a traditional public bank should be able to get a account number with the federal system but a bank with cannabis would likely not. this was the result in colorado credit union case just mentioned, it was denied the master account number. that lawsuit is still pending. but the bank of north dakota is a traditional public bank, doesn't have federal insurance because it's backed by state of north dakota and it has received a master account number from the federal system. i can speak more because some of your earlier questions highlighted their practices. recommendations are passing a state law that would enable a charter to be developed as either a state level bank or similar to what supervisor chang is proposing or one like california. such would not need federal deposit insurance and it could model after san francisco. in the absence of passing this law, the memo recommends requesting a written opinion from the department of business oversight on the likelihood of their approval by application for commercial bank or credit union charter by the city of san francisco. thank you for your time and i look forward to discussing these recommendations on the task fo

public bank in this presentation, i'm speaking specifically about the legal entity, the city would used to form its own municipal bank. the choices before us are commercial bank charter, credit union charter or a yet to exist public bank charter. and another background point is that our memo, the davis pope memo assumes what is referenced in the budget and analyst report, we assume them to be true, there's no prohibition in the government code or state institution to the city of san francisco establishing a public bank and creating a bank that would be for the legitimate municipal purpose of providing access to underbanked populations to over come constitutional concerns raised. the memo we commissioned has two very different business models with extremely different results. the first is a traditional public bank. that's what the bank of north dakota is. the second is a public bank that also services the cannibis industry. that is the type of bank that state treasurer john chang's working group has recommended a feasibility study on and we understand that's largely for a state level entity. what we're discussing today is a municipal level entity. under california law, a state bank

frederic: the completion of the banking union will be top of the agenda with the governments and oncee have effectively the german governments, there will be discussions on what the next step for the euro zone, in particular on the banking union. long term, yes, i think you'll have less banks. i would say the priority short term is to fundamentally transform the businesses in light of the new technologies. in 10 year's time you'll have it as banks and we said that in all sorts of predictions and want to be in position of strength to size up the possibilities if any. alix: for your business in particular, your national retail division was central to your growth prospect? do you need to be an acquirer and if so how and where? fred d. eric: in french retail the market is consolidative and there are tore markets in europe you need more domestic consolidation and on the outside we have international retail activities outside the euro zone which are driving -- going very well with strong growth and led merchant markets. we do not need to make acquisitions. it's more around the transporme na

there will be discussions on what will be the next step for the eurozone, particularly on the banking union think you will have less banks. investors had a lot of news to keep their eyes on this week. rising yields for u.s. treasuries, mixed economic data from the u.k. and europe and best it is of volatility from the recent corrections. let us revisit some the most interesting conversations about adamarkets starting with scheetz who said a february selloff in stocks was "the appetizer, and not the main course." possible to be as precise as you would like to be around these things but when i look at the forecast, you really overlapping themes that crossover in the second quarter. you will have inflation picking up, not just in the u.s. but in the eurozone and in japan. at the thing time, i think that we think a number of activity indicators including global economic indices are going to be moderating. and so, it is not necessarily that it is going to be a recession or a sharp slowdown but that the rising inflation numbers will seem potentially more worrying when the economic data is not as s

>> for the union bank? >> the headquarters sign downtown. >> yeah, that was an action on a building permit as well that we had issued an error and sought rectification and the board upheld the determination that it needed to be revoked but with a time limit. >> with a time limit. >> thank you. >> thank you. is there any public comment on this item? mr. barnes, did you have something? good evening, members of the board of appeals. bill barnes on behalf of the city straadministrator. since the last meeting, we were asked to look at time of sale whether there was any indication in the file. we pulled the documents from 1971 and 1974 when the board acted, and the memo that was referenced by ms. hayes was written by then planning director alan jacobs describing it as an informal free lot. we can't speak to whether that was authorized at the time by planning, but from the real estate department's perspective, that was the issue. it proceeded to the finance committee which discussed at some length whether or not to

