Financial choice act.

[1srelluc]

30 some Senator went rogue.

• Banks across the country shuttered a record 2,927 branches in 2021, according to an S&P Global Market Intelligence report published Thursday.
• The net number of branch closures jumped 38% last year, from 2,126 in 2020 — itself a previous record.
• Wells Fargo, with 267, reported more net closures than any other bank in the U.S., followed by U.S. Bank at 257.

US banks close 2,927 branches in 2021, a 38% jump

Wells Fargo, with 267, reported more net closures than any other bank in the U.S., followed by U.S. Bank at 257. However, Huntington Bank saw 16% brick-and-mortar shrinkage, the most for a bank its size, S&P Global found.

www.bankingdive.com

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How is that working for you?

Just fine....Our banks aren't woke.

 

[2aguy]

Financial CHOICE Act (H.R. 10) is a bill introduced to the 115th United States Congress in 2017 that would, if enacted, roll back "many of the protections in the landmark Dodd-Frank 2010 federal law, including the "strongest" Wall Street "regulations from the financial crisis.[1] The legislation passed the House 233–186 on June 8, 2017.[2] The 600-page[1] legislation was crafted by Congressman Jeb Hensarling (R-TX), chair of the House Financial Services Committee.[2]

Timeline[edit]​

The bill passed the Republican-led House on June 8, 2017 along party lines.[2]

Financial CHOICE Act - Wikipedia

en.wikipedia.org

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If only tramp wasn't Pres. This is all due to him.

What a joke.........this bank catered to leftists in California, and likely because of this, they received hands off from the democrats in the federal bureacracy.....

 

[yidnar]

It's his fault, you want limited gov. How is that going to work for with all the health you guys suffered, flood ins and hurricanes, one after another, how is that going to work for you red states.

floods and hurricanes ...blame Trump
forgot about that one ...

 

[Papageorgio]

30 some Senator went rogue.

• Banks across the country shuttered a record 2,927 branches in 2021, according to an S&P Global Market Intelligence report published Thursday.
• The net number of branch closures jumped 38% last year, from 2,126 in 2020 — itself a previous record.
• Wells Fargo, with 267, reported more net closures than any other bank in the U.S., followed by U.S. Bank at 257.

US banks close 2,927 branches in 2021, a 38% jump

Wells Fargo, with 267, reported more net closures than any other bank in the U.S., followed by U.S. Bank at 257. However, Huntington Bank saw 16% brick-and-mortar shrinkage, the most for a bank its size, S&P Global found.

www.bankingdive.com

------------------------------------
How is that working for you?

2020 was Covid, they shut branches and after learning that it was cheaper to close branches and they lost no customers is a pretty good clue they could close more. Many Walgreens, Walmarts, and other stores have shifted their focus to online sales and closed stores. It has nothing to do with deregulation, it has a lot to do with increasing profits.

Look at how little we need to go to a bank, I get any loans online and all handled electronically, my payroll is deposited electronically, money is mostly handled by debit and credit cards, I can’t remember the last time I went to a bank or even an ATM. The world is changing and whether the bill was passed or not, this trend was going to happen.

 

[Ame®icano]

Financial CHOICE Act (H.R. 10) is a bill introduced to the 115th United States Congress in 2017 that would, if enacted, roll back "many of the protections in the landmark Dodd-Frank 2010 federal law, including the "strongest" Wall Street "regulations from the financial crisis.[1] The legislation passed the House 233–186 on June 8, 2017.[2] The 600-page[1] legislation was crafted by Congressman Jeb Hensarling (R-TX), chair of the House Financial Services Committee.[2]

Timeline[edit]​

The bill passed the Republican-led House on June 8, 2017 along party lines.[2]

Financial CHOICE Act - Wikipedia

en.wikipedia.org

----------------------------------------

If only tramp wasn't Pres. This is all due to him.

This thread is brought to you by "I'm clueless, and speaking out of my ass, again", Penelope.

 

[Ame®icano]

How did this bill in 2018 cause the bank to fail? I read your link there is no reason given. Can you expound on your conclusion and how you reached it?

She can't. She's clueless bimbo that talks for sake of talking.

The law she's talking about had no effects on SVB and/or big banks, it just raised threshold for Fed oversight from $50 to $250 billion in assets.

