Wall Street banks are responding to pressure from the Federal Reserve to eliminate provisions that could encourage excessive risk-taking by traders and executives, said Federal Reserve Chairman Jerome Powell. "We moved ahead through supervisory practice to make sure that these things are better than they were," Powell said.
A day before firing members of the Consumer Financial Protection Bureau advisory board, acting CFPB director Mick Mulvaney filed an amended charter that would reduce the number of board members from 25 to six. Mulvaney said the board was too big, and he was concerned confidential information would be leaked to the press if the meetings were not private.
Some consumer submissions to the Consumer Financial Protection Bureau's complaint database should be classified as inquiries, the Consumer Bankers Association recommended in response to a CFPB request for comments on the database. The database should not be used to "create disharmony between consumers and the financial services industry," wrote David Pommerehn, CBA's associate general counsel and vice president.
Although Kathy Kraninger, the nominee for CFPB director, has little industry experience, Republicans are praising her budgetary and management expertise. Meanwhile Democrats are criticizing choices Kraninger made as associate director for general government at the White House Office of Management and Budget, specifically regarding Hurricane Maria relief and the separation of children from their families at the US-Mexico border.
The Financial Stability Oversight Council voted to lift regulatory restrictions that were placed on Zions Bancorp after the 2008 financial crisis. An analysis showed the regional bank was not a threat to US financial stability, said Treasury Secretary Steven Mnuchin.
Asking for feedback and ideas, genuinely listening and being supportive are three of 12 ways to build better relationships and credibility with those you lead, writes John Stoker. "Setting clear expectations and providing feedback will allow the person to learn and take responsibility for their results," he writes.
An uptick in debt for Federal PLUS Loans for Parents is a result of students turning to their parents for help after having borrowed the maximum amount, suggests Mark Kantrowitz of Saving for College, who analyzed data from the National Postsecondary Student Aid Study. The limit for federal Stafford loans was reached by 40.3% of students in the 2015-16 academic year, up 1 percentage point from four years prior.
Many pre-retirees surveyed are saving less than 10% of their income, State Street Global Advisors found in a recent study of retirement in eight countries, including the US. The report found a high likelihood that many people will outlive their retirement savings but noted that younger people have accepted that lengthier life spans may require them to work longer.
- Page 1