The application rate for new cards has fallen 10 points to just under 16%, the lowest level since 2013; small businesses that got loans last time would be eligible for a second helping, with limits.
Venture capitalists will shift their focus to fintechs that support financial inclusion, according to Emmalyn Shaw, managing partner of the VC firm Flourish. Meanwhile, challenger banks will continue to grow, she says.
The bank's release from a five-year-old enforcement action would mark progress in CEO Charlie Scharf's efforts to resolve its sprawling regulatory problems. But 10 more consent orders, including an asset cap imposed by the Federal Reserve in 2018, remain in place.
Sarah Canepa Bang will serve as a senior advisor to the agency's vice chairman. Separately, a 27-year veteran of the regulator announced plans to retire.
Under the Federal Reserve’s loosened restrictions, big banks can buy back a limited amount of their stock starting next quarter, but only JPMorgan Chase has announced detailed plans to do so.
The pandemic and social unrest made 2020 one of the most challenging years in recent memory, but there is much the industry can learn from the past 12 months.
