Citigroup said Thursday that retail clients who offer credit cards backed by Citi or who raise capital, borrow money or use banking services through Citi will be prohibited from selling firearms to people who have not passed a background check or who are under 21. "Banks serve a societal purpose -- we believe our investors want us to do this and be responsible corporate citizens," CEO Michael Corbat said.
The Financial Industry Regulatory Authority has told the Securities and Exchange Commission it is dropping the $400 fee previously charged to those requesting explanations of FINRA arbitration decisions. The fee has not been charged in practice since early 2017, but FINRA wants to formally end the fee as it seeks to improve transparency.
The $1.3 trillion spending bill passed by Congress will provide $1.6 billion for the Securities and Exchange Commission in fiscal 2018, the same amount the agency received for fiscal 2017. The bill cut funding for the Commodity Futures Trading Commission from the requested $281 million to $248 million.
Progress toward parity for women in executive ranks has been slow but could be accelerating as governments and major investment houses press the issue. While boardrooms are seeing more women, progress among executive ranks in the US, UK and Europe has been slower.
JPMorgan Chase, Bank of America and Wells Fargo have seen a 180% increase in deposits over the past decade. The more than $2.4 trillion in domestic deposits surpasses the amount the top eight banks combined had in 2007.
Mellody Hobson of Ariel Investments, a Chicago-based investment firm, has been named to the board of directors for JPMorgan Chase. She replaces Crandall Bowles, chairman emeritus of The Springs Company, who is retiring.
The public has a right to know how consumer data points are being shared, JPMorgan Chase CEO Jamie Dimon said at an event Wednesday when asked about recent reports involving Facebook. Dimon also addressed other topics, including workplace diversity and learning from employees.
Consumers filed thousands of complaints about debt collection with the Federal Trade Commission and the Consumer Financial Protection Bureau in 2017, according to a joint report released this week. About 85,000 complaints were filed with the CFPB.
The possibility of regulatory reform has renewed the discussion of small-dollar loan regulation. Richard Hunt, president and chief executive of the Consumer Bankers Association, said, "There is a great need for short-term, affordable credit and banks have historically been able to fill that need for consumers."
Fifty-five percent of Americans have a mobile banking app on their phone, but 68% of consumers say they are frustrated with their bank's digital options, according to recent research. Wells Fargo is combining artificial intelligence with brick-and-mortar branch services to offer customers choices on how they bank.
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