Tag Archives: Banks

It appears that banks are quickly adapting their policies to the current darkening economic outlook. In the US, the country’s fourth-largest lender – JP Morgan, is raising its mortgage borrowing standards as a response to the situation.JP Morgan Raising Mortgage Borrowing StandardsBorrowing money against a mortgage will be harder for US citizens starting tomorrow, April 14th. This became clear as the country’s fourth-largest lender, JP Morgan, was reported to increase its mortgage borrowing...

The Bank of Korea (BOK) has initiated a test program to check the capabilities and necessary technologies required for launching a central bank digital currency (CBDC). Despite the testing, though, the bank noted that the chances of issuing its own cryptocurrency are slim due to lots of competition.BOK Tests CBDCA local report from earlier today informed about the actions from the Bank of Korea. It indicated that the test program began last month and will provide a decisive conclusion by the...

Amid the spread of the COVID-19 pandemic, world governments and central banks should focus on launching CBDCs, a BIS report suggested. By using digital currencies, people could avert cash, credit card terminals, or PIN pads – which may transmit the novel virus.Coronavirus And MoneyThe COVID-19 outbreak took the world by storm. Over 1.2 million confirmed cases and 65,000 deaths since the start of the year. What’s even more threatening is the speed in which the virus spreads.Some reports...

Toilet paper isn’t the only thing people are hoarding during the coronavirus panic. In a sign of the times, FDIC Chair Jelena McWilliams literally asked Americans not to hoard cash under the mattress. That is not the message you want to turn on your television to hear the government telling people.Because that means it’s getting terrifyingly real out there.Is The FDIC Scared of A Bank Run?The FDIC is the Federal Deposit Insurance Corporation. It was created by President Franklin D. Roosevelt...

The First State Bank in Barboursville, West Virginia, is amongst the first financial entities to shut down operations during the COVID-19 outbreak. The Federal Deposit Insurance Corporation (FDIC) announced the news yesterday, noting that it has brokered the sale to MVB Bank.West Virginia Bank Shutting DownThe West Virginia state regulator closed the First State Bank in Barboursville yesterday. The FDIC was appointed receiver and later brokered the sale of all assets and all four branches to...

After years of purchasing significant quantities of gold, the Central Bank of Russia will seize buying more as of April 1st. The country announced it yesterday without explaining the move.Local analysts, however, claimed that the nation already has a lot of gold stashed in reserves and might start selling to international investors because of the high demand.Russia Stops Buying GoldThe precious metal is often regarded as the preferable safe-haven investment instrument by many. Individual or...

South Korea’s largest bank, KB Kookmin Bank, is expected to launch a cryptocurrency custody service shortly. The entity has filed a trademark application for KBDAC – KB Digital Asset Custody back in January for various services, including investment, and digital asset trading.KBDAC Launching Soon?A local report from today informed that the giant South Korean bank has applied for the patent at the end of January this year with the Korean Intellectual Property Office. According to the latter,...

Efforts to contain the coronavirus pandemic have erupted into a disastrous and panicked shutdown of the economy by Western governments. The term “Marshall Law” (correct spelling: “Martial Law”) trended on Twitter last weekend. While many scoffed at this characterization of coronavirus containment efforts, it’s not entirely off base.In New York City, police can arrest bar and restaurant owners if they remain open. That’s to stay compliant with the mayor’s strict executive order to lock down...

The latest Bitcoin adoption news came from one of the oldest Italian banks – Banca Sella. The bank launched a Bitcoin trading service conducted on its platform called Hype. The beta testing should be done within the next few days, and the service will be online for all customers.Bitcoin Trading Available to 1.2M ItaliansFounded in 1886, Banca Sella is among the well-known banking institutions in Italy. Its Hype platform, which now includes a Bitcoin trading service, already operates with over...

In a time of economic uncertainty, Brian Brooks, the Chief Legal Officer of Coinbase, has publicly stepped down from the company and is now moving on to serve the U.S. government as the Chief Operating Officer and First Deputy Comptroller of the OCC.According to the Office of the Comptroller of the Currency (OCC), Brooks’ new position will become effective as of April 1st, 2020. The designation was made by the OCC’s current Secretary of the Treasury, Steven T. Mnuchin, stating that Brooks,...