American Express may be in the minds of analysts as an Apple Card lender replacement, but the company's CEO doesn't seem that excited about the prospect.
Chief executives from the nation’s largest banks are warning lawmakers, especially Democrats, that the Fed's proposed higher capital requirements will harm consumers and the economy. Sen. Mark Warner appears to be listening.
Big Bank CEOs testified before the Senate Banking Committee on Wednesday, responding to lawmaker inquiries into banking regulation and the Federal Reserve's proposed capital requirements. Senator Mark Warner (D-VA) joined Yahoo Finance’s Jennifer Schonberger to weigh in on the US financial system. Addressing the alarm raised by various bank executives regarding the Fed’s capital requirements, Sen. Warmer states plainly: “they’ve got an argument." Warner expresses frustration with banks’ reluctance to use tools such as the “discount window” that could address issues including liquidity risk. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.