Consumers might purchase smaller automobiles or extend loans to six or seven years if interest rates continue to increase, analysts say. The Federal Reserve has indicated rates are likely to increase two to four times this year.
Legislation to increase a regulatory threshold for banks to $250 billion from $50 billion could be considered this month by the Senate. Twelve Republicans and 12 moderate Democrats say they support the bill, written by Sen. Mike Crapo, R-Idaho.
The Office of Financial Research, created as part of the Dodd-Frank Act to help anticipate economic crises and mitigate their damage, has yet to accomplish one of its primary goals -- the establishment of a database for financial contracts. The agency has spent nearly $500 million over the past 10 years and now faces budget and staff reductions.
The new US tax law could prompt other nations to follow suit, International Monetary Fund Managing Director Christine Lagarde said, characterizing the situation as a potential "race to the bottom." She said that in addition to spurring inflation, significant tax cuts could lead to decreases in government spending on defense, infrastructure, health and education.
The CEOs of Goldman Sachs, Citigroup, JPMorgan Chase, Bank of America and Morgan Stanley last year received their highest pay since before the financial crisis, bringing in a collective $126 million. It was the fifth straight year the CEOs received pay increases.
Cryptocurrency theft is no longer committed solely by sophisticated hackers. Criminals in recent months have seized owners of digital currency at gunpoint, and in some cases held them hostage, to force them to transfer the currency to accounts set up by the thieves.
Goldman Sachs' new online savings and lending platform, Marcus, targets low- to moderate-income borrowers with credit scores as low as 660 for loans.
SunTrust Banks offers employees incentives to complete financial-wellness programs. More than 20,000 employees have received $1,000 for completing a financial-education course.
North Dakota's Choice Financial has agreed to acquire Minnesota's Venture Bank, which has four offices and $730 million in assets. The deal is expected to gain regulatory approval.
Small budgets, the threat of breaches and the rise of mobile banking challenge banks' IT departments, according to a survey by software firm Dynatrace. More than half of chief information officers surveyed plan to add technology during the next year.
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