About 65% of students who received a four-year degree in 2018 had borrowed money to pay for it, with the average student loan debt at around $29,000, according to a report from the Institute for College Access and Success. Northeastern states had higher debt rates while western states had lower rates, according to the report.
Chris Gorman is set to take over as chairman and chief executive officer of KeyCorp when Beth Mooney steps down May 1. Mooney assumed the chairman and CEO role in 2011 and led the bank through its largest transaction ever when it purchased First Niagara Financial Group, with the bank's assets growing from $87 billion to $145 billion during her tenure.
Rep. Chuck Schumer, D-N.Y., said groups asking the House of Representatives to delay a vote on a cannabis banking bill are 'right' because more needs to be done on overall marijuana reform. The House is expected to vote on the bill this month and the Senate Banking Committee is expected to vote sometime this year.
Retirement income will eventually become a major challenge for advisers as plan sponsors come to recognize that they have workers who don't know if they will ever be able to retire, said Sean Murray, principal and chief revenue officer at Retiree Income. Advisers need to understand that Americans' biggest fear is running out of assets in retirement, he said.
Steven Zeisel, the former general counsel for the Consumer Bankers Association, was remembered as a powerful voice in the banking community, someone who regulators wanted to hear from before they finalized rules, said Richard Hunt, president and CEO for CBA. Zeisel, who died Sunday at the age of 65, was with CBA for 28 years.
The Labor Department is likely to make its new fiduciary rules public in two months and they should be compatible with the Securities and Exchange Commission's Regulation Best Interest, lawyers at the Groom Law Group say. The new guidance won't be finalized until the period for submitting comments has passed, they said.
Capital One and Walmart are debuting their first new credit cards since Walmart ended its 19-year relationship with Synchrony. The cards offer rewards between 2% and 5% and will not charge consumers an annual fee.
Changes to the Consumer Financial Protection Bureau's complaint database announced by Director Kathy Kraninger include the addition of contact information for companies and data visualization and analysis tools to add context to the data. Kraninger said the response to the agency's call for feedback on the database was "staggering" and persuasive.
Young adults often wonder if they should focus on paying off student loans and other forms of debt or saving for retirement. Paying off the debt first can be a wise move, because otherwise many people allow it to hang around until much later in life.
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