The Volcker rule provision that keeps banks from investing in venture capital funds is regulatory overreach that does nothing to further the objectives of the law and should be changed, writes Charlotte Savercool of the National Venture Capital Association. NVCA has proposed two solutions that would allow banks to invest in VC funds while implementing the objectives of the Volcker rule, she writes.
Banks in areas hit by California's wildfires will not be penalized for missing reporting requirements, state and federal regulators say. Regulators also agreed that banks could ease some loan terms to help borrowers.
Michelle Bowman has been confirmed by the Senate to the Federal Reserve Board's community banking seat. Bowman, who served as chief bank regulator in Kansas and was an executive at Farmers & Drovers Bank, is expected to advocate for changes to the Dodd-Frank Act.
Senate Majority Leader Mitch McConnell, R-Ky., has filed for cloture for consideration of Kathy Kraninger's nomination to lead the Consumer Financial Protection Bureau. If confirmed, Kraninger will take over for Mick Mulvaney, who has served as acting director since Richard Cordray resigned last year.
Health savings accounts can be valuable retirement-savings vehicles if money is allowed to build up tax-free over time. However, a study by the Employee Benefit Research Institute suggests many people aren't investing funds for the long term or maximizing contributions.
Charlotte, N.C., has regained its position as the No. 2 city in the country in banking assets and loans, edging out San Francisco by what one analyst calls a "rounding error almost." The change comes as Bank of America increases assets and as Wells Fargo works to emerge from scandal.
The Federal Reserve will review strategies to reach its goals of maximum employment and price stability. The review will begin next year and will include a research conference in June.
Sen. Elizabeth Warren, D-Mass., wants regulators to discuss how to address the leveraged-loan market, which she compares to the subprime-mortgage market before 2008. Warren has written regulators and has requested a response by Dec. 11.
Signs of a global economic downturn appear in statistics of three of the biggest economies. Data show GDP of Japan and Germany declined in the third quarter, while weak growth of credit and consumption suggests China is headed into a slump.
Tomorrow's leaders may never reach that designation if we don't allow some leeway for communication that comes across as overly enthusiastic or candid, writes Karin Hurt. "We don't just need more people speaking up, we need to help our emerging leaders speak up in a way that can be heard so their ideas can add the most value," she writes.
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