Tag Archives: Banks

Bitcoin (CRYPTO: BTC) and other cryptocurrencies “are not legal tenders and have no actual value support,” according to Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China (PBoC) Yin Youping. What Happened: According to a report by local news outlet People’s Daily Online, Youping said that cryptocurrencies are purely speculative assets. He also advised the public to increase its risk awareness and stay away from the crypto market to “protect… Source link

By Pete Schroeder WASHINGTON (Reuters) – The U.S. Federal Reserve announced on Thursday how much each large bank that underwent the most recent stress test will have to hold on their books as capital cushions. The capital requirements for each of the 34 banks are based on how well each firm performed in the June test, and will take effect on Oct. 1. Goldman Sachs and Morgan Stanley were directed to hold the largest amount of capital to guard against losses, facing ratios of 13.4% and 13.2%,… Source link

(Bloomberg) — Billionaire hedge fund manager Alan Howard paid $59 million for a Manhattan townhouse in March. Just two months later he obtained a $30 million mortgage from Citigroup Inc. Denis Sverdlov, worth $6.1 billion thanks to his shares in electric-vehicle maker Arrival, recently pledged part of that stake for a line of credit from the same bank. For Edgar and Clarissa Bronfman the loan collateral is paintings by Damien Hirst and Diego Rivera, among others. Philippe Laffont, meanwhile,… Source link

Pat Toomey (R-PA) speaks during a news conference to introduce the Republican infrastructure plan, at the U.S. Capitol in Washington, U.S., April 22, 2021. REUTERS/Erin Scott A leading GOP senator is threatening to draft “transparency and accountability” laws directed at the nation’s independent central bank after accusing four of the Federal Reserve’s regional banks of dodging Congressional requests for documents. Pat Toomey of Pennsylvania, the top ranking Republican of the Senate… Source link

A deal between enterprise payments giant NCR and digital asset management firm NYDIG could see 650 US banks offer bitcoin purchases to an estimated 24 million customers. For example, community banks like North Carolina-based First Citizens Bank will be able to offer their clients cryptocurrency trading. Additionally, customers of credit unions such as Bay Federal Credit Union in California can also use mobile applications built by the payment’s provider. National Cash Register Atlanta-based… Source link

Ally Financial (ALLY), having tested a banking model without overdraft fees, is making it permanent. The move applies to all types of accounts — including checking and savings — and there are no requirements or restrictions. In April 2020, Ally began to waive overdraft fees, citing coronavirus pandemic hardships many customers faced. On June 2 Ally said it’s eliminating those fees for good. “Overdraft fees are a pain point for many consumers but are particularly onerous for some. It is… Source link

Bloomberg Biden Sanctions Russia, Restricts Buying New Debt After Hacking (Bloomberg) — President Joe Biden ordered fresh sanctions on Russia, including restrictions on buying new sovereign debt, in response to allegations that Moscow was behind a hack on SolarWinds Corp. and interfered with last year’s U.S. election.The new measures sanction 32 entities and individuals, including government and intelligence officials, and six Russian companies that provide support to the Russian… Source link

(Bloomberg) — The recent pullback in Bitcoin’s volatility is setting the stage for a trend that could encourage institutions to dive in, according to JPMorgan Chase & Co. “These tentative signs of Bitcoin volatility normalization are encouraging,” strategists including Nikolaos Panigirtzoglou wrote in report emailed Thursday. “In our opinion, a potential normalization of Bitcoin volatility from here would likely help to reinvigorate the institutional interest going… Source link

(Bloomberg) — Wall Street banks grappling with the implosion of Bill Hwang’s investment firm spent Monday briefing U.S. regulators as Washington starts to dig into one of the biggest fund blowups in years. The Securities and Exchange Commission summoned the banks for hasty meetings on what triggered the forced sale of more than $20 billion of stocks linked to Hwang’s Archegos Capital Management, said people with knowledge of the matter who asked not to be named in discussing private… Source link

By David Randall NEW YORK, March 3 (Reuters) – ARK Invest founder and chief investment officer Cathie Wood reiterated her bullish position on Tesla and bitcoin on Wednesday while warning that the growth of digital wallets will “gut” traditional banks. Wood, whose $24.4 billion ARK Innovation exchange-traded fund is the largest actively managed ETF tracked by Lipper, said in a webinar her fund remains “opportunistic” despite the recent slide in the S&P 500 as investors have raised concerns over… Source link