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Financial and Banking News

U.S. Banks Complete Stress Tests

The majority of the largest banks will continue to have enough capital to satisfy regulators, even if they suffer a financial shock that includes unemployment hitting 13 percent and a 21 percent drop in housing prices, the Federal Reserve said on Tuesday.

KEY POINTS:
  • The Fed, in releasing its annual stress test results two days early, said 15 of the 19 largest U.S. banks would have satisfactory capital buffers.
  • The regulator said Citigroup, Ally Financial and SunTrust banks fared worst under the supervisory stress ratios, with Tier 1 common capital ratios of 4.9 percent, 4.4 percent, and 4.8 percent, respectively.
  • The bank holding companies that came out on top were Bank of New York Mellon with a Tier 1 common capital ratio of 13.1 percent under the hypothetical financial shock, State Street Corp with 12.5 percent and American Express with 10.8 percent.
  • Bank of America came in with 6.2 percent, and JPMorgan's result was 5.9 percent.

Stephen Wood, Chief Market Strategist, Russell Investments, New York: "American banks are healthier and have ample capital when compared with their European counterparts. They are in better conditions than where they were four years ago. The bigger issue is how insulated American banks are to the European situation. Does this build confidence? Transparency generally builds confidence. We think this is a positive in a sense that it allows investors to assess risks better and allow for higher quality forecasts."

Source: Reuters
Date: 14.03.2012 [315]

Financial and Banking News
 Federally chartered banks can facilitate stablecoin payments, issue their own

The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to participate in independent node verification networks (INVN) and use stablecoins to conduct payment activities and other bank-permissible functions. 04.01.2021 | Source: Office of the Comptroller of the Currency

 Visa and BlockFi to launch Bitcoin rewards credit card

Visa Inc. is partnering with cryptocurrency startup BlockFi to offer a credit card that rewards purchases with Bitcoin rather than airline miles or cash. 02.12.2020 | Source: Bloomberg

 Banks may need political help to survive Big Tech

First there was the financial crisis of 2008. Then years of negative interest rates. Now, banks face what one financial regulator calls the "real game changer." 09.12.2019 | Source: Bloomberg

 Trump blasts Bitcoin, Libra, demands they face banking regulations

U.S. President Donald Trump on Thursday criticized Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to "become a bank." 11.07.2019 | Source: Reuters

 25th World Islamic Banking Conference announces 4th series of WIBC Leaderboard

Top performing Islamic Financial Institutions from Bahrain, Egypt, Indonesia, Jordan, Kuwait, Malaysia, Oman, Pakistan, Turkey, UAE and Saudi Arabia are vying for the WIBC Awards recognizing the Best Performing Banks at the Global and Regional level. 28.10.2018 | Source: MEGA

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