national-global

Morning Scan: Higher Capital Requirements Coming from Fed; Home Depot Breached

09/09/14

Receiving Wide Coverage ...

More Capital Needed: Fed Chair Janet Yellen has pushed for higher capital requirements for SIFIs, and details of the Fed's plans in that area are to be released Tuesday at a Senate Banking Committee hearing, the Wall Street Journal reports. Some larger banks could face a levy as high as 4.5%, as the Fed is looking for a capital surcharge as much as two percentage points higher than the 2.5% maximum in...

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Morning Scan: Big Banks' New Legal Front: Derivatives; Union Bank's Aspirations

09/08/14

Wall Street Journal

The Fed's giant stash of assets is the equivalent of a semipermanent sovereign wealth fund, argues David Malpass, a deputy assistant Treasury secretary in the Reagan administration, in a Journal op-ed. It's one of the "world's largest and most leveraged bond portfolios, taking massive interest-rate risks." Malpass says the Fed should be coerced into establishing a "clear portfolio wind-down process" to allow it to concentrate on monetary and regulatory policy. Financial Times ...

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Morning Scan: MetLife Faces SIFI Tag; Apple to Boost Security

09/05/14

Receiving Wide Coverage ... MetLife and the Dreaded S-Word: Much to MetLifeÂ's dismay, the Financial Stability Oversight Council voted Thursday to propose that the firm be designated as a systemically important financial institution. The life insurerÂ's chief executive Steven A. Kandarian indicated that MetLife may contest being lumped into the group that includes nonbanks American International Group, Prudential Financial and General Electric Capital. The company is "not ruling out any of the available remedies under Dodd-FrankÂ...

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Morning Scan: Takeaways Vary on Liquidity Rules; More Prosecutors Head Out the Door

09/04/14

Receiving Wide Coverage ...

Parsing the New Liquidity Rule: The newspapers had very different takes on a new liquidity rule requiring large banks to hold enough safe assets to survive at least 30 days in the event of a crisis. The Wall Street Journal says regulators "provided some relief to large U.S. banks" by allowing those with assets between $50 billion and $250 billion to calculate compliance with the rule on a monthly rather than daily...

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Morning Scan: Regulators to Vote on Liquidity Rules; Fee Revenue Takes a Dive

09/03/14

Receiving Wide Coverage ...

Home Depot Probes Breach: Home Depot may be the latest retailer to have customer credit and debit card information fall prey to a data breach. The home-improvement store is keeping pretty mum about the details of its investigation into so-called "unusual activity." But security expert and blogger Brian Krebs, who broke the story, reported that "the breach may have extended across all of Home Depot's U.S. stores and could date back to...

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Morning Scan: Barclays Bids Spain Adios; NY AG to File Buffalo Redlining Suit

09/02/14

Receiving Wide Coverage ...

Barclays Tells Spain Adios: Barclays plans to sell its Spanish retail bank, wealth and investment management and corporate banking divisions to Caixabank for $1 billion. The move is part of Barclays' larger effort to scale back in unprofitable markets; the Wall Street Journal reports it will lose $830 million in the sale. "Heard on the Street" suggests since the "sale price valued the Spanish business at about half of book value ...

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Morning Scan: Cyber Attack Limited to JPMorgan?; iPhone Payments Threat

08/29/14

Editor's note: Morning Scan will not publish on Monday, Sept. 1 in observance of the Labor Day holiday. We'll be back on Tuesday, Sept. 2. Receiving Wide Coverage ...

Was JPMorgan Chase the Only Victim? Seven large banks said Thursday that they had no indication that their systems had been breached in the latest cyber attack on financial institutions, the Wall Street Journal and Financial Times both reported. Bank of America, Wells Fargo, U.S. Bancorp, PNC Financial...

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Morning Scan: 'Sophisticated' Cyber Attacks on Banks; Lending Club's IPO

08/28/14

Receiving Wide Coverage ...

Hacked: JPMorgan Chase and at least four other banks were hacked this summer in a "sophisticated" cyber attack, the Times reports, and the hackers are said to have stolen customers' checking and savings account information. The FBI and Secret Service are investigating whether the hackers have Russian ties. JPMorgan "isn't seeing considerable fraud related to the attack," the Wall Street Journal reports, citing anonymous sources, without really explaining what that vague statement...

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Morning Scan: Dodd-Frank Rules Expected; Stumpf Talks

08/27/14

Wall Street Journal

Dodd-Frank-mandated rules on providing more information on the quality of the mortgages and other loans that back securities are expected to be finalized Wednesday. The Securities and Exchange Commission's rules on asset-backed securities will require banks to provide data to investors like borrowers' credit scores and debt levels. The idea is to help investors rely less on credit ratings. The SEC is also expected to release rules forcing Moody's, S&P and other debt-rating...

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Morning Scan: Hedge Funds Sue BNY Mellon; Community Banks' Bond Sales

08/26/14

Receiving Wide Coverage ... Sued: Several hedge funds have sued Bank of New York Mellon over its trustee role in overseeing payments from bonds on which Argentina defaulted in 2001. The suit, filed in London, seeks access to the interest payments the funds claim they are owed, after a federal judge blocked the payments last month. Wall Street Journal Â...

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