News Topic: Munis

JPMorgan Chase, State Street, Wells Fargo, Citigroup and Bank of America decreased their holdings of tax-exempt bonds by nearly $16 billion in the first half of 2018, according to quarterly filings with the U.S. Securities and Exchange Commission. ... Read full article

The regulation implements a recent legislative provision dealing with how banks comply with post-crisis liquidity requirements. ... Read full article

The Securities and Exchange Commission moved to require states and local governments to disclose bank loans and privately placed debt, seeking to address concerns that bondholders are being left in the dark about a fast-growing segment of public finance. ... Read full article

The company has created a municipal group that will focus on nonpublic financing services at a time when loans to bond issuers are declining. ... Read full article

Little-known Office for Management and Budget official Kathy Kraninger would succeed acting director Mick Mulvaney, her OMB boss; Wells Fargo still faces the big chill from several big cities and states. ... Read full article

Banks are extending maturities and making loans to riskier credits to boost volume; banks cut their muni holdings as tax rates drop. ... Read full article

The OCC finds that Wells Fargo was not alone in its sales abuse practices (though it's not naming names); Fifth Third's Tim Spence is our Digital Banker of the Year; the CFPB acting director wipes out the agency's Consumer Advisory Board; ... Read full article

U.S. banks reduced their holdings of state and local government bonds for the first time since 2009 after the federal government slashed corporate tax rates, according to figures released by the Federal Reserve Thursday. ... Read full article