Crypto Markets News 

S&P Global: Bitcoin Is Unlikely to be a Destructive…

“A market intelligence group has said that cryptocurrencies such as bitcoin are a long way off from being a destructive force in the financial sector” writes Rebecca Campbell for livebitcoinnews.com. In a research note published today S&P Global wrote that digital currencies were unlikely to have an impact despite increased public interest unless they are regulated, reports Business Tech.S&P Global believe that if bitcoin and other cryptocurrencies were backed by central banks, the banks would be in a better position to predict the demand for the coins.The cryptocurrency market may…

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Crypto News 

Ex-JP Morgan trader says a “trench warfare” is going on in the cryptocurrency space

“Masters is a former trader with JP Morgan and ran their New York energy trading business in the 1990s” reports forexlive.com. He claims that banks “don’t want to touch the core currency, which is Bitcoin or Ethereum, they’re suspicious about the industry itself”.JP Morgan recently issued one of the largest reports on cryptocurrency yet seen”.Since then, he started his own commodities fund, Global Advisors – which has then switched its focus to cryptocurrencies in 2014. Source: forexlive.com Share This:

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Billion dollar diamond fraud case puts India’s state banks in focus

“In Indian banks, we don’t work under ideal situation,” the executive, who declined to be identified, said during an interview at his office” reports businessinsider.com. Asked about the password sharing, the senior Punjab National Bank executive said it was not best practice but in the everyday bustle of Indian banks it happens.To control such risks, most private sector banks require branches to route SWIFT messages through their central offices, Diwanji said.A preliminary investigation by the nation’s tax authority said of the PNB fraud that “the hit Indian banks would take…

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Crypto News 

Crypto is forcing banks to innovate for the first time in 40 years

“Across the world in the United States, the domestic banking system has been working on something similar” writes Simon Black for businessinsider.com. Yesterday morning, several banks in Australia started rolling out a new payment system they’re calling NPP, or “New Payments Platform.”. The entire banking system keeled over in astonishment over Bitcoin’s rise, and they’ve been forced to come up with an answer.NPP, RTP, and all the other new protocols are faster and more efficient than most cryptocurrencies.And rather than funds transfers being restricted to the banks’ normal business hours,…

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Markets News 

Banks are the sweet spot of this market that’s about to get a lot tougher

“Higher rates let banks increase lending rates and make it more attractive for people to deposit cash in bank accounts” writes unknown author for cnbc.com. Interest rates have surged to multiyear highs recently as inflation shows signs of life.But financials, particularly the big banks, benefit both from higher interest rates and volatility.”Interest rates are on the rise.”.  Source: cnbc.com Share This:

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U.S. Bank settlement shows Trump isn’t giving misbehaving lenders a free pass

“The company limited staff and other resources for the unit and then imposed strict caps on the number of transactions subject to anti-money laundering review, he said” writes James Langford for washingtonexaminer.com. President Trump hasn’t been shy about making good on his campaign promise to loosen burdensome regulations for businesses, especially banks.Under the terms of the settlement, the criminal charges will be dropped if the bank maintains a clean record for two years.The 1970 law requires lenders to help the government spot crimes from money laundering to terrorist financing, but…

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Crypto News 

Bitcoin Isn’t the Currency for Money Laundering, US Bank Pays $613m Fine

“Money laundering has always been a big problem in the financial sector” reports newsbtc.com. Money laundering will always be facilitated by the banking system.These companies perform checks to prevent money laundering as well.One could argue money laundering is a sold as the banks themselves. Source: newsbtc.com Share This:

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Kept out: Loophole in law for the poor spurs gentrification

“The comptroller called TD Bank’s lending performance good in Philadelphia and rated it as high satisfactory for the whole country” reports foxbusiness.com. Like other banks, Firstrust, which passed its most recent Community Reinvestment Act assessment in 2014, rarely lends to African Americans.Jacobs’ bank, TD Bank, goes even further, waiving costly mortgage insurance requirements for low down payment loans.The law was designed to correct the damage of redlining, a now-illegal practice in which the government warned banks away from neighborhoods with high concentrations of immigrants and African Americans. Source: foxbusiness.com Share This:

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Here’s a definitive guide to the state of each business on Wall Street, which is coming off a ghastly year

“Here’s a breakdown of the state of every line of business on Wall Street” writes Alex Morrell for businessinsider.com. Wall Street investment banks had a ghastly year in 2017, with revenues sinking to $150.4 billion — the lowest level since 2008.Even with volatility jolting back to life thus far in 2018, investment banks face a tough road ahead to fattening revenues and reviving their trading operations.The dismal year was led by banks’ underperforming trading departments, which were plagued by low volatility. Source: businessinsider.com Share This:

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8 lenders that aren’t serving people of color for home loans

“The company’s two largest markets are the racially diverse cities of Chicago and Milwaukee, but in 2014, the year before its settlement with HUD, 92 percent of the company’s conventional mortgage loans went to whites” reports foxbusiness.com. Federal lending documents show 97 percent of the home loans it made in 2015 and 2016 were to whites.First National Bank in Staunton – “Community banks care about their communities” Headquarters: Staunton, Illinois The skinny: The St.In the years before, it took in a higher proportion of mortgage applications from people of color…

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