national-global

Morning Scan: RBS Citizens IPO Sputters; Wal-Mart Checking Accounts

09/24/14

Receiving Wide Coverage ... You're No Alibaba: Royal Bank of Scotland cut the price on the IPO of its U.S. banking unit, Citizens Financial, amid tepid demand. The FT said investors are worried that RBS won't be able to deliver on its financial promises for Citizens. Even so, the Citizens IPO was much larger than other recent bank IPOs, including Talmer Bancorp, the Journal noted. Overall the market for bank IPOs has been lackluster this year,Â...

[more]

Morning Scan: Terrorism Finance Verdict Puts Banks on Notice; Wells Fargo Fined

09/23/14

Receiving Wide Coverage ... Guilty: A word of warning to banks (as if they didn't already know this): Be careful who you do business with. A federal jury in New York found Jordan's Arab Bank liable for providing financial services to Hamas that helped them conduct terrorist activities, and plantiffs now plan to seek an unspecific amount in damages. For its part, Arab Bank has said it followed compliance procedures, according to the Financial Times. ButÂ...

[more]

Morning Scan: Mortgage Lending Standards Questioned; Citi's Japanese Sale

09/22/14

Wall Street Journal

Federal officials are considering how to instruct lenders to ease up on tight lending standards for mortgages. On the one hand, they don't want to create another housing bubble. But on the other hand, mortgage lending is so slow because lenders have adopted standards that are even tighter than what Fannie Mae and Freddie Mac demand. Underlying all of this are paltry-to-nonexistent wage growth, high levels of student debt and little savings for...

[more]

Morning Scan: Home Depot Breach Affects 56M; Santander's Punishment

09/19/14

Receiving Wide Coverage ...

Reach of Home Depot Breach: Home Depot confirmed that its data breach affected about 56 million customers, making it larger than the Target breach during the last holiday season. The home-improvement retailer also said the "unique, custom-built malware" used in the breach has been eliminated from its networks. The malware used in the Home Depot breach wasn't present in attacks on other retailers. Home Depot did not disclose the attackers' point of...

[more]

Morning Scan: Fed Walks a Fine Line on Rates; DoJ Vows to Prosecute Bankers

09/18/14

Receiving Wide Coverage ...

Fed Balancing Act: The Federal Reserve's policy-making Federal Open Market Committee announced Wednesday that the central bank will keep interest rates low in the near-term, though it could change course sooner than expected if data shows greater economic improvement. The Fed's statement, which was approved by an 8-2 vote, noted that unemployment levels remain subpar. "There are still too many people who want jobs but cannot find them, too many who are...

[more]

Morning Scan: CFTC Wins Overseas Swaps Suit; Credit Suisse in Trouble with Fed

09/17/14

Receiving Wide Coverage ...

A Win for the CFTC: A federal judge has given the Commodity Futures Trading Commission a green light to regulate overseas swaps trading. Citing the CFTC's mandate under the Dodd-Frank Act, the judge "dismissed arguments by three Wall Street trade groups that the CFTC overstepped its authority in issuing new rules and guidance related to overseas swaps transactions," the Wall Street Journal reports. The New York Times suggests the ruling signals a...

[more]

Morning Scan: Banks Vie for No. 1 Slot in Apple Pay; Citi Nears IPO for One Main

09/16/14

Receiving Wide Coverage ...

Apple Pay's Ripple Effects: Big banks are vying to have their cards at the top of iPhone users' mobile wallets when Apple Pay debuts next month. Apple has yet to release details of how its mobile payments system will work, but the Financial Times reports that everyone is betting consumers will be able to select a particular card as the default payment option. That's a scary prospect for lenders like the San...

[more]

Morning Scan: Banks Partner with Apple, but Retailers Resist; Dimon's Recovery

09/12/14

Receiving Wide Coverage ...

Apple Pay Dissected: Apple Pay "respect[s] our role in the ecosystem" of payments, said James Anderson, senior vice president of product development at MasterCard. And therein lies one explanation of why banks were apparently so eager to partner with Apple on its new payments network, despite the fact they're expected to take a hit to some revenue streams (Apple must have a lot of clout, if this statement from the Times is...

[more]

Morning Scan: Reactions to Apple Pay; Santander's Succession Plan

09/11/14

Receiving Wide Coverage ...

Paying with Apple: Banks have bought into what Apple's selling with its near-field communications-based Apple Pay system, as they like its security features, intuitive user experience and the Apple brand name, and also they harbor the hope that Apple Pay will drive additional credit card usage, as American Banker reported. Retailers, not so much. Yes, starting in October, you'll be able to wave your iPhone 6 in front of an NFC reader...

[more]

Morning Scan: Apple Jumps into Payments; Senate Talks Tough

09/10/14

Receiving Wide Coverage ...

Paying with Apple: He may not be egotistical like Steve Jobs was, but Tim Cook at least took a stab at making a huge boastful statement. "We've created an entirely new payment process" Cook, Apple's CEO, said at the launch of the iPhone 6 on Tuesday. This statement was made notwithstanding the fact that many of the iPhone's new payments features have already been introduced by others. The new iPhone will be...

[more]