US companies raised a quarterly record of almost $190 billion from the end of March to the end of June, according to Dealogic, as they rushed to insulate balance sheets from the coronavirus pandemic through initial public offerings and stock issuance. The activity prompted a surge in bank fees.
Wells Fargo executives are drawing up plans to cut thousands of jobs, sources say, as analysts predict the lender could post its first quarterly loss in more than 10 years.
Fintech SoFi is renewing its plans to become a national bank and has applied for a de novo charter with the Office of the Comptroller of the Currency. The firm had withdrawn its 2017 application with the Federal Deposit Insurance Corp. and Utah bank regulators.
The San Francisco Federal Reserve Bank will host biweekly research seminars on the impact of climate change. Fed attention has in recent months centered on its response to the fallout from the coronavirus pandemic.
A New York state appeals court has ruled that cryptocurrency exchange Bitfinex must face charges by New York authorities that the firm hid more than $800 million in client and corporate losses. The appeals court rejected Bitfinex's argument that New York has no jurisdiction over the firm.
This series of graphs is an interesting illustration of the unemployment numbers from the first half of 2020. It shows pandemic-related job losses weren't equal across sectors and types of workers, and the recovery has also been segmented.
Wells Fargo is donating the fees it earned from processing Paycheck Protection Program loans toward efforts to help small businesses recover from the coronavirus pandemic. The bank has pledged some $400 million, at least $28 million of which will go to non-profit lenders that cater to minority-owned businesses.
Rep. Joe Courtney, D-Conn., is proposing a bill that would allow borrowers to refinance their private student loans as federal student loans. Those who take out private student loans through banks do better than students with federal loans and "[m]ore attention should be given to implementing common-sense reforms to federal student loans to help students better understand the amount of federal debt they are responsible for repaying," said Nick Simpson, senior vice president of the Consumer Bankers Association.
California Assembly members David Chiu and Miguel Santiago introduced legislation that would create a public bank for the state. "We need a state public bank to ensure the state's money is going to work for the people," Chiu said.