| Daily news for the equipment finance sector |  |
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- 17 of 18 biggest financial companies pass stress test
Most banks have sufficient capital to survive another financial downturn, the Federal Reserve said as it released results of the latest stress test. "Significant increases in both the quality and quantity of bank capital during the past four years help ensure that banks can continue to lend to consumers and businesses, even in times of economic difficulty," said Daniel Tarullo, a Fed governor. Ally Financial is the only bank that did not meet the Fed's standards. The Wall Street Journal
(3/7)     
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Analysis: Fed stress test might understate derivatives exposure: The Federal Reserve's stress test of banks highlights problems with the more lenient U.S. method of derivatives accounting, which might make banks look stronger than they would under the corresponding European method. European derivatives accounting does not let banks net out contracts owed to one another, while the U.S. method does. The U.S. method could disguise the true state of banks' exposure to derivatives and their overall balance-sheet health, analysts say. CNNMoney/Fortune/Term Sheet blog
(3/7)
| Market Trends | | |
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- Rise in household debt might point to spending trend
An annualized 2.5% increase in household debt in the fourth quarter might have ended deleveraging that had been weighing on the economy since 2008. A Federal Reserve report also shows substantial growth in the net worth of households, increasing $1.1 trillion, to $66 trillion. Reuters
(3/7)
- Fed report on economy is cautiously upbeat
The Federal Reserve maintains a broadly optimistic tone in the Beige Book, citing a pickup in consumer spending and a resurgent housing market. "For the Fed, it's slow progress but not enough to alter its rate of asset purchases," BNP Paribas economist Yelena Shulyatyeva said. Reuters
(3/6)
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- Banking panel blasts regulators for "too big to jail"
The Senate banking committee has criticized regulators for not prosecuting more banks for financial wrongdoing. In addition to fines, regulators should look to tools such as injunctions and banning individuals from working in the industry, instead of playing "pass the potato" with responsibility, says Sen. Mark Warner, D-Va. The Hill/RegWatch blog
(3/7)
- Banks face investigations over debt collection
State and federal regulators are looking into whether big banks passed along faulty information to debt collectors, who then used such information to pursue judgments against credit card customers. The Consumer Financial Protection Bureau, attorneys general in several states and other federal regulators are investigating paperwork and debt records that banks gave to debt collectors, sources say. Reuters
(3/7)
- OCC's Pasch voices concerns about banks' capital models
Ron Pasch, an official at the Office of the Comptroller of the Currency, says regulation of financial institutions should be adjusted to ensure greater consistency in capital models. "What you hope -- when you ask banks to run the same trades through their models -- is that you get similar results, and that was really about trying to ensure we have consistency in the application of the Basel standards," said Pasch, a member of the standards-implementation group at the Basel Committee on Banking Supervision. "What we found, though, was that even when we have the same portfolio running through various models, there were a range of outcomes. And the range was significant." Risk.net (subscription required)
(3/7)
| ELFA Member News | | |
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- Benson becomes director of membership at ELFA
Julie Benson has joined ELFA as director of membership. She will lead the association in recruiting, retaining and renewing members. Previously, she was director of administration and operations at the Insured Retirement Institute. Read more.
| ELFA News | | |
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Take your career to the next level
Whether you're looking for a job or looking to fill a position at your company, the ELFA Career Center is your go-to online employment resource. Jobs posted include:
- Sales -- Site Support Representative -- Contractor at Ritchie Bros. Financial Services
- Business Analyst at Oracle
- Regional Sales Representation at IFS
- National Vice President for Sales at Cole Taylor Equipment Finance
Browse these and more jobs or list your openings in the ELFA Career Center!
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Are you a bank, independent or captive executive? Join the conversation at the April 9 Best Practices Roundtables
ELFA will hold three invitation-only Best Practices Roundtables -- bank, independent and captive -- designed to gather senior leasing and finance executives for information sharing and critical thinking about issues they are facing as leaders of their organization.
Each round table is scheduled from noon to 4:30 p.m. April 9, the first day of the National Funding Conference.
Attendance is by invitation and is open to ELFA member companies only. Keep an eye out for your e-mail invitation! For questions, contact Alexa Carnibella at acarnibella@elfaonline.org or (202) 238-3416.
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