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Fed's Basel III Endgame, Goldman Sachs Hits GM Card Snag, Ally Financial and Truist Struggle, JPMorgan Lowers Expectations, AI's Mortgage Impact
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In today's episode the Federal Reserve plans to re-propose its Basel III endgame, easing capital requirements for certain banks. American household incomes saw a notable rise in 2023, though consumer debt continues to climb. Goldman Sachs struggles to exit the GM credit card business, showcasing significant pre-tax losses. Ally Financial’s stock tumbles 16% amid rising auto loan defaults. Truist Financial adjusts its profitability outlook, recognizing that merger benefits haven't fully materialized. JPMorgan Chase's shares drop after lowering 2025 revenue expectations due to economic pressures. Lastly, CFPB Director Rohit Chopra discusses the implications of AI in mortgage refinancing and emphasizes the need to address mortgage industry challenges.
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