneto Banca and Banca Popolare di Vicenza, which have struggled with unpaid loans. The European Central Bank Friday night ruled those banks were "failing or about to fail." In comments on Italian state radio Saturday, Gentiloni said after meeting with his economy minister "the guarantee regarding savers, account-holders, is a guarantee that I feel I can totally confirm   Read More ...
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Places: United States |  S. Europe |  Italian Peninsula |  Italy | 
All the banks have enough capital to withstand a severe recession, Fed says
All the banks have enough capital to withstand a severe recession, Fed says The nation’s largest financial institutions all have enough of a capital cushion to withstand a severe recession, the Federal Reserve said Thursday in an annual test designed to head off the kind of risks that threatened the economy during the 2008 financial crisis. The 34 banks would lose a combined $493 billion in the most extreme scenario modeled by the Fed’s annual “stress tests   Read More ...
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South Africa anti-graft chief open to talks on central bank -report
JOHANNESBURG, June 24 The head of South Africa's anti-graft watchdog is open to talks on her recommendation to change the central bank's mandate, a proposal that has drawn sharp criticism from parliament, the ruling party and investors, a local news agency said on Saturday. Public Protector Busi Mkhwebane's recommendation to alter the South African Reserve Bank's principal constitutional mandate of maintaining currency and price stability to focus on economic growth has highlighted worsening divisions between the country's state institutions   Read More ...
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China's top banking regulator tells banks to push forward with reform
China's top banking regulator tells banks to push forward with reform China's top banking regulator has told banks to reform by tackling China's "zombie firms", control regional housing market bubbles and push forward with debt to equity swaps, according to a statement posted on the regulator's website late Friday. Guo Shuqing, who was appointed chairman of China's banking regulator in February, met with representatives from a number of the country's largest commercial banks on Friday to check up on their progress implementing the central government's reform agenda   Read More ...
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Places: United States | 
China's top banking regulator tells banks to push forward with reform
China's top banking regulator tells banks to push forward with reform BEIJING China's top banking regulator has told banks to reform by tackling China's "zombie firms", control regional housing market bubbles and push forward with debt to equity swaps, according to a statement posted on the regulator's website late Friday. Guo Shuqing, who was appointed chairman of China's banking regulator in February, met with representatives from a number of the country's largest commercial banks on Friday to check up on their progress implementing the central government's reform agenda   Read More ...
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Places: United States |  North |  Beijing | 
Australian bank tax spooks global investors: National Australia Bank CEO
Australian bank tax spooks global investors: National Australia Bank CEO SYDNEY Australia's decision to slap a A$6.2 billion tax on its major banks has created uncertainty among global investors who no longer see the country as a stable investment destination, according to the chief executive of National Australia Bank. NAB chief executive Andrew Thornton said London-based investors he had met were concerned about the federal government levy, the Australian Financial Review reported on Saturday   Read More ...
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Places: Oceania |  Australasia |  Australia |  Americas |  North America |  United States |  South Wales |  Sydney | 
European Central Bank Moves to Wind Down Two Italian Banks
European Central Bank Moves to Wind Down Two Italian Banks But deposits in the bank will be protected, as will investors in so-called senior bonds. The banks will continue to operate and depositors will not suffer any inconvenience, officials said. The action is likely to raise questions about Monte dei Paschi di Siena, an Italian bank that suffers from some of the same problems as the two banks that failed but is much larger   Read More ...
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Places: United States |  Europe |  S. Europe |  Italian Peninsula |  Italy |  Nordest |  Veneto | 
Feds take over Devils Lake credit union, cite 'unsafe' practices
DEVILS LAKE, N.D.—A federal regulator announced Friday, June 23, it has taken over operations of Citizens Community Credit Union, based in Devils Lake.The   Read More ...
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European Central Bank Orders Two Italian Lenders Closed
European Central Bank Orders Two Italian Lenders Closed Troubled Italian lenders Veneto Banca and Banca Popolare di Vicenza will be wound down after the European Central Bank decided Friday they are likely to fail.   Read More ...
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Feds take over Devils Lake credit union, cite 'unsafe' practices
The National Credit Union Administration placed the bank into conservatorship "because of unsafe and unsound practices at the credit union," the agency said in an announcement on its website Friday. The move and removes the bank's board and management, according to the Credit Union Association of the Dakotas. "While continuing normal member services, NCUA will work to resolve issues affecting the credit union's operations," the federal agency stated   Read More ...
