Banking
Top stories summarized by our editors
9/20/2017

Republican senators have agreed to back a plan to cut taxes by $1.5 trillion during the next decade. They say the tax cut would not affect the US deficit because the reduction would stimulate economic growth and compensate.

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GOP, Senate, Senate
9/20/2017

Among the important lessons from recent lawsuits related to fiduciary duties are that sponsors and fiduciaries of 403(b) retirement plans should take steps to avoid being sued and should establish in advance the defenses they will rely upon if they're hit with litigation, says David Kaleda of Groom Law Group. Fiduciaries must pay close attention to investment options and record-keeping fees.

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PlanAdviser online
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Groom Law Group, David Kaleda
9/20/2017

The Equifax breach has sparked concerns among retirees about identity theft and how to protect their life savings. Retirees are advised to freeze their credit accounts and carefully guard their Medicare cards, which currently use Social Security numbers as identifiers -- a practice that will change beginning next year.

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MarketWatch
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identity theft, Social Security
9/20/2017

The US is behind the UK, Australia, China and Singapore in responding to financial-technology innovation, Gerald Tsai of the Federal Reserve Bank of San Francisco says. The recent regulatory waiver by the Consumer Financial Protection Bureau for online lending platform Upstart Network is not an indication that US regulators are changing their direction as a whole, he added.

9/20/2017

The dismissal of a portion of a lawsuit filed by the Consumer Financial Protection Bureau against TCF National Bank could have wider implications for the agency, lawyer Alan Kaplinsky writes. He reviews possible implications and calls the dismissal "a serious setback for the CFPB" regarding overdraft-protection cases.

9/20/2017

A report from House Republican staff alleges Consumer Financial Protection Bureau Director Richard Cordray has lied to Congress about an investigation into Wells Fargo's sales practices. The CFPB did not conduct an independent investigation and settled quickly to close the case, according to the report.

9/20/2017

The Consumer Financial Protection Bureau has fined a New Jersey company $70,000 for allegedly conducting a loan scam involving consumers awaiting payment from legal settlements. Top Notch Funding told customers, including NFL players who had suffered concussions and 9/11 first responders, that it was a lender when it was a broker and misled customers about the cost of loans, according to the CFPB.

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USA Today
9/20/2017

A website sponsored by the Republican Governors Association questions the political ambitions of Consumer Financial Protection Bureau Director Richard Cordray, who has not commented on speculation about a potential run for Ohio governor. The site hints at a Hatch Act violation by Cordray.

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Bloomberg
9/20/2017

Technology has emerged for consumers to insert cards lengthwise into ATMs, instead of widthwise, thwarting skimmers. About 7,000 ATMs worldwide use the technology.

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Pymnts
9/20/2017

Experts predict the consumer-credit sector will suffer as people freeze their credit as precaution after a massive security breach at Equifax. Equifax, Experian and TransUnion have not disclosed how many consumers have requested a credit freeze since the breach was announced this month.