If team members are not willing to help each other, it may indicate discontent caused by management, writes William Vanderbloemen. Leaders need to exemplify a culture of collaboration and be willing to dismiss a toxic employee or executive, he writes.
Larry Kudlow, nominated to lead President Donald Trump's National Economic Council, has criticized Federal Reserve Board policy, saying the Fed is using the wrong models to assess inflation and does not have the power to move prices. "Just let it rip, for heaven's sake," Kudlow said of economic growth, adding, "The market's going to take care of itself."
House Speaker Paul Ryan, R-Wis., will hold on to the bipartisan financial reform bill that cleared the Senate this week unless senators agree to negotiate with the House, said Rep. Jeb Hensarling, R-Texas, chairman of the House Financial Services Committee. Hensarling said senators were being "presumptuous and naive" to assume the House would rubber-stamp the Senate bill, which would loosen Dodd-Frank Act regulations.
A provision in the bank deregulation bill that passed the Senate on Wednesday would require Fannie Mae and Freddie Mac to look at credit scores other than just Fair Isaac's FICO score when determining creditworthiness. The Federal Housing Finance Agency is reviewing the proposal, which would be a win for VantageScore, a credit scoring system owned by Experian, TransUnion and Equifax.
CBA applauds a bipartisan effort to change the Consumer Financial Protection Bureau to a five-member commission, a move that should increase stability and balance, CBA President and CEO Richard Hunt says. The legislation has been assigned to the House Financial Services Committee.
Citizens Bank is targeting millennials for its student-loan refinancing program. A marketing campaign focuses on what borrowers can do with extra money once loan payments are reduced, says Lori Dillon, the bank's brand director.
Joseph Otting is the only comptroller of the currency in recent history to have banking experience. Otting's changes to the office include reducing time taken to make decisions and decreasing people needed to approve decisions.
Federal Reserve Chairman Jerome Powell might hold a news conference after each of the eight meetings the Federal Open Market Committee conducts annually starting next year, economists say. Previous Fed chiefs held a news conference quarterly.
Washington state has enacted a law that ensures banks that do business with licensed marijuana operations are not charged with a crime under state law. Recreational marijuana has been legal in the state since 2012, but banks hesitate to work with marijuana businesses because the drug is illegal under federal law.
A report from SavingForCollege.com calculates that the total cost of sending someone to a four-year college 18 years from now will be about $355,000 for a private school and about $157,000 for a public college. The report suggests it may be more realistic for families to plan on saving enough to pay between 25% and 33% of the cost, rather than the full amount.
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