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Places: Americas |  North America |  United States | 
New Atlanta Fed president sees lighter burden for small banks
New Atlanta Fed president sees lighter burden for small banks Banks — especially the smaller ones — can probably expect a lighter touch from regulators in the future, but not in areas that would weaken protections against another industry meltdown, according to the Atlanta Federal Reserve Bank’s new president. Earlier this month the U.S. Treasury Department unveiled a nearly 150-page report suggesting about 100 changes to banking and financial rules that were created or made tougher by the sweeping Dodd-Frank law enacted after the Great Recession   Read More ...
Categories: Business | 
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Caterpillar downgraded as analyst has 'no idea' if a Trump infrastructure plan is ever coming
Caterpillar downgraded as analyst has 'no idea' if a Trump infrastructure plan is ever coming Shares of Caterpillar slipped Friday after a Deutsche Bank analyst downgraded the stock. Nicole DeBlase lowered her rating on Deutsche to hold from buy and cut the price target to $106 from $121, as she raised questions about whether the Trump administration will be able to move forward with its infrastructure plan. The target implies a 2.1 percent gain from Thursday's close   Read More ...
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Dick Bove: Lack of vision is punishing US bank stock valuations
Dick Bove: Lack of vision is punishing US bank stock valuations Valuations of U.S. bank stocks are being hit by the ongoing uncertainty surrounding their industry which has been the focus of concerted regulatory attention in recent years, according to a banking analyst at Rafferty Capital Markets. Given President Trump's pledge to prioritize the rolling back of many of the stricter oversight initiatives introduced in recent years, the regulatory gyrations are only expected to continue   Read More ...
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Here's why the Bank of England's hawks are getting it wrong over calls for a rate hike
Here's why the Bank of England's hawks are getting it wrong over calls for a rate hike The June meeting of the BOE's monetary policy committee resulted in a 5-3 vote in favor holding interest rates at record low levels, with Governor Mark Carney and Chief Economist Andy Haldane supporting the majority. However, a week later and just 24 hours after Carney argued the state of the economy and ongoing Brexit uncertainty meant borrowing costs should remain unchanged; Haldane broke ranks to put himself at odds with the BOE Governor   Read More ...
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Some winners and losers from this year's bank stress tests
Some winners and losers from this year's bank stress tests While all of the banks involved in this year's stress tests appeared to pass at least theoretically, winners and losers will emerge in the race to return capital to shareholders. Bank stocks Friday moved lower, a day after the Federal Reserve released results of its annual measure of financial institutions' ability to withstand crisis scenarios. The sector went from being the market's strongest performer at the open to one of the biggest drags as investors and analysts digested the test results   Read More ...
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Italy to start winding down Veneto banks Saturday after EU green-light
Italy to start winding down Veneto banks Saturday after EU green-light MILAN/FRANKFURT The European Commission on Friday gave preliminary approval for an Italian plan to wind down two ailing Veneto-based regional lenders with state money in a move that may allow Rome to solve its latest banking crisis on its own terms. Italy plans to start liquidation proceedings for Banca Popolare di Vicenza and Veneto Banca on Saturday, a source close to the matter said, issuing an emergency decree that will effectively remove one its biggest banking headaches by splitting the two lenders' assets into "good" and "bad" banks   Read More ...
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Places: Americas |  North America |  United States |  Europe |  S. Europe |  Italian Peninsula |  Italy |  Nordest |  Veneto |  Nordovest |  Lombardia |  Milano | 
ECB: 2 troubled Italian banks failing, to face insolvency
FRANKFURT, Germany (AP) — The European Central Bank pulled the plug on two troubled Italian banks, sending them into insolvency proceedings and pushing ahead with efforts to clean up weak banks holding back the economy. The two banks, Veneto Banca and Banca Popolare di Vicenza, have struggled to overcome high levels of loans that were not being paid back. The ECB said Friday it had given the banks time to raise more capital but that the banks had not been able to offer credible solutions   Read More ...
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Places: United States |  Hesse |  Frankfurt | 
ECB: 2 troubled Italian banks failing, to face insolvency
FRANKFURT, Germany (AP) — The European Central Bank says two troubled Italian banks will be wound down because they were about to fail. The two banks are Veneto Banca and Banca Popolare di Vicenza. The two banks have struggled to overcome high levels of loans that were not being paid back. The ECB said Friday it had given the banks time to raise more capital but that the banks had not been able to offer credible solutions   Read More ...
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Places: United States |  Hesse |  Frankfurt | 
European Central Bank: Italy Veneto Banca and Banca Popolare di Vicenza to be wound up under insolvency procedure
FRANKFURT, Germany (AP) — European Central Bank: Italy Veneto Banca and Banca Popolare di Vicenza to be wound up under insolvency procedure.   Read More ...
