BankThink

Receiving Wide Coverage ... India to Reform State Banks: India is betting that a private-sector mindset can help restore its public banks. The country has hired former top executives from Microsoft and Citigroup to take charge of the state banks' recapitalization efforts and reforms. Writing for Quartz, professor T.T. Ram Mohan sounds a bit skeptical about the plan: "It's hard to see why the best professionals in the private sector would want the job," he writes,Â...

Receiving Wide Coverage ...

Goldman Goes Retail: Goldman Sachs is getting a bundle of deposits from General Electric's GE Capital castoff. Goldman will acquire $8 billion of online deposit accounts and $8 billion of brokered certificates of deposit. The GE bank that Goldman is buying does not require a minimum balance for online savings accounts; and it boasts 140,000 retail customers. ...

Contrary to the results of a recent internal investigation, the Justice Department's Operation Choke Point circumvents due process in attempt to shutter lawful businesses like payday lenders and ammunitions dealers.

Wall Street Journal

Citigroup has made such good progress with Citi Holdings, its "bad bank," that the unit has reported four straight quarters of profit. That was nearly unthinkable for the unit when it was first created, as a way to separate Citi's unwanted and toxic assets from the good part of Citigroup. "We're out of the dark tunnel," says Francesco Vanni d'Archirafi, who runs the unit for Citi. ...

The longer the CFPB waits to implement tighter regulations for the payday lending industry, the more Americans will find themselves trapped in a cycle of unaffordable debt.