Retirees who turned 70½ last year face an April 1 deadline for taking the first required minimum distributions from their qualified retirement plans. The relevant rules are rather complex, as Bob Carlson explains.
Sen. Elizabeth Warren, D-Mass., has tweeted that Consumer Financial Protection Bureau acting Director Mick Mulvaney should appear before the Senate banking committee if he doesn't answer her questions about the bureau. The CFPB is an independent agency that is not accountable to Congress, and Warren, who designed the bureau, should know that, writes the editorial board of The Wall Street Journal.
SunTrust Banks will focus on partnerships and on creating a culture of innovation, says Scott Case, recently named chief information officer. The bank also wants to use digital to improve the customer experience, including use of onUp, an online budgeting and educational tool that helps consumers manage money.
Mobile banking apps are generally secure, experts say, but consumers should be aware of their smartphone's overall security. Banks could educate consumers on safety practices, which include having a strong password and keeping smartphone software up-to-date.
Sen. Elizabeth Warren, D-Mass., and other Democrats say changes to the Dodd-Frank Act under a Senate bill could create a financial crisis. Others, including Brookings Institution senior fellow Nellie Liang, say the bill would preserve many tenets of the law.
If team members are not willing to help each other, it may indicate discontent caused by management, writes William Vanderbloemen. Leaders need to exemplify a culture of collaboration and be willing to dismiss a toxic employee or executive, he writes.
The European Commission has proposed legislation allowing banks to roll over loans or to adjust loan terms without activating formal, mandatory loss provisions. It is also working on legislation to strengthen the market for distressed debt and to accelerate seizure of collateral.
Larry Kudlow, nominated to lead President Donald Trump's National Economic Council, has criticized Federal Reserve Board policy, saying the Fed is using the wrong models to assess inflation and does not have the power to move prices. "Just let it rip, for heaven's sake," Kudlow said of economic growth, adding, "The market's going to take care of itself."
House Speaker Paul Ryan, R-Wis., will hold on to the bipartisan financial reform bill that cleared the Senate this week unless senators agree to negotiate with the House, said Rep. Jeb Hensarling, R-Texas, chairman of the House Financial Services Committee. Hensarling said senators were being "presumptuous and naive" to assume the House would rubber-stamp the Senate bill, which would loosen Dodd-Frank Act regulations.