Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Review: TD Aeroplan Visa Infinite Card Oct 11th
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Fed ramping up pressure for biggest US banks to shrink to become less risky for system
– canadianbusiness.com
WASHINGTON – The Federal Reserve is pushing the biggest U.S. banks to shrink so that they’re less of a risk to the financial system.
In testimony at a Senate hearing Tuesday, Fed Gov. Daniel Tarullo highlighted several proposals that regulators are working on. They include imposing additional capital requirements for the eight largest banks — including JPMorgan Chase, Citigroup and Bank of America — that exceed the levels mandated by international regulators. That means the banks would have to set more cash aside and raise more money to increase their cushions against unexpected losses.
The amount of these “capital surcharges” would increase in proportion to how risky the regulators deem a bank to be, Tarullo told the Senate Banking Committee. That could push them to cut their risk and become less risky to the system. They would have an incentive to shed businesses and get smaller because otherwise they’d have to set aside more capital. Some of the banks have grown bigger since the crisis…
In testimony at a Senate hearing Tuesday, Fed Gov. Daniel Tarullo highlighted several proposals that regulators are working on. They include imposing additional capital requirements for the eight largest banks — including JPMorgan Chase, Citigroup and Bank of America — that exceed the levels mandated by international regulators. That means the banks would have to set more cash aside and raise more money to increase their cushions against unexpected losses.
The amount of these “capital surcharges” would increase in proportion to how risky the regulators deem a bank to be, Tarullo told the Senate Banking Committee. That could push them to cut their risk and become less risky to the system. They would have an incentive to shed businesses and get smaller because otherwise they’d have to set aside more capital. Some of the banks have grown bigger since the crisis…
The Federal Reserve's Too Cozy Relations With Banks
– online.wsj.com
Working at the Fed shouldn’t be an audition for a Wall Street job. Waiting periods and other reforms are needed.5 Golden Rules for Student Credit Card Use
– ratesupermarket.ca
Fewer millennials are carrying a credit card these days, according to a recent poll by website Bank Rate. The American survey, which telephone polled 1,161 adults, found 63 per cent of those under 30 do not have a card. While these findings are affected by south-of-the-border legislation that limits credit card options for those under 21, it was also found that debt averstion – aka the fear of falling into a debt hole – is growing among this age group.
In Canada, however, where primary cardholders need only be 18 years of age, college campuses are rife with credit card kiosks, with some campuses in exclusivity deals with lenders. It takes only a stroll through the student centre for a freshman to be offered a credit card application. They should certainly proceed with caution – but should they say no?
The consequences of poor credit habits, especially at an early age, are costly and long lasting. But avoiding credit cards altogether could do students a disservice; it is at this time when responsible debt habits create a credit history and pave the way for mortgage qualification, insurance and other forms of borrowing down the road…
