Stuart Levey, HSBC’s chief counsel and a former U.S. Treasury undersecretary, will head the cryptocurrency project; lender groups say the demands of those small business loans are not so easy to meet.
The pandemic is taking a toll on tax receipts, leading the central bank to establish a municipal debt facility. Without a turnaround, the consequences for the financial system could be dire.
Financial institutions have been monitoring workers' productivity at home with tracking software and webcams. Now they're mulling whether to mandate contact-tracing apps, COVID-19 testing and other practices that could raise further privacy issues.
The former Treasury Department official would be the first CEO of the digital currency association, which is seeking payment licenses in the U.S. and Europe.
The company, backed by eight major players including JPMorgan Chase and State Street, lets investors vote virtually on corporate matters — a service that has grown more popular during the coronavirus pandemic.
Regional and midsize banks, which continue to trail the biggest banks in digital engagement, could attract younger consumers by reaching out with more advice about financial basics, according to J.D. Power.
Regulators need to give more detailed guidance on the coronavirus relief program for small businesses so lenders don’t get trapped in underwriting mistakes down the road.
Regulators on both sides of the Atlantic have spent the better part of three years trying to kill the London interbank offered rate. Now, they're looking to it once again to underpin hundreds of billions of dollars in loans as they seek to rescue their economies.
Prosecutors charge two Rhode Island men with trying to rip off the program; the bank says it has received “inquiries” from state and federal officials on its offering of small business loans.
