The California Department of Financial Protection and Innovation said Monday it had closed First Republic Bank and agreed a deal to sell its assets to JPMorgan Chase & Co and National Association, in what is the third major U.S. bank to fail in two months. JPMorgan Bank was one of several interested buyers, including PNC Financial Services Group and Citizens […]
Sen. Elizabeth Warren is calling out Federal Reserve Chair Jerome Powell for the recent banking failure. She said Powell “took a flamethrower” to regulations as she heaped blame on him after the collapse of Silicon Valley Bank. The Massachusetts Democrat’s claims came Sunday on ABC’s “This Week,” as she took aim at Trump-era bank deregulations that eased rules that included […]
The flow of remittances to Jamaica showed a decline in May. According to the Bank of Jamaica, remittance inflows were valued at US$271.2 million, a 6.7% reduction compared to last year. Total net remittance inflows for January to May amounted to US$1.3 billion. That was US$38 million or 3% lower when compared to the same period in 2021. The U.S. […]
The Bank of Jamaica (BOJ) remains on track for rollout of the Central Bank Digital Currency (CBDC) during the first quarter of 2022. Deputy Governor with responsibility for Banking, Currency Operations, and Financial Markets, Natalie Haynes, said that several key outputs are being targeted for the period. These are passage of amendment to the Bank of Jamaica Act to make […]
JPMorgan Chase & Co. Chief Executive Officer (CEO) Jamie Dimon is seeking to bring employees back to the office. This move is the first call by a major U.S. bank to mandate a return to offices for its entire U.S. workforce, with staffers being told they’ll need to come back in about two months. The lender’s top decision-making body, led […]
The U.S. House of Representatives passed a Bill that would give state-authorized marijuana businesses easier access to banking services. The Bill, H.R. 1996, called the SAFE Banking Act, would prohibit federal banking regulators from penalizing banks and other depository institutions for providing banking services to cannabis businesses. The Bill was passed on a 321-101 bipartisan vote. It prohibits regulators from penalizing […]
According to Press reports, JPMorgan Chase & Co is seeking to move about $234 billion of assets from the United Kingdom to Germany as a result of Britain’s exit from the European Union. In January, the bank had also announced it would significantly expand its Paris hub as part of plans to relocate some services from London after Brexit. The […]
Netflix has announced that it will be investing in Black-owned banks to help close the wealth gap between Black and White America. The media-services provider and production company headquartered in Los Gatos, California, plans to deposit two percent of its cash, or an estimated $100 million, into Black-owned financial institutions and community development organizations. The company argued that these institutions […]
The Bank of Jamaica (BOJ) is reporting a dramatic increase in credit extended by deposit-taking institutions to businesses and households for the 12-month period, ending December 2019. BOJ Governor Richard Byles said credit to businesses grew by 20.3 percent, while the provision to households increased by 16.5 percent. He was addressing the BOJ quarterly media briefing recently. Pollyanna Davy, Readers […]
According to press reports, the Bank of the Republic of Haiti (BRH) is projecting a mixed economic outlook and pins the economic situation on what obtains within the next three months on the socio-political climate. The Central Bank reveals that the economy has been impacted negatively during October and November last year. It says for 65 percent of the companies […]
