Polo Rocha is a Washington D.C.-based reporter who covers consumer finance and national banking trends. He previously covered the Federal Reserve at S&P Global Market Intelligence and state politics at WisPolitics.com. He graduated from the University of Wisconsin-Madison and is pursuing a master's in finance degree at Johns Hopkins University.
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Thomas Nides, a former U.S. ambassador to Israel and longtime Morgan Stanley executive, will take over the megabank's public affairs division as its work to fix regulatory concerns continues. He succeeds Bill Daley, the former chief of staff to President Barack Obama, who recently announced his retirement from Wells.
By Polo RochaSeptember 22 -
When 55 banks were asked to provide metrics on the health of their commercial real estate borrowers, some of them gave data that was six months old. The survey by Moody's Investors Service also found that certain borrowers are already struggling, and others could hit trouble soon, since they'll need to refinance at high interest rates.
By Polo RochaSeptember 7 -
The Alabama-based regional bank didn't effectively track whether some loans complied with flood insurance regulations, according to the Fed. Regions said that it had fixed the issue by 2017.
By Polo RochaAugust 22 -
The company is rolling out a special-purpose credit program to help address what it describes as "the biggest barriers to achieving homeownership." Such programs are gaining popularity among banks.
By Polo RochaAugust 10 -
While financial markets wobbled after Fitch Ratings reduced the U.S. government's credit rating, analysts said the action should have little long-term impact, similar to a downgrade by Standard & Poor's in 2011. JPMorgan Chase CEO Jamie Dimon argued that Fitch's action "doesn't really matter that much."
By Polo RochaAugust 2 -
The bank's allowance for losses on commercial real estate loans jumped to $3.6 billion in the second quarter — up 64% from a year earlier. The negative forecast could portend trouble for smaller banks that have bigger exposure to the office sector.
By Polo RochaJuly 14 -
CEO Curtis Farmer said the warehouse sector, where Comerica provides lines of credit to mortgage banking companies, has not been providing much help as the company seeks to bolster deposits.
By Polo RochaJune 13 -
When the once-ubiquitous interest rate goes away at the end of June, some businesses that have older loans may see a sudden jump in their payments. Banks, lawyers and business leaders are doing last-minute work to avoid that scenario.
By Polo RochaJune 1 -
Once it is free to issue new debt, the Treasury Department is expected to quickly replenish its general account at the Fed. The move could lead to a shortage of reserves.
May 30 -
Balances reached nearly $1 trillion at the end of the first quarter, up 17% from a year earlier. The increase reflects higher spending by well-off consumers on travel and entertainment, as well as the pressure that lower-income households are facing from inflation and higher interest rates.
By Polo RochaMay 15