Banking
Top stories summarized by our editors
8/10/2018

Regulatory changes after the financial crisis might be adding systemic risk, Satyajit Das writes. Emphasis on collateralization to reduce risk only creates different risks, he writes.

More Summaries:
Satyajit Das
8/10/2018

Two more increases in short-term interest rates are likely to emerge from the Federal Reserve in 2018, with one in September and another in December, a Wall Street Journal survey of economists finds. Federal Reserve Bank of Chicago President Charles Evans says economic growth could set the stage for one or two more increases this year, while Federal Reserve Bank of Richmond President Thomas Barkin says economic growth will determine the amount of any such increases.

8/10/2018

The debate continues over the proper name of Washington's consumer protection watchdog. The agency has been called the Consumer Financial Protection Bureau since its inception, but acting director Mick Mulvaney says its name is the Bureau of Consumer Financial Protection, according to the statute that created it.

8/10/2018

Many consumers use automatic retirement savings accounts but still should regularly check these accounts to stay on track for retirement goals, writes Penelope Wang for Consumer Reports. Wang notes that consumers should update contributions and asset mix regularly, as well as consider switching to low-fee options to boost retirement savings.

Full Story:
Consumer Reports
More Summaries:
Penelope Wang
8/10/2018

Questions have emerged as to who leads federal regulation of financial technology, after the Office of the Comptroller of the Currency announced a special-purpose charter and after the Consumer Financial Protection Bureau unveiled a global network to help fintechs. The Commodity Futures Trading Commission and the Federal Deposit Insurance Corp. also are creating policies.

8/10/2018

About 75% of 1,000 voters polled by Lake Research Partners and Chesapeake Beach Consulting support the Consumer Financial Protection Bureau. The poll also finds between 22% and 28% of respondents deem the CFPB "an unaccountable bureaucracy."

Full Story:
The Hill
8/10/2018

U.S. Bank reportedly is selling card processor Elan Financial Services, and Finastra, FIS and Fiserv are vying for the business. Elan serves more than 1,800 banks.

Full Story:
Banking Technology
More Summaries:
US Bank, Fiserv, Elan
8/10/2018

JPMorgan Chase's two-year curriculum for entry-level tech employees is designed to draw young software engineers. The bank competes with other Wall Street companies and Silicon Valley for top talent.

Full Story:
Reuters
More Summaries:
JPMorgan Chase
8/9/2018

A group representing US states is pushing back against federal efforts to oversee financial-technology startups and to issue them banking charters, warning the moves could interfere with state banking laws and efforts to court fintechs. An Office of the Comptroller of the Currency "fintech charter is a regulatory train wreck in the making," said John Ryan, CEO of the Conference of State Bank Supervisors.

8/9/2018

The Treasury Department has published proposed rules regarding a provision in the tax law that allows a 20% deduction for pass-through businesses. Many "specified service" businesses, such as investment managers, financial advisers and physicians, would not be eligible for the tax break.

More Summaries:
Treasury Department, Treasury