have the german government, there will be discussions on what the next step for the eurozone, in particular on the banking union, i think you will have less banks. shery: investors had a lot of news to keep their eyes on this week. rising yields for u.s. treasuries, mixed economic data from the u.k. and europe, and the vestiges of volatility from the recent correction in global equities. let's revisit some of the most interesting conversations about the markets, starting with morgan stanley chief asset strategist andrew sheets, who said a february selloff in stocks was "the appetizer, and not the main course." andrew: it is never possible to be as precise as you would like to be around these things, but when i look at our economists'forecasts, you really do have two overlapping themes that crossover in the second quarter. you will have inflation picking up, not just in the u.s. but in the eurozone and in japan. at the same time, i think that we see a number of activity indicators, like global economic surprise indices, which are fundamentally mean reverting series, are going to be moderating. and so, it is not

the german governments, there will be discussions on what the next step for the eurozone, in particular on the banking union yes, i think you will have less banks. the priority short-term is to fundamentally transform the businesses, particularly in light of the new technologies. in 10 year's time, yes, will have less banks and we want to be in a position of strength to take avenge of opportunities if any. lisa: that was societe generale 's ceo speaking earlier on bloomberg. a lot of questions to remain for the whole banking industry, particularly in europe. coming up, getting the deal done -- we speak with the cohead of m and a ubs about the climate for mergers and acquisitions. this is bloomberg, from new york. ♪ retail. under pressure like never before. and its connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvere

2011, a number of banking institutions have been decreasing with profoundly increasing concentration in assets for those remaining. in 2011, the average asset size of banks and credit unions in san francisco true from $4 billion to $9 billion. we have bigger national banks to choose from and the bigger the institutions get, the less likely they are to be invested in san francisco priorities. i asked the analyst to produce a support looking at key large banks that have the capacity to provide banking services to the city and county of san francisco, and assess their performance against a social responsibility indicators used by the san francisco treasurer office. these indicators include the percentage of loans made to small businesses, people of color, low-income communities and for community development purposes. overall, the major banks performed worse than their smaller counterparts in each of the areas. additionally, almost without exception, these banks are investing that industries that conflict with san francisco. civilian firearms, tobacco, fossil fuels and private prisons. i understand that establishing a public bank in the city and county of san francisco is an

brexiteers by scrapping plans to remain in the customs union, meanwhile the times says a cabinet compromise on the customs union is on the cards. then a top bank of england official warns against post—brexit banking regulations. the guardian has an exclusive on a secret fraternity of freemasons which is continuing to operate in westminster. lloyds is becoming the first bank to bank customers from using credit cards to buy bitcoin. and the express says it is time to wrap up warm, describing the forthcoming cold spell as a scandinavian freeze. 0n the same story, the mirror says temperatures are going to plummet to minus 1a. that is a little flavour. no real consensus on what the main story will be, let us see what has appealed to i guess this evening. you will kick us off with the eye. brexit, what is the latest development. theresa may is trying to soothe the hardliners. this is the head of the biggest summit. the cabinet are planning to sit down and have a discussion about what will happen, what the deal will look like. i don't think i would wa nt to look like. i don't think i would want to be referee. there is a lot of argy—bargy. want to be

the customs union, according to the i. meanwhile the times says a cabinet compromise on the customs union, is on the cards. a top bankcial warns against post—brexit, banking deregulation in the financial times. the guardian has an exclusive on a secret fraternity of freemasons which is continuing to operate in westminster. lloyds becoming the first bank to ban customers from using credit cards to buy bitcoin, is the telegraph's top story. the express says it's time to wrap up warm, describing the forthcoming cold spell as a "scandinavian freeze". and on the same story, the mirror says temperatures are going to plummet to minus 1a. that's the flavour of tomorrow's front pages — no real consensus on what the main story is, so let's see what's appealed to our guests this evening. i know you will kick us off with the eye and the woes of theresa may. she is there in china saying she is not a quitter and she is her own person. she is increasingly not. that does make me sad because she is a female prime minister and i think she needs to be much more gutsier. as soon as she returns here, something happens to her. according t

there an interesting analysis from asia correspondent based in singapore the european union's briggs and negotiator michaud bank he says the time has come for britain to make a choice of what sort of future relationship it really wants with the bloc he says without a customs union and outside the single market values to trade are unavoidable the u.k. wants the best of both worlds but he is in london ahead of the next phase of talks on leaving the view it will focus on the terms of a transition deal key issues including immigration and britain's ability to strike third party trade deals. garia has taken up the e.u.'s rotating presidency you know what he's thinking so what well the nation isn't a role model economy it's dogged by organized crime and corruption and still has strong links to the russian oligarch you don't use christiane type went there for us. the city of vanna is bulgaria's largest port on the black sea. fleet pipeline sections were made in the german city of housing and have been delivered to a firm owned by the russian energy giant gazprom the port city is awash with rumors of what gazprom is do

