Banks eased criteria and terms on loans to businesses during the second quarter, and saw higher demand for such loans, according to a Federal Reserve survey of loan officers. Banks also reported higher demand and easing of standards for credit card loans, auto loans and some other types of consumer loans.
Shares of Tencent and some of its rivals fell sharply after an article in Economic Information Daily, a state-owned Chinese media outlet, strongly criticized the effect gaming has on young people. Tencent said it will introduce stricter controls for minors related to playing time an in-app purchases.
The market for "buy now, pay later" lending is poised for substantial growth, boosted by Square's purchase of Afterpay, writes Alyson Clarke, a principal analyst for Forrester. The BNPL market has been largely unregulated thus far, but regulators are now raising scrutiny of the practice, Clarke writes.
Bank of America is making a $314 million investment in NY Green Bank, marking the largest fundraiser ever by a US green bank, according to the Coalition for Green Capital. Under the deal, BofA will receive a portion of NY Green Bank's energy portfolio.
Desiree Fixler, who was fired in March as sustainability chief of Deutsche Bank's asset management unit DWS, says her dismissal came because she was too vocal in her concerns that the firm exaggerated its commitment to ESG investing. Fixler says a month prior to her termination, she told board members that the firm had no clear ESG direction, strategy or policies, and that its ESG specialists were kept on the fringe of its core activities, which contrasts with the statement in the DWS annual report that says: "As a firm, we have placed ESG at the heart of everything that we do."
An analysis by Federal Reserve researchers examines who received forbearance relief on a range of debt types during the coronavirus pandemic. The researchers found that low-income renters and debtors, and those from nonwhite and less-educated households, received forbearance in greater numbers on many forms of debt, such as rent, auto and credit card loans, while high-income households were granted forbearance on mortgage repayments in greater numbers.
Digital bank Alliant is the latest financial institution to eliminate overdraft fees, as lawmakers discuss possible legislation to restrict them. Richard Hunt, president and CEO of the Consumer Bankers Association, has said that such legislation "would only drive consumers to predatory payday lenders or pawn shops, neither of which provide the same safety and soundness as well-regulated and well-supervised banks."
Kathleen A. Scott, a longtime bank regulatory attorney with Norton Rose Fulbright, has been named deputy superintendent of banking at the New York Department of Financial Services. Scott will coordinate the supervision of banks and other financial institutions.
US Bank is adding a video feature for retail customers that allows them to virtually connect and share a screen with bank staff. Digital banking researcher Emmett Higdon says banks have been generally slow to adopt video technology, but he expects its usage to grow.
The Bank for International Settlements has published a paper calling for tougher regulation of fintechs that offer banking services. Regulators should not only scrutinize fintechs for risk and consumer protection but should also consider antitrust and data governance matters, according to the paper.
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