 

[Ame®icano]

That explains nothing, how did it cause a private company to fail? If is as bad as you claim, why didn’t the last Congress with Democratic majorities overturn the very bad bill?

You wanna know how SVB failed? Just put four women, as clueless as Penelope is to their "investment committee", and wait watch miracle happen.

 

[Ame®icano]

How did this bill in 2018 cause the bank to fail? I read your link there is no reason given. Can you expound on your conclusion and how you reached it?

You can read!

Unlike you, he can.

 

[Ame®icano]

• SIVB
  0.00%
• BK
  +4.10%
• RF-PC
  +1.45%
• FHN-PE
  +15.78%
• CMA
  +11.51%
• +9

Ty Haqqi
Tue, March 14, 2023 at 10:47 AM EDT·9 min read


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In this article, we will be taking a look at the 25 largest banks in the U.S. by asset size. To skip our detailed analysis, you can go directly to see the 10 largest banks in the U.S. by asset size.

25 Largest Banks in the US by Asset Size

In this article, we will be taking a look at the 25 largest banks in the U.S. by asset size. To skip our detailed analysis, you can go directly to see the 10 largest banks in the U.S. by asset size. The collapse of SVB Financial Group (NASDAQ:SIVB) has sent shockwaves not just through the […]

finance.yahoo.com

If there is a point you trying to make, and there isn't, it would be much easier to read if you could format it correctly. I guess that just another one of your assigned misfortunes.

 

[Ame®icano]

Actually it was the EGRRPCA which allowed the collapse of SVB to happen.

Economic Growth, Regulatory Relief, and Consumer Protection Act - Wikipedia

en.wikipedia.org

https://www.fdic.gov/news/board-matters/2019/2019-10-15-notice-sum-b-mem.pdf

Section 401 of EGRRCPA amended section 165(1)(2)by: (1)raising the minimum asset threshold for stress tests from $10 billion to $250 billion;(2)replacing the requirement for "annual"stress tests with a requirement for "periodic" stress tests; and (3)eliminating the "adverse"scenario requirement. The EGRRCPA amendments become effective on November 24, 2019 (eighteen months after enactment).


In 2021, SVB increased their holdings of bonds by 159.5 percent, loading themselves up with astronomical interest rate risk.

A stress test would have revealed just how far out in the wind they were.

Another clueless "fishing in mud" post. Misleading too.

Stress test would reveal nothing, since effects of inflation did not take place yet. What really hit them is Biden's inflation, because their all-star "investment committee" put money in long term mortgage securities, like 10 years. The cheap money became expensive when interest rates went up, and it become harder to raise funds, so they burned through their deposits to keep operating. If they invested in short term treasuries, five years or less, they would be fine. Did you know that they paid bonuses to their employees last Friday?

 

[Ame®icano]

g5000

Just to clarify why you're wrong. Based on your last post, I have no expectations you'll understand any of this, but others probably will. Click on images to enlarge.

As shown below, there is solid profitability last quarter, higher net interest margin, offset by lower non interest income, and higher non-interest expenses.
Higher than pre-COVID due to the enormous government spending.

Net interest margins are now higher than pre-COVID. Raising rates have been good for banks. However the deposits are starting to catch, maybe 1-2 quarters before roll-over in NIMs.

Very large non-realized losses that could be realized if the Banks need to raise liquidities.
HOWEVER the reserve coverage has never been better so, so need for liquidity not in the next few quarters. Not in the next 2 quarters?

Reserve ratios are super high. Stress in banks = ZERO, no need to rely on interbanking if you have so much reserves.

There are not many banks with problems, since all the crap they hold has been moved to the Fed's balance sheet (now the systemic bank- currency pb)

Soooo, where is the problem, exactly?

Inflation. If currency plunges (and is plunging) the worst is cash and long bonds. The commodities do fine. The Equities that rely on leverage and sit at the top of the Maslow scale of consumption suffer, because purchase power of people suffer, that is they can earn more dollars, that is worth much less.

Bottom line, there should be no bailouts. Let them fold. But socialist can't do that, they can't let crisis go to waste. It will be testing ground for all future bank take overs.

 

[yidnar]

Limited gov sucks. A S.C house just fell in the ocean, that will be on the taxpayers.

yeah big gov works ... ask the people in Venezuela .

 

[dblack]

Limited gov sucks.

Yeah! Unlimited government is the way to go. Totalitarian much?