the eu customs union after brexit. that was the key to hardliners who had plans to topple the prime minister. the majority of british businesses have applied to stay within the customs union. it is predicted the bankf england will raise its benchmark rate twice this year, expected to keep rates on hold to their u.k. growth and inflation forecast this week. they see a 25 basis point hike in may and another in november. dennis allen says u.s. stocks and commercial real estate prices are high, but stopped short of saying they are in a yellen says u.s. stocks and commercial real estate prices are high, but stopped short of saying they are in a bubble. i don't want to say too high, but i do want to say hi. praise earnings ratios are near the high end of their ranges. if you look at commercial real estate, prices there are quite high relative to risk. is that a bubble, or is it too high? it is very hard to tell. is this a source of some concern that asset valuations are so high? debra: yellen's successor is yet to be sworn in. 22 north korean athletes will compete at the winter games. lee is back jay y. in court appealing his five-year prison sentence. prosecutors are appealing for a longer-term. bars f

european and the european union's own supervisory authorities that they're basically following the u.s. allegations the commission not surprisingly say it does have faith in european union banking supervisory authorities and they point to the e.c.b. action imposing a moratorium on a b o v as proof that the e.c.b. can take effective action but again we should point out that these are only coming because of the liquidity problem following the u.s. treasuries allegations last week teri schultz that thanks for your coverage now who'd have thought you could pop into an electronics store to buy a car that's the case for this next electric vehicle that's been developed by a bunch of swedish students of two thousand people of preorder it. it began as an innovation project at lynn university in sweden now after raising well over a million euros in a crowdfunding campaign it's become a futuristic looking e-car designed to be the next generation of electric vehicles the new city car has some features that have alluded other car makers it has a three hundred kilometer range and the battery can be fast charged in just over three hours using induction technology there is also a removable bat

thank you very much for coming out to the state of the union post again. i appreciate bank of america for making these conversations possible. we have a

to the community banks so that they don't have to deal with the a way that such disturbing the bank. we also moved successfully to eliminate annual privacy notice for community banks and credit unions whose policies have not changed and the consumer is already notified. well, so we did that. we eliminated these annual privacy notices for the community banks and for credit unions. who have not change thared policies an there was no need to have to continue to insist that they have these annual privacy notices. well, we went further with less stringent s.e.c. registration rules for small thrifts, providing parity with other banks. access to credit for privately insured credit union, allowing them to join the federal home loan bank program. improve mortgage licensing for community banks and credit unions by allowing regulatory -- regulator access to the nationwide mortgage licensing system and registry while maintaining confidentiality protections. i just cite this because it's so important to understand what we have done on this side of the aisle to ensure that our community banks are strong, that they are there for our communities, that they provide the loans, that they assist in de

the union address. this was hosted by axios. >> good morning. happy morning after. thank you for coming out to the state of the union post game. i appreciate the bank of america for making these conversations possible. we have a fantastic triple crown, tripleheader lineup this morning, people who were in the chamber for helping make the news and are going to illuminate it for us. axios makes you smarter faster on topics that matter, business tech, media, politics and our events follow the same format. they are quick and we start with what happens and why it matters. that's the formula you always get in the axios stream when you go on axios.com. every story starts as one phone screen, and in that what's new, what is happening, why it matters to make you smarter faster. i'd like to thank my axios events colleagues for pulling together this fantastic event, and thank all of you for being here. we're going to start. we have three guests today, and our first guest this morning who has seen 35 addresses to congress states ofunion representative from the fifth district prince george's county maryland house democratic whip congressman steny hoyer. what an

