Daily News Digest

 

December 12, 2019


Politico

  • FDIC Chair Jelena McWilliams recommended that Congress remove legal restrictions on brokered deposits for banks with an unsatisfactory level of capital and replace it with a broader cap on asset growth for troubled lenders. Separately, the FDIC is also considering changes to its deposit insurance assessment pricing to address concentrations in funding that are correlated with higher losses to the Deposit Insurance Fund.
  • The House Financial Services Committee unanimously approved legislation to help minority-owned banks, while splitting along party lines on bills dealing with student loans, credit reporting and cybersecurity in the Committee’s last markup of the year.


Crain’s

  • Linda Lacewell, Superintendent of the NYS Department of Financial Services, unveiled a series of new proposed regulations on Bitcoin and other virtual currencies yesterday.


The Wall Street Journal

  • The Federal Reserve, as expected, held rates steady yesterday and signaled that they could remain so for quite some time.
  • As the rest of the world turns more nationalist and less globalized, the top three international financial centers (New York, London, Hong Kong) could find themselves out-of-step with other countries as they face future economic headwinds.
  • JP Morgan Chase is reorganizing its wealth management unit to more aggressively compete with “big rivals and hot start-ups.” The bank’s current marketing chief, Kirsten Lemkau, will head the new unit, which also includes the new You Vest online brokerage business.
  • State Senate Republican leaders say they are “working furiously” to recruit candidates to vie for seats that will be vacated by veteran lawmakers Joe Robach, Betty Little, George Amedore, and Mike Ranzenhofer.  Meanwhile, Senate Democrats are hoping to gain a few more seats to ensure a veto-proof majority.


Newsday

  • The State Senate will open a series of hearings today on Long Island to examine housing discrimination in that region, focused on the real estate industry. A broad coalition of activist groups held a rally yesterday, in which community members expressed their anger over the situation.


American Banker

  • Small business loan demand is off, because many business customers are putting off expansion. Their inability to find enough workers to fill available jobs is tamping down growth.



Questions?

Karen Armstrong
Senior Vice President, Communications and Political Action
karmstrong@nyba.com


Duncan McCausland
Marketing and Communications
dmccausland@nyba.com