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.
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.
Former U.S. Bancorp CEO Richard Davis has been named CEO of Make-A-Wish America, effective Jan. 2. "I am very grateful for this opportunity to lead Make-A-Wish and to join the remarkable staff and countless volunteers who participate in granting a wish every 34 minutes of each day," Davis said.
Federal and state regulators in the US are stepping up a fight against cryptocurrency fraud, but they expect cryptocurrency scams might actually increase. "Anytime there's a new and hot thing, fraudsters gravitate toward it," Securities and Exchange Commission Chairman Jay Clayton said.
The World Economic Forum has ranked the US as the most competitive economy, ousting Switzerland from a nine-year run atop the ranking. The ranking system was overhauled this year to focus on technology-driven growth expected in the future.
President Donald Trump continued his criticism of the Federal Reserve on Tuesday, calling it his "biggest threat" and saying of Jerome Powell's appointment as Fed chairman, "maybe it's right maybe it's wrong, but I put him there." Under Powell, the Fed has raised interest rates faster than Trump wants.
Controversial 14-year-old blog posts written by current Consumer Financial Protection Bureau official Eric Blankenstein will be examined by the bureau's inspector general. In the posts, Blankenstein questioned the validity of some hate crimes and whether the use of a racial slur means someone is racist.
The importance of retirement security justifies the creation of a working group of government agencies and market participants with the task of proposing legislative and regulatory changes, said Securities and Exchange Commission member Kara Stein. Retirement issues are complex, and the SEC's legal mandate is not broad enough to deal with all of them, she said.
Among all business owners, 43% are working with an adviser dedicated to retirement planning, while among millennial business owners, the figure is 50%, a survey by Nationwide found. Only 10% of business owners overall have identified a buyer for their business in preparation for eventual retirement, but 23% of millennial business owners have done so, the survey indicated.
- Page 1