financial crisis, putting in place some of the missing elements of the economic and monetary union, there is still more work to be done. the banking to be completed and weenies a look at transforming the european stability mechanism into a european monetary fund and there are other institutional changes that are needed. i think there's a strong determination on the part of the 27 to take these forward. this is independent of what happens with brexit. changeswe need those and people are well aware of the agenda and it's known. we are starting to work on it and i've no doubt that within the next year or so that those decisions will be taken. vonnie: we just have a few seconds left, but i would love you response on your primary foreign-policy objective as eu ambassador to the united states. where do you want help or coordination from the united states? what are you pushing, which geography of the world for example? david: it's difficult to single out one place, but i would say the most -- the two most immediate crises that we are facing is undoubtably syria. this is the greatest humanitarian catastrophe in a generation. we are workin

rules they find to be unnecessary, outdated or overly burdensome based on the size and risk profile of the bank or credit union. that is the regulators making the determination. not the banks and not the institutions. mr. buck: i yield one more minute to the gentleman from georgia. the speaker pro tempore: the gentleman is recognized for one minute. mr. loudermilk: thank you, mr. speaker. i am wrapping up. this bill passed out of committee with a strong bipartisan vote of more than 2/3 of the committee members including all republicans and eight democrats. i urge my colleagues to support the rule and the underlying bills and i yield back. the speaker pro tempore: the gentleman from colorado reserves. the gentleman from massachusetts is recognized. mr. mcgovern: mr. speaker, with all due respect to my colleagues, and let's be honest, the two bills that we're debating today are nothingburgers. you know, i just figured this out. in the rules committee we have spent 43% of the bills that have come before the rules committee have been financial service-related bills. mostly to undercut dodd-frank and to reward big

do we do something short-term with the existing charters of the credit union or commercial banking charter or get in the formation of something entirely new and work at the state level. and there's a lot of issues right now we are having to parse that out because they are state-level issue that's are hard. but i want to echo what ben becker just said about cannabis being something we should put off to the side when we are focusing on the short-term and figure out how to move forward with this task force. i'm curious, maybe you could respond to this what the process is going to be for the task force and selection and how fast it's going to move forward. [bell] >> thank you. are there any other members of the public that would like to speak on this item? all right, seeing none. public comment is closed. thank you, to the members of the public for voicing your support. articulating your concerns. and most importantly, kind of raising questions on the direction you would like the task force to go in that you would like the city to be going in. that's actually very helpful. supervisor fewer, i

the bill forces banks and credit unions to disclose to the government detailed information about who they lend to. the ranking democrat on of -- the ranking democrat on the senate banking committee, senator sherrod brown of ohio, has cited reveal's reporting as a reason for congress to put the breaks on this effort. amy: well, for more, we're joined now by two guests. in san francisco, california , we are joined by aaron glantz, senior reporter at reveal from the center for investigative reporting. his new investigation is headlined, "kept out: how banks block people of color from homeownership." and joining us from the capital of pennsylvania, from harrisburg, democratic state senator vincent hughes of pepennsylvania, who serves as te democratic chairman of the senate appropriations committee. thank you both for joining us. aaron, if you would start out by laying out what your investigation found and what exactly redlining is. >> we wanted to know why it was, as you mention in your intro, that even though segregation in housing discrimination has been a legal for 50 years that the ho

president trump touts the need for a major infrastructure program in his state of the union speech last evening actually banks gives us some details on the actual need as it relates to our nation's bridges and the federal reserve's open markets committee concluded their two day meeting a little while ago danielle de martino booth fills us in plus we'll speak with an exchange executive ilias about markets and cutting edge offering including cryptocurrency s. and we'll talk with joshua young the founder of young capital management about the largest attack and hice of digital currencies ever now let's get to it starting with the state of the union and infrastructure. donald trump's first state of the union address was went off without a hitch he read from a teleprompter and he did so deliberately and like a pro a major component of the speech was this call for congress to pass an infrastructure bill to assist in repairing replacing our crumbling roads bridges rail airports and waterways asking both parties to come together to give a safe fast reliable and modern infrastructure that our economy needs and our peop

