The Securities and Exchange Commission is requiring off-exchange stock issuers on the Pink Market to provide updated financial information to investors by Tuesday or face delisting. Firms on the Pink Market, frequently penny stock issuers, are popular with retail investors, but operator OTC Markets Group says many firms are unlikely to comply with the requirement in time, meaning up to 2,000 firms could be delisted.
Total household wealth reached $141.7 trillion in the second quarter, a record level that is $5 trillion more than the amount in Q1, according to Federal Reserve data. Consumer credit rose to an annual rate of 8.6% from 3.6% in Q1, while consumer debt rose to 7.9% from 6.7%.
Buy now, pay later offerings have not taken as much business from the credit card industry through the coronavirus pandemic as was suspected, a TransUnion report finds. "These new forms of financing are growing the credit pie, opening up more opportunities for both consumers and lenders," said TransUnion senior vice president of consumer lending Liz Pagel.
Harit Talwar, the Goldman Sachs executive who led the group's entry into consumer banking with the Marcus division, will depart in October. Since Talwar spearheaded Marcus in 2016, it has grown to manage $100 billion in deposits and almost $10 billion in loans and card balances, with 2,000 staff and 8 million customers.
Citizens CEO Bruce Van Saun said the bank plans to further grow from its regional bank roots with future acquisitions. The bank will also rebrand as simply "Citizens." "We like the brand as Citizens -- it isn't just a bank name," Van Saun said.
The Securities and Exchange Commission is enforcing its first code-of-conduct rules case since 2008, filing a lawsuit against municipal advisory firm Choice Advisors, which offers bond advice to schools. The lawsuit alleges that firm's principals split the fees they received with an underwriter and failed to disclose conflicts of interest.
Longtime CEOs at banks across the US, including Truist's Kelly King, BOK Financial's Steven Bradshaw and German American Bancorp's Mark Schroeder, are stepping aside to hand over control to their successors. Here is a roundup of nine new CEOs who are taking the helms at their banks.
President Joe Biden announced the nomination of Cornell University law professor Saule Omarova as director of the Office of the Comptroller of the Currency Thursday. Omarova has espoused several views controversial to the banking industry, such as shifting bank customer deposits to the Federal Reserve's balance sheet, which she wrote in a 2020 article would "effectively 'end banking' as we know it."
House lawmakers have dropped an amendment to a sweeping defense bill that would have required private student loan lenders to grant borrowers a reprieve on payments until the end of January. The amendment had been attached to the annual National Defense Authorization Act on Wednesday.
Saule Omarova, the expected Biden administration nominee to head the Office of the Comptroller of the Currency, is viewed as likely to push for greater oversight and more rules for banks. Omarova has also been critical of cryptocurrencies and called for consumer banking regulation to be moved under the purview of the Federal Reserve.