Banks, financial-technology companies and data aggregators have formed a network that will create a standard for sharing customer data. Wells Fargo, JPMorgan Chase, Bank of America, U.S. Bank and PNC Bank, among others, are part of the Financial Data Exchange.
Sen. Elizabeth Warren, D-Mass., wrote a letter to Federal Reserve Chairman Jerome Powell asking for Wells Fargo's growth to be halted until CEO Tim Sloan is replaced, saying Sloan has been "deeply implicated" in the bank's previous misconduct. This is not Warren's first push for Sloan's removal, and analysts say it likely will not have the intended effect.
The Securities and Exchange Commission should do more to promote investor education, because saving money without investing is not sufficient to prepare for retirement, SEC Commissioner Kara Stein said. "To have a safe and secure retirement, Americans must invest their savings to allow them to grow," she said.
One in 10 elderly consumers have been scammed, but some are embarrassed to report it, Consumer Financial Protection Bureau acting Director Mick Mulvaney said at a Louisiana town hall on elderly fraud. Scams cost elderly people as much as $36 billion annually.
Consumer Financial Protection Bureau acting Director Mick Mulvaney has asked the Federal Reserve's Inspector General Office to examine a 2004 blog post and subsequent comments written by Eric Blankenstein, who oversees the CFPB's anti-discrimination efforts. Blankenstein questions in the post the validity of hate crimes and the use of a racial slur, prompting some groups to call for his firing.
The US economy has a 28% chance of recession during the next year and a chance of more than 60% during the next two years, according to an analysis by JPMorgan Chase. The chance is more than 80% during the next three years.
Financial-technology firms have shifted from disrupting the banking industry to partnering with banks, OnDeck's Christin Spradley said at the Banking Policy Institute's Fintech Ideas Festival in Washington, D.C. The Consumer Financial Protection Bureau is changing a trial disclosure program and might join a network of international fintech regulators, said Paul Watkins, head of the CFPB Office of Innovation and a keynote speaker at the event.
Federal Reserve policymakers agree they should keep raising interest rates, according to meeting minutes, rejecting President Donald Trump's criticism that rates have increased too much. The rate-setting committee says increasing short-term interest rates "would most likely be consistent" with expected economic growth, the minutes show.
A survey from Capital One found that many employees with access to an employer-sponsored retirement plan don't participate because they believe they don't make enough to contribute. However, educating individuals about tax benefits and fees could help encourage participation, says Stuart Robertson of Capital One Advisors.
More than 21,000 applicants for student-loan forgiveness for public employees have been rejected, and about 3,000 applicants remain under consideration. The $350 million program was established five months ago to help people who thought they qualified for student-loan forgiveness but discovered they had the wrong loan or repayment plan.
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