Banking
Top stories summarized by our editors
8/17/2018

Many people approaching retirement focus on how much they should save, but they should instead focus on setting up a series of "retirement paychecks," recommends Steve Vernon, a retirement expert and actuary. These may include Social Security, pensions, annuities and reverse mortgages.

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Reuters
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Steve Vernon
8/17/2018

Employees are more apt to stay when leaders take the time to seek input about projects, culture and goals, writes Justin Bell, president of Credera. "The only way to help someone reach their full potential is to seek to understand where they want to go and what drives them," he writes.

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Forbes
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Justin Bell
8/17/2018

Zelle plans to add a feature that lets consumers pay for small-business service, sources say. The payment network, which is backed by banks, aims to take on PayPal's Venmo, which allows payment to businesses.

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Zelle, PayPal, Venmo
8/17/2018

Citigroup has settled two complaints with regulators and has agreed to pay $10.5 million. The complaints involve "fraudulently induced loans" from Mexican subsidiary Banamex and allegations from the Securities and Exchange Commission that Citigroup Global Markets mismarked illiquid positions and engaged in unauthorized proprietary trading.

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Reuters
8/17/2018

BBVA Compass is adding features to its mobile app for business banking. Monthly budgeting and spend management are among features expected to debut this year.

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Pymnts
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BBVA Compass
8/17/2018

Santander Holdings USA has been released from restrictions imposed by the Federal Reserve in 2015 for failing to meet regulatory standards. The bank says this is the "fourth major regulatory milestone," after another enforcement action ended last year.

8/17/2018

The Louisiana State Bond Commission says Bank of America and Citigroup cannot underwrite a $600 million highway-financing deal because of their policies on guns. Both banks restrict gun manufacturing and sales by commercial customers.

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The Associated Press
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Citigroup, Bank of America
8/17/2018

Forty-nine Senate Democrats have signed a letter asking the Consumer Financial Protection Bureau to continue overseeing lenders' compliance with the Military Lending Act. Under a CFPB proposal, the bureau would not proactively look at cases but would open an investigation if a military family were to complain.

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HousingWire
8/16/2018

The Senate banking committee will vote Aug. 23 on Kathy Kraninger's nomination to lead the Consumer Financial Protection Bureau. The vote was delayed before the Senate's summer recess.

8/16/2018

Excessive bank overdraft fees harm customers who can least afford it and amount to "predatory lending in disguise," said Sen. Sherrod Brown, D-Ohio. Brown is co-sponsoring legislation that would prohibit banks from charging overdraft fees on ATM withdrawals and debit card transactions.

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Sen. Sherrod Brown