Toronto-Dominion Bank expects $130M in catastrophe claims for Q4

Canada's Big Six banks (BNS, NA, BMO, RY, TD, CM) and Laurentian Bank/Desjardins raised prime rates to 4.70% from 4.45% after the Bank of Canada's 25bps hike to 2.5%. This affects variable-rate mortgages and lines of credit. The central bank aims to control inflation.

Canada's major banks, including RBC, TD, BMO, CIBC, Scotiabank, and National Bank, raised their prime rates by 25 basis points to 4.70% following the Bank of Canada's policy rate increase to 2.5%. The change is effective October 29, 2023.

Argus raised its target price for Toronto-Dominion Bank (TD) to $134.00. TD is one of Canada's largest banks, with over CAD 2 trillion in assets and operations in four segments: Canadian personal and commercial banking, US retail banking, wealth management and insurance, and wholesale banking.

The US Office of the Comptroller of the Currency (OCC) reviewed nine banks, finding discriminatory practices against customers based on political or religious views. JPMorgan Chase's subsidiary WePay closed accounts linked to conservative merchandise and organizations. JPMorgan shut down WePay and denied altering records for political reasons. Other banks like PNC and Capital One also faced allegations of discrimination. The OCC plans to assess regulatory changes to prevent such practices.

The OCC found that nine major banks used subjective reputation policies, impacting lawful businesses, including digital assets. The report, based on extensive data, supports crypto industry claims of debanking but does not prove a coordinated government campaign. Banks reviewed include JPMorgan Chase, Bank of America, and Citibank.

The Office of the Comptroller of the Currency (OCC) released a report stating that nine major U.S. banks may have denied or limited services to customers based on political or religious beliefs. The banks reviewed include JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank, and BMO. The OCC found that these banks had risk policies lacking clear standards, potentially disadvantaging certain customers.