Bankruptcy Blogs

New York banking regulator orders emergency relief on mortgages, card fees

03/24/20

The regulation issued late on Tuesday directs state-regulated financial institutions to give mortgage borrowers at least 90 days of forbearance if they can show financial hardship resulting from the coronavirus pandemic. It also requires banks and credit unions to provide relief on ATM fees and credit card late payment fees.

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Fed to suspend exams for banks under $100B

03/24/20

The central bank will prioritize monitoring and outreach while reducing examination activity due to the coronavirus pandemic until at least the end of April.

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SFA Urges the Fed to Include Non-Qualified Mortgages, MSRs and Unsecured Consumer Loans in revamped TALF

03/24/20

In order to properly address the impact of the Covid-19 crisis on today’s capital markets, the Structured Finance Association (“SFA”) is urging the Board of Governors of the Federal Reserve System and the U.S.

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Citigroup to close about 100 branches, cites declining foot traffic

03/24/20

It joins a growing list of banks temporarily shuttering branches as the novel coronavirus continues to spread across the country and more Americans stay home. Meanwhile, Citi and rival Wells Fargo became the latest banks to announce plans to pay bonuses to front-line employees.

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Citi hires card execs from Chase, Apple Card and Amex

03/24/20

Citi is beefing up leadership in its consumer card lending operations by recruiting Chase exec Pam Habner — credited with engineering the success of Chase’s Sapphire Reserve card — and former Citi exec Chris Fred, who will return after several months running the Apple Card business at Goldman Sachs.

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Why Congress considered a digital dollar in its coronavirus response

03/24/20

The coronavirus stimulus package has resurrected calls for the U.S. government to offer a central bank digital currency, public mobile wallets and postal banking—controversial ideas that are hard to pull off, but exist outside the U.S. and could dent interchange fees and private stablecoin projects like Facebook’s Libra.

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Mitch McConnell Is Robbing Taxpayers to Bailout the Rich

03/24/20

There’s a lot of moving parts of the economic Rube Goldberg machine that is the latest McConnell bailout bill, but if you step back and look at the big picture, what becomes clear is that the bill is robbing taxpayers to bail out the rich. Everything in the bill is ultimately taxpayer funded.

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Do CACs Constrain the ECB From Buying Even More Bonds?

03/24/20

Answer: No

(This post borrows heavily from the ideas of my co author, Ugo Panizza, of the international economics department of the Graduate Institute in Geneva).

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JPMorgan plans firm-wide hiring freeze amid virus uncertainty

03/24/20

The bank has asked managers review job postings and pull listings for roles that don’t need to be filled immediately, according to people familiar with the matter.

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Banks improvise annual meeting plans as pandemic worsens

03/24/20

The COVID-19 crisis is forcing many banks to hold their spring shareholder meetings online only.

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