Supervisors must require that banks continue to comply with standards on consumer protection, privacy, competition and national security while pushing financial-technology innovation, according to the Basel Committee on Banking Supervision. "The scope and nature of banks' risks and activities are rapidly changing, and rules governing them may need to evolve as well," the committee says.
EU officials are alarmed by possible consequences of a tax overhaul in the US, but finance ministers are having trouble agreeing on a unified response. The tax overhaul raises doubts about the EU's effort to implement a digital tax.
Retirees of the future will be more vulnerable to market downturns than those of the past, says the Center for Retirement Research, citing retirees' increasing dependence on financial assets. They can minimize risk by annuitizing wealth, working longer or taking out a reverse mortgage, the center says.
Russians accused of interfering with the 2016 US election might have had access to bank accounts, according to indictments. Rep. Carolyn Maloney, D-N.Y. says this is another reason to consider strengthening "know your customer" regulations for banks.
A panel of Utah bankers has indicated optimism about the industry as it waits for Congress to pass regulatory changes. Panelists also discussed financial-technology partnership and multifamily lending.
House Democrats have asked Equifax to extend free credit monitoring and identity theft protection to at least three years from one year in response to a security breach that affected 145 million consumers. The members of the House Oversight and Government Reform Committee say identity thieves often wait to use stolen information.
Consumers might purchase smaller automobiles or extend loans to six or seven years if interest rates continue to increase, analysts say. The Federal Reserve has indicated rates are likely to increase two to four times this year.