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"Former US President Donald Trump's victory and anticipated Republican control of the Senate and possibly the House should lead to a shakeup of some key legislative and regulatory positions affecting the bank sector.
Financial stock investors seemed pleased overall the day after Election Day, as the KBW Nasdaq Bank index closed up 10.69%, while the S&P 500 closed up 2.53%. The bounce was driven by expectations for regulatory relief.
'In general, we expect aggressive actions by the next group of financial regulators, who will feel emboldened to undo many Biden-era rules,' Ian Katz, managing director at Capital Alpha Partners LLC, wrote in a note on Nov. 6."
"Today, I'm excited to speak with Brian Argrett, Chair of the Board Directors and President and CEO of Broadway Financial Corporation and its banking subsidiary City First Bank, the largest Black-led minority depository institution (MDI) in the nation.
Impact investing is an increasingly important topic for enterprise families and family offices. Our conversation today focuses on a truly unique and attractive avenue for positive impact available to enterprise families and family offices, which is made possible thanks to the Advancing Communities Together Deposit Program, or ACT – an innovative program that provides an easy and fully insured way for family offices to invest their excess cash directly in the financial institutions dedicated to lifting up communities in need."
"The Bank Policy Institute, the Kentucky Bankers Association and a community bank in Lexington, Kentucky, filed a lawsuit late Tuesday against the Consumer Financial Protection Bureau and Director Rohit Chopra, challenging the agency's open banking rule.
The 56-page lawsuit, which was filed on the same day that the CFPB released its final rule on open banking, alleges that the bureau exceeded its statutory authority. The lawsuit also claims the CFPB is jeopardizing the safety and soundness of the banking system by limiting banks' discretion to deny third parties access to sensitive financial information."
The following are remarks on entrepreneurship from Lisa. D Cook of the Board of Governors of the Federal Reserve System at the 2024 Women for Women Summit in Charleston, South Carolina:
"Today I would like to talk with you about the important role startups, new businesses, and entrepreneurship play in our economy from the perspective of a Federal Reserve policymaker. I also want to share a bit of my story. Just like many of you—including those who have started a business or those who dream of doing that someday—I have faced and overcome hurdles along a winding path."
"We need more housing supply in America. It is the most important thing we can do to lower the cost of housing. It is true that accomplishing this goal is going to take more than federal money; it is also going to require state and local governments to put in place reforms that make it easier to build housing. But we should not underestimate the important role federal dollars can play buying down the cost of capital as well as creating incentives for local and state governments to support housing construction."