Banking
Top stories summarized by our editors
11/17/2017

Fluctuation in home values means homeownership does not necessarily build wealth, finds a study by Florida Atlantic University, Florida International University and the University of Wyoming. Property appreciation is correlated with stocks and bonds, while renting and reinvesting tends to build wealth, a co-author of the study says.

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CNBC
11/17/2017

The latest version of the Senate tax bill has dropped a proposal that would have eliminated the tax break on catch-up contributions to 401(k) plans. There had been concerns that the proposed cap would lead to the "Rothification" of 401(k) accounts.

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the House
11/17/2017

Lengthening life spans are creating new risks for people approaching retirement, and many of them are aware of the challenge that awaits them, a survey indicates. The Insured Retirement Institute found that just 23% of baby boomers are confident that their savings will get them through retirement or that they are well-prepared to leave the workforce.

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Business Insider
11/17/2017

An underwhelming performance review can be an opportunity to demonstrate you can take advice, says Tammy Perkins, chief people officer at Fjuri Group. Seek guidance from a mentor on the best ways to move forward and improve.

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Glassdoor
11/17/2017

The Consumer Financial Protection Bureau "will remain a political, partisan agency whose pendulum will swing greatly every five years" unless the structure changes from a single director to a bipartisan commission, CBA President and CEO Richard Hunt says. He calls this a "horrible way to govern."

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The Hill
11/17/2017

The next director of the Consumer Financial Protection Bureau could propose changes to a qualified-mortgage rule and stall a rule on small-dollar lending, industry experts say. Pending litigation and enforcement actions also might be reviewed.

11/17/2017

Banks that partner with financial-technology companies for consumer information can influence standards on protection and privacy, says Federal Reserve Governor Lael Brainard. "Banks have a stake in ensuring that their vendors and third-party service providers act appropriately, that consumers are protected and treated fairly and that the banks' reputations aren't exposed to unnecessary risk," she said.

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Reuters
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Lael Brainard, Banks, Fed
11/17/2017

PayPal has agreed to sell $5.8 billion in loans to Synchrony Financial. Unit Synchrony Bank becomes the exclusive provider of consumer financing from PayPal for 10 years under the deal.

11/17/2017

Loretta Mester, president of the Federal Reserve Bank of Cleveland, says she expects inflation to reach 2% eventually, supporting a gradual increase in interest rates. She also says the aging population will affect unemployment and economic growth.

11/17/2017

Legislation to ease the Dodd-Frank Act is the result of two weeks of negotiation between Republicans and moderate Democrats. The bill is expected to advance through the Senate in 2018.

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Senate