SCOTUS/STUDENT LENDING FORGIVENESS: Any day now SCOTUS will render their verdict if up to $20k in student loans can be forgiven without any action by Congress (where do I sign up to include my $13k debt from 1989?). There will heated arguments throughout this country regardless of the outcome. But here is the real deal: this is strictly a band aid approach that will only help a specific set of folks. The debt ticker has already started on millions of students (and their parents) who are entering college. Embarrassing how Congress and/or the Administration (both parties) have done nothing to address the cost of college.
EXECUTIVE COMPENSATION BILL: No doubt there should be consequences for executives of failed banks who commit fraud, etc (not just failed banks). But they should rename the bill after Lululemon. Follow me here: apparently Lululemon gave the green light for criminals to steal merchandise from their own stores, and this Exec Comp bill exempts executives working at a bank under $10 billion from this bill. Shouldn’t fraud not be tolerated at ANY bank? And if the community bank groups are so sure their bankers would never commit any fraud, shouldn’t they set a gold standard by including their membership?
BANKING CONSOLIDATION: Secretary Yellen and Acting (still a mystery) Comptroller Hsu stated they are “open” to banking consolidation. That is a great step forward but they could have done better by “encouraging” consolidation. It is quite clear to everyone those banks under $250B are facing more regulatory cost with enhanced stress testing and NIM challenges with possibly two more Fed interest rate increases. The banking system would be more competitive with a few more Trillion dollar banks.
SOLHEIM CUP: I am a huge follower of women’s golf for a couple of reasons. One, I can actually follow (not even close to duplicating) the progression of their full swings, and I like underdogs as the LPGA is always up against the men’s PGA events for viewership—aka —money. A couple of weeks ago I was fortunate to play in the Bank of Hope/MGM Pro Am with Stacy Lewis and Muni He out in Las Vegas. For those who know me well understand that is my perfect day. While you have heard of the major stars like Lexi Thompson (Louisiana connection) and the Korda sisters, many are financing their dream on a credit card and family assistance.
Anyhow, the Solheim Cup is a premiere women’s event that pits the USA vs. Europe every two years—It is the women’s version of The Ryder Cup for men. And in September of 2024, this event will be at Robert Trent Jones Golf Club just outside of Washington, D.C. I am assisting Penny Lee, the 2024 Solheim Cup Chair and sometimes foe/acquaintance/supporter from The Financial Technology Association, in raising funds for this wonderful event. I sure hope you will pass the word around about this! Find more event and ticket information here.