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- Ruthless Gauff beats Muchova in straight sets to win China Open
- India restrict Pakistan to 105-8 in Women's T20 World Cup
- England target repeat of Pakistan Test whitewash
- Penrith Panthers win fourth straight NRL title after downing Storm
- Weary Sinner happy for day off after battling into Shanghai last 16
- Pakistan's Masood warns England still a force without Stokes
- Madrid's Carvajal to miss several months after serious knee injury
- Israel pounds Lebanon ahead of Hamas attack anniversary
- Two elephants die in flash flooding in northern Thailand
- Sabalenka targets world number one and Wuhan hat-trick
- Toddler among 4 dead in migrant Channel crossings
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- Guardians maul Tigers, miracle Mets rally in MLB series openers
- Lebanon state media says Israeli strikes hit south Beirut
- Miami on track for MLS record points after win in Toronto
- Madrid beat Villarreal but Carvajal suffers knee injury
- Madrid beat Villarreal to move level with Liga leaders Barcelona
- Monaco take top spot in Ligue 1 with win at Rennes
- French rugby player on rape charge whistled but 'serene' on return
- Madrid beat Villarreal to level Liga leaders Barca
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- 'Fight': defiant Trump jets in to site of rally shooting
- Toddler among 3 dead in migrant Channel crossings
- Mexico City's new mayor sworn in with pledges on water, housing
- Israel on alert ahead of Hamas attack anniversary
- Guardians maul Tigers in MLB playoff series opener
- Macron criticises Israel on Gaza, Lebanon operations
- French rugby player whistled but 'serene' on return amid ongoing rape case
- Kovacic stars as Man City sink Fulham to get title bid back on track
- Retegui hat-trick fires five-star Atalanta to hammering of Genoa
- Heavyweights Australia, England off to World Cup winning starts
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- Spinners come to party as England defeat Bangladesh at T20 World Cup
US banking system 'well-capitalized' despite risks: Yellen
US Treasury Secretary Janet Yellen said Thursday that the country's banking system is "well-capitalized" even as some banks face stresses stemming from the commercial real estate sector.
Yellen made the comments to a congressional hearing where she added that regulators are monitoring risks from nonbank mortgage lenders and authorities plan to tighten oversight on investment advisers.
Earlier this week, Yellen expressed concern about the commercial property sector, saying banking supervisors are working with institutions to manage challenges.
The concern is that as commercial real estate loans come due, they will have to be refinanced in an environment of higher interest charges, lower valuations and where vacancy rates are growing -- adding pressure on the system.
Vacancy rates in office buildings, especially in metropolitan areas, have surged, Yellen told the Senate Committee on Banking, Housing, and Urban Affairs on Thursday.
"There are some risks, and there are some institutions that will face stresses from commercial real estate," she said.
"For some banks, this will be a concern. But on balance I'd say the system is well-capitalized," she added.
At the hearing, Yellen also said regulators are eyeing risks related to nonbank mortgage lenders.
"Nonbank mortgage companies lack access to deposits which banks have, they're reliant on short-term financing that may be a lot less stable than deposits," she said.
Yellen added that their credit lines can be pulled during times of stress and that they also lack access to the types of liquidity backstops that banks have.
"There is concern that in stressful market conditions, we could see the failure of one of these," she said.
On Thursday, Yellen also noted that Treasury plans to issue a proposed rule applying requirements for anti-money laundering and countering terrorism financing on investment advisers.
"Investment advisers is a financial sector that hasn't been uniformly covered" by anti-money laundering and terrorism financing rules, according to the Treasury chief.
"Our risk assessment shows that that is an area that provides an avenue for sanctioned individuals, for criminals and the like, to move wealth and invest in the United States without the sources of their wealth being detected," she said.
C.Garcia--AMWN