Daily News Digest

 

September 10, 2019


The Wall Street Journal

  • EDITORIAL: The Wall Street Journal lauds FHFA Director Mark Calabria for his ambitious plans for reining in Fannie Mae and Freddie Mac, but laments that Calabria is unlikely to get much help from Congress. (The Senate Banking Committee will hold a hearing on the plan this morning.)
 

New York Post

  • Chaos continues to plague the British government, where Prime Minister Boris Johnson failed to obtain Parliament’s approval for a new election. Johnson says he will have to go to Brussels to negotiate the U.K.’s exit from the European Union by the October 31 deadline, whether or not there is a deal at home. However, a law preventing a “no deal Brexit” took effect yesterday. The stocks of Irish banks are being battered in the tumult.
  • Michigan has approved a charter for a credit union specifically designed to serve the LGBTQ community. Superbia Credit Union says it will begin offering online service in 2020. Some studies show that same-sex couples have more difficulty obtaining loans.  The credit union will also offer loans for transgender people in the process of transitioning.
  • Consumer borrowing growth doubled in July, mostly driven by credit card use.
 

The New York Times

  • Federal prosecutors have launched a probe into alleged lending fraud in the New York City taxi industry. Potential charges could include bank, wire, and mail fraud. All of the credit unions under investigation involved in medallion financing have been closed by federal regulators for unsafe and unsound banking practices.
 

Politico

  • The Senate and House are expected to agree on a stop gap spending measure that will avoid a government shutdown on September 30. 
  • The Joint Economic Committee is set to explore “Making it More Affordable to Raise a Family” in a hearing this afternoon.
 

American Banker

  • With Senator Elizabeth Warren’s growing Presidential polling approval, which threatens frontrunner Former Vice President Joe Biden, this week’s debate could feature starkly differing views of financial and banking policy. Banking could take center stage at the debate on September 12.
  • M&T Bank officials told investors that the bank is well-positioned to withstand lower interest rates because it has been aggressively deploying balance sheet management techniques, such as rate hedges.
 

Albany Business Review

  • Hemp growers hope Governor Cuomo will soon sign legislation creating regulations for the growing, processing, and selling of hemp products. Hemp is one of the State’s fastest-expanding industries. A hemp trade group favors regulations, as it believes rules will help the industry rather than hinder it.
  •  Tom Amell, President and CEO of Pioneer Bank, Jennifer MacPhee, Albany/Hudson Valley Market President of Bank of America, and Kawanza Humphrey, Corporate Responsibility Officer of KeyBank, have been selected to a national list of 100 notable financial executives who are having an impact on business being done in communities across the nation. 





Questions?

Karen Armstrong
Senior Vice President, Communications and Political Action
karmstrong@nyba.com


Duncan McCausland
Marketing and Communications
dmccausland@nyba.com