president trump touts the need for a major infrastructure program in his state of the union speech last evening actually banks gives us some details on the actual need as it relates to our nation's bridges and the federal reserve's open markets committee concluded their two day meeting a little while ago danielle de martino booth fills us in plus we'll speak with an exchange executive ilias ski's about markets and cutting edge offering including crypto currency and we'll talk with joshua young the founder of young capital management about the largest tax and highest of digital currency ever now let's get to it starting with the state of the union and infrastructure. donald trump's first state of the union address was went off without a hitch he read from a teleprompter and he did so deliberately and like a pro a major component of the speech was this call for congress to pass an infrastructure bill to assist in repairing replacing our crumbling roads bridges rail airports and waterways asking both parties to come together to give a safe fast reliable and modern infrastructure that our economy needs and our pe

european and the european union's own supervisory authorities that they're basically following the u.s. allegations the commission not surprisingly say it does have faith in european union banking supervisory authorities and they point to the e.c.b. action imposing a moratorium on v as proof that the e.c.b. can take effective action but again we should point out that these are only coming because of the liquidity problem following the u.s. treasuries allegations last week teri schultz there thanks for your coverage. and just briefly copenhagen's famous restaurant reopened on the weekend after closing down last year critics have named it the world's best restaurant for years in a row it took copenhagen on the world food map and promoted locally sourced menus turning the idea into an during trend on hearing chef and a remains in charge of returning for the global to a militant costs just over three hundred euros per person. drinks and tables in the forty seat restaurant are already fully booked for the next six months. all right some sources now for you to use this force pablo fully elliott is here with me with the big stories from the olympics n.p.r. chang problem and sadly a ca

president trump touts the need for a major infrastructure program in his state of the union speech last evening actually banks gives us some details on the actual need as it relates to our nation's bridges and the federal reserve's open markets committee concluded their two day meeting a little while ago danielle de martino booth fills us in plus we'll speak with an exchange executive ilias ski's about markets and cutting edge offerings including cryptocurrency s. and we'll talk with joshua young the founder of young capital management about the largest attack and heis of digital currencies ever now let's get to it starting with the state of the union and infrastructure. donald trump's first state of the union address was went off without a hitch he read from a teleprompter and he did so deliberately and like a pro a major component of the speech was this call for congress to pass an infrastructure bill to assist in repairing replacing our crumbling roads bridges rail airports and waterways asking both parties to come together to give a safe fast reliable and modern infrastructure that our economy needs and o

the laws. i know each and every one of these credit unions, small banks, small businesses wants to do. i'd ask the gentleman from texas if he'd commit to working with me to encourage the justice department to move forward with some guidance in this area so that we could provide certainty, not just to credit unions, not just to community banks but to all of these small businesses looking to do their very best to comply with the a.d.a. mr. poe: will the gentleman yield? mr. woodall: i'd be happy to yield to my friend from texas. mr. poe: this legislation makes the a.d.a. better. the right of people to have access -- have 30 seconds? the chair: the gentleman's time has expired. mr. goodlatte: pleased to yield to the gentleman from texas. mr. poe: this legislation makes it better for the disabled to have access under the notice and cure requirement and the judiciary committee will continue to work with the department of justice and stakeholders on this. in fact, jurisdictions said the a.d.a. goes to websites. we believe that 620 will help. i yield back to the gentleman. mr. woodall: these a

inside the customs union with the european union, saying that it is necessary for trade. crisis has turned into a potential diplomatic incident -- the bankingrisis in latvia has turned into a potential diplomatic incident. earlier this week, latvia's central bank governor was released on bail and is being detained -- on bail after being detained on suspicion of taking bribes. -- admitted misleading investigators about his contact with a former associate of paul manafort. he is the fourth person to plead guilty in robert muir's wide-ranging -- robert mueller's wide-ranging inquiry. police say that the gun man who killed 17 people at a florida high school last week used an ar-15 style rifle with a bump stop. president trump: i signed a memorandum directing the --.rney general to i expect that these critical regulations will be finalized, jeff, very soon. >> global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. can find more stories on the bloomberg at top . let's check in on the asian markets and crossover to david inglis in hong kong. >> this is a quick snapshot of what we're seeing ac

banks north korea this aspect is relatively new at the allegations of the past often involved russian individuals corporations and also state officials or in a broader sense people from the former soviet union well it makes me all question conrad whether or not european banking supervisors are actually doing a good job. well it's not true that nothing has happened in the past in those cases in the past many of those banks had to pay high fines but of course people here now in frankfurt in the financial center of the euro zone are discussing why we have to learn from the u.s. treasury about those allegations against. and whether the european central bank was acting too cautiously their current bills and with the analysis from frank that thailand's economy grew three point nine percent last year fueled by an increase in exports of machinery computers and cars it's the strongest growth in five years and while the tourism industry remains critically important exports now make up two thirds of the economy because we can sometimes dubbed the detroit of the east into the presence of several foreign automakers like ford toyota and honda and also houses petrochemical and electronics companies growth

