Senior Senate banking Democrat raises concerns about Fed leverage plan
Several leading Democrats on the Senate Banking Committee are urging the Federal Reserve to reconsider its proposed regulations concerning how much large banks can borrow relative to their capital. In a letter addressed to Michelle Bowman, the Fed’s vice-chairman for oversight, Sen. Elizabeth Warren (D-Mass.) criticized the Fed’s plan to relax leverage ratios, suggesting it […]
JPMorgan Creates New Banking Group Dedicated to Customized Financing
JPMorgan Chase Establishes Strategic Financing Solutions JPMorgan Chase & Co. has launched new units within its commercial and investment banking sectors that specialize in customized funding structures for both public and private markets. The initiative, termed Strategic Financing Solutions, will represent a collaborative effort across banks, markets, and sales teams, as indicated by an internal […]
JPMorgan Introduces Open Banking Data Fees and Disrupts Aggregators
In a letter to shareholders dated April 7th, 2024, JPMorgan CEO Jamie Dimon expressed concerns over third parties seeking unrestricted access to bank customer data, suggesting these entities could potentially misuse it for their own gain. He emphasized that while they support data sharing, it’s crucial that it’s done transparently—with customers fully aware of what […]
It should be against the law to remove banking access from innocent Americans.
Leaders from Both Parties Condemn Bank Account Closures There’s a rare consensus among Republican and Democratic leaders: shutting down American bank accounts for unclear reasons is simply unjust. In recent times, major banks have adopted a more cautious approach, trying to maintain a low profile. But, you know, this practice of closing accounts—often affecting honest, […]
US Senate Approves Former Bitfury Executive to Head OCC Banking Regulator
Gould Confirmed as Head of U.S. OCC Office Jonathan Gould, who formerly held the position of Chief Legal Officer at Bitfury, has officially been appointed to lead the U.S. Office of the Comptroller of the Currency (OCC), following a vote in the Senate. The Senate voted in favor with a majority of 50-45 on Thursday. […]
JPMorgan Chase Restructures Private Banking to Enhance International Investments
JPMorgan Chase has undergone a restructuring, with the recent appointment of David Frame as the new global head of its private banking division. Previously serving as the US chief of private banks, Frame’s new role was reported by The Wall Street Journal on July 3. This reorganization is intended to benefit wealthy clients worldwide, as […]
French B2B neobank Qonto acquires 600,000 customers and applies for banking license
Qonto Seeks Banking License in France One burning question that comes up frequently regarding French fintech startups is whether Qonto is a real bank. Currently, the answer is no, but things might change soon. CEO Alexandre Prot has announced that Qonto is in the process of applying for a banking license in France. Targeting European […]
Conservative investor to take on conventional banking through a national cryptocurrency bank
Emerging Challenges to Traditional Banking from the Right It seems challengers to conventional banking are making their move, surprisingly from the conservative side. Initially, it was hard to determine just how extensive this initiative would be, especially after billionaire Palmer Luckey announced a cryptocurrency project. Would it focus solely on digital currencies? Well, now that […]
“Capital Is Mobile”: Hugh Hewitt Identifies Which City Could Take Over NYC’s Banking and Finance If Mamdani Prevails
Concerns Over Potential Leadership Change in NYC On Fox News’ “Hannity,” radio host Hugh Hewitt expressed his belief that if Democratic candidate Zoran Mamdani wins in November, Miami could end up absorbing much of New York City’s banking and finance sectors. This comment comes following Mamdani’s recent victory in securing the nomination, which was somewhat […]
Ex-Barclays CEO’s appeal to reverse banking ban linked to Epstein is denied
Legal Setback for Jes Staley in Epstein-Related Case This week, Jes Staley, a former prominent banker connected to Jeffrey Epstein, faced a legal defeat as he attempted to lift a lifetime ban linked to his associations with Epstein, who died in 2019. Staley, who had previously served as CEO of Barclays and held a significant […]