Have bank stocks reached an inflection point?
After a steep sell-off early in 2023, the sector has recovered ground in summer trading as recession worries ease. But investors remain wary because loan demand is light, deposit costs are high, and net interest margins are under pressure.
German financial watchdog BaFin has appointed an independent monitor to oversee Deutsche Bank's progress in resolving issues at its consumer unit. It's the second time BaFin has taken the unusual step since Christian Sewing became CEO in 2018.
The Federal Reserve governor said existing reports, including one published by the Fed's inspector general last week, were too limited in scope.
Making the Consumer Financial Protection Bureau's funding subject to congressional appropriations would bring some much-needed accountability to a runaway regulator.