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.
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.
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.
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.
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.
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.
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.
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.
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.
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