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Italy's Veneto banks failing, to be wound up: ECB
Italy's Veneto banks failing, to be wound up: ECB FRANKFURT Italian lenders Veneto Banca and Banca Popolare di Vicenza are failing or likely to fail and will be wound down, the European Central Bank ruled on Friday. "The ECB had given the banks time to present capital plans, but the banks had been unable to offer credible solutions going forward," the ECB said. "Consequently, the ECB deemed that both banks were failing or likely to fail and duly informed the Single Resolution Board (SRB), which concluded that the conditions for a resolution action in relation to the two banks had not been met   Read More ...
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Places: United States |  Europe |  S. Europe |  Italian Peninsula |  Italy |  Nordest |  Veneto | 
Lessons From the Collapse of Banco Popular
Lessons From the Collapse of Banco Popular Photo Banco Popular, Spain’s fifth-largest bank, with over $100 billion in loans, collapsed earlier this month, forcing it into the arms of its rival, Banco Santander. The latter, Spain’s largest bank, bought the failing institution for the nominal sum of one euro after depositors withdrew money en masse and the company’s stock price plunged. Rather than panic, though, world financial markets shrugged, and eurozone regulators congratulated themselves for directing a big bank rescue without having to tap taxpayers   Read More ...
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Exclusive: Investment funds offered to invest in Italy's Veneto banks three weeks ago - sources
Exclusive: Investment funds offered to invest in Italy's Veneto banks three weeks ago - sources Funds Sound Point Capital, Cerberus, Attestor and Varde submitted a rescue proposal for Banca Popolare di Vicenza and Veneto Banca on May 30, the sources familiar with the situation said, using Deutsche Bank as their financial adviser. However the sources said the offer was not formally followed up on by Rome. The Italian government is expected to start liquidation proceedings for the two banks on Friday or Saturday, with retail bank Intesa Sanpaolo (ISP   Read More ...
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Places: Americas |  North America |  United States |  Europe |  S. Europe |  Italian Peninsula |  Italy |  Nordest |  Veneto | 
E.C.B. Seeks Control Over London Trading After Brexit
Frankfurt — The European Central Bank took steps on Friday to ensure it can oversee trillions of euros in London trading of derivatives and other risky securities even after Britain leaves the European Union. The central bank’s action was an example of how Britain’s vote to leave the E.U. — which took place a year ago Friday — could force a realignment of financial markets and undercut London’s status as a global trading center   Read More ...
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BRIEF-Digirad closes credit facility with Comerica Bank
* Digirad corporation announces closing of credit facility with comerica bank. * Digirad corp says closed a new revolving credit agreement with comerica bank. * Digirad corp says in conjunction with closing, company also announced termination and payoff of its previous credit facility with wells fargo. * Digirad corp says new comerica revolving credit agreement has an overall interest rate of libor plus 2   Read More ...
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EMERGING MARKETS-Mexico rate futures down on central bank hint
By Bruno Federowski SAO PAULO, June 23 (Reuters) - Yields paid on Mexican interest-rate future contracts fell on Friday after the central bank signaled it would not increase borrowing costs any longer. In an unexpectedly divided decision, Banco de México raised its benchmark rate by a notch to 7 percent, as forecast by all 17 analysts surveyed by Reuters last week   Read More ...
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Places: Americas |  United States |  Latin America |  Central America |  Mexico | 
Venezuela crisis raises question: When is buying bonds unethical?
Venezuela crisis raises question: When is buying bonds unethical? Banks benefit from a kind of tough loyalty. Most customers stick with them through thick and thin. The hassle of changing banks is too great for most people, most of the time. But that doesn’t mean they don’t ever face pressure from their customers, their investors, or the public at large. None other than investment bank Goldman Sachs found that out recently, in a corner of the financial market that’s rarely viewed as cause for controversy: bonds linked to a national government   Read More ...
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Bank of America sees no end to low-inflation, low-rate climate
Bank of America sees no end to low-inflation, low-rate climate NEW YORK Persistent output slack and sluggish economic activity will likely keep inflation and interest rates low around the world in the foreseeable future, Bank of America Merrill Lynch economists said on Friday. "While we think the recent weak inflation readings in the U.S. will only delay the move higher in underlying inflation, for the rest of the world we now see core inflation inching lower rather than higher," the firm's economists Ethan Harris and Aditya Bhave wrote in a research note   Read More ...
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UPDATE 1-Bank of England financial crisis liquidity auctions cleared by fraud agency
(Adds detail, BoE reaction) Britain's Serious Fraud Office (SFO) has found no evidence of criminality in its investigation into how the Bank of England (BoE) pumped liquidity into the financial system to support banks during the financial crisis, it said on Friday. Auctions of central bank funds in return for collateral such as bonds took place in 2007 and 2008 during a crisis that ultimately forced taxpayers to bail out lenders such as Royal Bank of Scotland and Lloyds   Read More ...
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