Monday, April 23, 2012

Rule change helps small banks

Welcome to the morning roundup. Here's a look at today's banking and finance headlines.

Help for small banks. The JOBS Act includes a provision that raises the number of shareholders small banks can have before being required to register with the SEC, the Wall Street Journal reports. The act, meant to boost hiring by reducing regulations, will allow small banks to have 2,000 shareholders before registering - meaning they can attract new investors without worrying about new rules.

Housing system fix. Republican and Democratic lawmakers agree they want to wind down Fannie Mae and Freddie Mac - but it is unlikely Congress will soon tackle the task, Reuters reports. Fannie and Freddie now support about 60 percent of all new U.S. home loans.

Bank moves. UBS has hired Bank of America's James Forbes as a vice chairman as it revamps its U.S. investment bank, Bloomberg writes. That adds to a series of recruits from Merrill Lynch.

Chinese banks. China's banks are light on capital after a government-prompted lending spree, the New York Times reports. Within the last year, seven of the country's biggest banks tapped the markets for more than $51 billion in new funds.

Stocks slump. Stocks continued to fall Monday on trouble in Europe and other economic concerns, CNBC reports.


Dolley said...