As stablecoins gain a toehold in the marketplace, they are helping pave the way for traditional currencies, like the U.S. dollar, to become digital assets. … READ MORE >
Comptroller of the Currency puts the fair access rule on hold
Under the rule, banks with assets in excess of $100 billion would have been required to do business in industries that are increasingly becoming unpopular given shifting societal values – like oil producers and manufacturers of firearms. … READ MORE >
How regulatory oversight may change at five agencies under Biden
With President Joe Biden’s cabinet taking shape, regulated entities in the financial services industry like banks, specialty lenders and capital markets firms are starting to get a better picture of what changes might be in store. … READ MORE >
With added benefits, lenders stand ready to roll out more fiscal aid
The legislation provides needed relief for the small businesses most affected by the downturn and customers of financial institutions while also providing a host of measures that will provide benefit beyond the banking industry. … READ MORE >
CHART OF THE DAY: Booming mortgage originations
After a slow first quarter, mortgage originations in the United States are surging as homeowners capitalize on historically low interest rates, with the totals approaching levels not seen since 2003. … READ MORE >
CHART OF THE DAY: Airport traffic surges over Thanksgiving
Amid spiking coronavirus cases, airports had a surge in travelers over the Thanksgiving holiday weekend. The Transportation Security Administration reported that more than 1 million passengers were processed through its checkpoints on the busy travel days of Wednesday and Sunday. … READ MORE >
CHART OF THE DAY: Household debt increases as consumers resume borrowing
Consumers resumed borrowing after a pullback in the second quarter during the onset of the pandemic, according the the New York Federal Reserve’s third-quarter report on household debt and credit balances. … READ MORE >
Federal Reserve eases Main Street Lending Program terms to encourage participation
The Federal Reserve on Friday announced changes to its Main Street Lending Program intended to make financing more readily available to small and medium-size businesses struggling amid a resurgence of the coronavirus. … READ MORE >
SBA announces simplified PPP loan forgiveness
Some businesses that accepted financing under the Paycheck Protection Program now have a streamlined path to receiving the promised forgiveness of those loans, under new guidelines released late Thursday. … READ MORE >
CHART OF THE DAY: TSA throughput highlights consumer uncertainty
As the dog days of summer near their end, traditional forms of data such as the Conference Board’s consumer confidence reading and Labor Department’s weekly jobless claims are starting to show strain in the U.S. economic recovery. High-frequency, real-time metrics such as TSA Traveler throughput data and OpenTable restaurant reservation … … READ MORE >