The former chief information officer of Equifax's U.S. Information Solutions, Jun Ying, has been charged with insider trading in connection with the sale of stock before news of an extensive data breach was announced. Prosecutors said he conducted an online search about what would happen to company stock if news of a breach were made public, then sold his stock for a gain of more than $480,000.
Pending approval by North Carolina banking officials and the Federal Deposit Insurance Corp., a new community bank could open in Winston-Salem, N.C., by the fourth quarter. Two others also are in the planning stages.
A bill supported by several financial groups, including FSR, would change the leadership of the Consumer Financial Protection Bureau from a director to a five-person bipartisan commission. In addition, the agency would be renamed the Financial Product Safety Commission.
A bill introduced in the House would change the name of the Consumer Financial Protection Bureau and would replace the director with a five-person bipartisan commission. The CFPB would be renamed the Financial Product Safety Commission, according to the bill, which has CBA support.
A few banks have increased rates on consumer deposits since the Federal Reserve raised interest rates in December. Higher rates have appeared most with certificates of deposit, according to RateWatch.
Retirement plans at small businesses stand to benefit from the Tax Cuts and Jobs Act, Jamie Hopkins writes. He explains how they can be used to reduce income so business owners can take advantage of the new tax deduction for pass-through businesses.
Individuals and industry leaders need to insist on transparency regarding the potential identity theft risks posed by various services and apps, Mark DiFraia writes. Leaders should push for technology that doesn't require the sacrifice of personal data, he adds.
The Economic Growth, Regulatory Relief and Consumer Protection Act is an important first step toward a bipartisan agreement on financial regulatory changes, CBA President and CEO Richard Hunt says in a letter to Senate Majority Leader Mitch McConnell, R-Ky., and Senate Minority Leader Charles Schumer, D-N.Y. The bill does not address leadership of the Consumer Financial Protection Bureau, and Hunt encourages the Senate to act quickly on changing the CFPB from a single director to a five-member bipartisan commission.
Mick Mulvaney is not weakening consumer protection as acting director of the Consumer Financial Protection Bureau but is following the law that established the agency, writes Rep. Blaine Luetkemeyer, R-Mo. Mulvaney is changing the CFPB's culture from a "punitive regulatory agency" to one that protects consumers and businesses, Luetkemeyer writes.