Major US stock indexes have declined from highs of last week as concerns increase regarding the escalating trade dispute with China. Industrial stocks, which could prove most vulnerable to tariffs, have suffered some of the largest losses on the S&P 500.
UK financial authorities are concerned that the transition from Libor to alternative rates is moving slowly and that financial institutions' approaches are uncoordinated.
London-based investment banks would need to establish full branches in the EU to carry out proprietary trading and other key activities after Brexit if proposed rules are approved by EU states and the European Parliament. "With the new set of rules, we will make sure that ... British firms remain subject to a strict [equivalence] regime and will have to set up camp in the EU when they want to perform certain services," says German lawmaker Markus Ferber.
U.S. Bank's small-business customers can now apply for loans of up to $250,000 online. While the wait time for customers who apply in a branch can be up to 11 days, the online loans could be approved in as little as one day.
Smaller banks saw regulatory relief from recent changes to the Dodd-Frank Act, but larger banks did not, says Jamie Dimon, CEO of JPMorgan Chase. Without throwing out Dodd-Frank entirely, lawmakers should get rid of duplication and look at things that hurt the mortgage market, among others, so growth can be enhanced safely, he says.
The Federal Reserve should maintain strong capital requirements for large financial institutions, nineteen members of Congress said in a letter to Fed Chairman Jerome Powell. The lawmakers cited concerns about a proposal from Randal Quarles, the Fed's vice chair for supervision, to ease capital requirements.
Concerns about how US sanctions against Iran and Venezuela affect oil supplies have pushed the price of Brent crude past $80 per barrel, the highest level since 2014. Despite calls from President Donald Trump for OPEC to increase production, members have not responded to an expected shortfall in supply once measures announced against Iran take effect in November.
The Bank for International Settlements says it is uncertain how well the financial-technology lending sector could withstand deterioration in credit conditions. Fintech loans hit $284 billion in 2016, and the sector has grown fastest in high-income countries with relaxed regulation.
Banks are working to meet investors' demands for transparency in how they handle the regulatory and real-world impact of climate change. Investors particularly want disclosure of stress test analyses, as well as metrics to quantify risk.
Midtier European banks want their US operations to enjoy the same relaxed rules US banks face under changes to the Dodd-Frank Act. Otherwise, US banks' foreign operations could face retaliation.