the european union nato and also the euro currency so it's. there are other factors that could play a role here monday lost money laundering charges by the u.s. administration against the third largest bank and stuff like that but it's quite likely that it's russia involved too but we're not talking about meddling in the affairs of the world's top economy the u.s. we're talking about a tiny opaque nation what what would most i hope to change. well i would say they tried to meddle militarily and politically and countries like ukraine and georgia who are not safe in terms of being nato members and e.u. members in latvia estonia lithuania of all small baltic countries that were once part of the soviet union they can't do that so they have to be more subtle they have to find other ways to do it i'm as i said before i'm speculating here but if russia wanted to meddle they would have to do it in the most subtle way such as this putting a wedge between lots of other european union euro currency countries for example what is the response from the kremlin. well there hasn't been a response yet as far as i know there will be i think all there will be just all we do have nothing to do with it becau

authority say 52 year old rosemary lions tuning the money from among other places, her union's bank accountsre she served as president. >>> reading eagle, nine district attorneys including those from berks, chester chester counties, representatives from federal agencies panel dollars together in new task force to fight the opioid drug crisis. >> firefighters found makeshift methamphetamine lab in a tropical can a hotel room the lab on the 44 tower of the west tower, 44 year old michael of manchester township ocean county was taken into custody. >> that's a look at newspaper headlines from around the delaware and lehigh valley. >> and up next, the cherry and white faces big test on the road as they looking to dancing in march, highlights from the temple game. plus this. >> my first response was a real one. >> police officer comes into contact with a kangaroo. yes, a kangaroo. we'll explain how it all went down when we come back. so i want my glasses my girlfriend loves artists. and i need a conservative pair, cuz her parents hate artists! get up to 40% off a second pair of glasses. schedule y

the laws. i know each and every one of these credit unions, small banks, small businesses wants to do. i'd ask the gentleman from texas if he'd commit to working with me to encourage the justice department to move forward with some guidance in this area so that we could provide certainty, not just to credit unions, not just to community banks but to all of these small businesses looking to do their very best to comply with the a.d.a. mr. poe: will the gentleman yield? mr. woodall: i'd be happy to yield to my friend from texas. mr. poe: this legislation makes the a.d.a. better. the right of people to have access -- have 30 seconds? the chair: the gentleman's time has expired. mr. goodlatte: pleased to yield to the gentleman from texas. mr. poe: this legislation makes it better for the disabled to have access under the notice and cure requirement and the judiciary committee will continue to work with the department of justice and stakeholders on this. in fact, jurisdictions said the a.d.a. goes to websites. we believe that 620 will help. i yield back to the gentleman. mr. woodall: these a

coming to the place where they live and so they are forced to use these sort of quickie one shot money transfer places when they're sending money home that's a western union as compared to a bank it's the convenience store it's terribly expensive but it's right there and they want to ask many questions and you don't have to have an established account and you and you can lie don't you can walk in and say you're me and if you have a license plate identification that has my name on it that's fine that's all we need all we want is your money you don't have a long term relationship with us we take your money we send your money we collect the fees and go back. it was. in the past my family got ten thousand chinese renminbi for one thousand euros now only eight thousand it is because of the new international rules the renminbi is more expensive the exchange rate is not as favorable as it used to be. last year it was better with the same salary i send more money home starting from last year the exchange rate constantly drunk. has a zero to ten members. i want to. see what you get out you i just sent a text message to my wife telling her that i have sent her fifty euros by money gram

the end before we go. what via a small country of two million people has been a big banking center and they have since had become independent from the former soviet union in one nine hundred ninety one but some recent news has tarnished a previously stellar reputation central bank governor bill maher is rib civic's has been accused of soliciting a bribe and the nation's third largest bank a b l v is facing sanctions from the united states for money laundering and other financial crimes nonresident deposits in latvia have.