Kinective’s Post

A survey of more than 400 bank executives found that while many support the former president, the vast majority disagree with his attitude toward independence at the Federal Reserve — a stance that would impact banks' business models most directly. For daily news and analysis subscribe to the www.fintechpeek.com newsletter. #FinTech #Payments #Finance

Federal Reserve Chair Jerome Powell is set to testify in front of Congress twice this month. And we’re working to make sure our allies in Congress pressure him on the lack of action by the Fed and other federal agencies for never implementing Section 956 of the Dodd-Frank Act, the 2010 bill designed to clean up Wall Street after the 2008 financial crisis. What is Section 956, you ask? It’s the part of the Dodd-Frank financial reform legislation that addressed one of the major causes of the 2008 collapse: incentive-based executive pay schemes that drove bank CEOs to engage in risky behavior leading up to the crisis. Section 956 requires six federal agencies, including the Fed, to develop regulation to stop these executive pay schemes that incentivize reckless decisions, put our entire system at risk of collapse, and force taxpayer bailouts to save our economy. Now, 14 years later, amidst plenty of Wall Street lobbying, there still aren’t any rules in place -- but the incentives for bank CEOs to encourage reckless risk-taking are still there -- with virtually no consequences for executives who get rich before a bank fails, leaving hardworking families stuck to pay the bill. Last month we held a virtual event with SEC Commissioner Jaime Lizárraga and partner organizations to highlight the urgent need for Section 956 and prepare everyone for the fight ahead. We simply MUST push these reforms over the finish line if we’re to prevent the next system-wide banking crisis. This summer, we have significant opportunities to pick up momentum and finally make it happen, starting with Chair Powell’s appearance before Congress later this month. 

It’s been a year since modest increases to bank capital requirements were proposed to prevent another financial crisis and protect Main Street, but we still have no decision from the banking agencies. This week on Capitol Hill Federal Reserve Board Chairman Powell said that the delays will continue as the banking agencies are planning a re-proposal of the rule. https://lnkd.in/g7jGDZ5H #WallStreet has worked tirelessly to mislead the public on capital and delay common sense proposals on capital. https://lnkd.in/etjkKnAG We urge Chairman Powell and his colleagues to stop the delays and implement common sense changes on capital. It’s time to act. https://lnkd.in/ebZp3AU2

📝 On Friday, The #FederalReserveBoard requested comment on a proposal to expand the operating days of the Federal Reserve Banks' two large-value #payments services to include weekends and holidays, so that they would operate every day of the year. 🗓️ ➡️ Learn more about the proposal: https://zurl.co/CqsD #paymentsproposal #FederalReserveproposal #paymentsrfc

A survey of more than 400 bank executives found that while many support the former president, the vast majority disagree with his attitude toward independence at the Federal Reserve — a stance that would impact banks' business models most directly. For daily news and analysis subscribe to the www.bankingpeek.com newsletter. #Banking #Finance #Fintech

Details of new US bank capital rules still uncertain with election looming LINK: https://lnkd.in/eFmzea8H #BankingAndFinanceNews #Banking #Regulations Please Repost

With Election Day approaching, the 2024 presidential race could bring significant change to the banking industry, as policies from Kamala Harris and Donald Trump diverge widely on key issues. From regulations and taxes to consumer protection, banks face a unique period of uncertainty as each candidate’s approach could reshape financial services. A new RMA Journal article explores what each potential administration might mean for the future of banking. https://lnkd.in/grRH5KpV

Details of new US bank capital rules still uncertain with election looming LINK: https://lnkd.in/eKeYJkpj #BankingAndFinanceNews #Banking #Regulations Please Repost

🗳️ Election Day: Planning for Change 🗳️ As we focus on decisions shaping our future today, it’s also a great time to reflect on strategies for navigating change in banking. Our latest Insights Report explores Deposit Strategies for a Changing Environment—a timely resource for banks looking to stay resilient and adaptable in shifting economic landscapes. Check out the report here to see how your institution can strategize effectively, no matter what’s on the horizon: https://lnkd.in/dWX5D6VF #ElectionDay #BankingInsights #DepositStrategies #FinancialPlanning #BCC

"(...) runs resembling the one on Lehman Brothers (2008) continue to threaten economic catastrophe. Each time a new run starts, a recession is avoided thanks primarily to massive government intervention (...). A report from Lev Menand, a Fellow at Roosevelt Institute, offers a guide for a much needed transformation of the banking practices. #banking #doddfrank #fdic #bankingreform #policy