Daily News Digest

 

January 22, 2018


Politico

  • The International Monetary Fund (IMF) cut its global forecast for 2019 because of factors including the growing threat of a “hard Brexit,” global trade tension, geopolitical unrest, and worsening economic conditions in China.
  • Today is Day 31 of the government shutdown. New reports on durable goods orders and new home sales will be unavailable this week. Both Houses of Congress are expected to pass different spending bills this week – meaning the shutdown will continue.


Times-Union

  • From 1/18/2019: The Bank of Greene County President & CEO Don Gibson discusses the importance of maintaining strong local ties as community banks expand.


American Banker

  • On Friday, Comptroller of the Currency Joseph Otting mentioned, in a private meeting, that the Trump Administration was working on a plan to release Fannie Mae and Freddie Mac from conservatorship. Shares of the GSEs rose on the news.
  • First there were fintechs, now there are “regtechs” – technology firms that are developing systems to help banks handle regulatory compliance demands, like stress-testing for capital levels, more efficiently and affordably.
  • Last week, Citigroup became the first major company to share the results of internal reviews about the gender pay gap across its global footprint. The company also released a plan for bridging that gap, which includes increasing the percentage goal for women and others holding the rank of Assistant Vice President and above.


New York Post

  • Columnist John Crudele writes that Rep. Alexandria Ocasio-Cortez should use her new seat on the House Financial Services Committee, not to rail against the tax code for upper income earners, but to win reform of how bank earnings are reported. Crudele says bank earnings can be (legally) manipulated in a way that misleads investors.


The Wall Street Journal

  • Disappointing earnings from the wealth management side are coming from some combination of asset outflows, lower financial-market valuations and a drop-off in trading by institutions and wealthy individuals. These problems have been driven by widespread worries about the economic cycle and more combative politics within and between countries, none of which are disappearing in the near term.


A Message from NYBA
 

  • NYBA notes with sadness the passing of William J. Wilkie, 83, who served as Chairman of NYBA’s Trust and Investment Division in 1993, and as Managing Director at Bankers Trust Company. Bill served with distinction on the Board of Directors of NYBA. As we express our gratitude for his dedication to our industry, we send our condolences to his family, friends, and colleagues.




Questions?

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


Duncan McCausland
, Marketing and Communications
dmccausland@nyba.com