Advocates for retirement-related measures are cautiously optimistic that the House and Senate can reach a compromise in the lame-duck session and pass retirement legislation. Both chambers have approved their own bills, which call for the establishment of a safe harbor protecting sponsors of defined-contribution plans that offer lifetime income options.
Some lenders want to access state department of motor vehicles records in an effort to prevent identity fraud. Because states generally require motorists to make their first applications in person and to provide birth certificates, banks see value in using these records to verify the identity of online applicants.
Political deadlock appears to be coming in Washington, D.C., a fact that should keep the highly active US syndicated loan market on pace. There is little chance that the recent regulatory rollbacks will be undone and some prospect of increased infrastructure spending that could provide further impetus to bank lending.
A federal judge in Colorado will oversee a challenge to Bank of America's use of the name "Erica" for its virtual assistant. Erik Underwood of Colorado says that he registered the name in Georgia in 2010 and that the registration applies in all states.
The Federal Reserve will publish its first financial stability report Nov. 28. The reports, which will be semiannual, will identify potential risks to the economy and assess the financial sector's ability to withstand a crisis, the Fed said.
House Democrats are expected to scrutinize Wells Fargo and the Consumer Financial Protection Bureau, while the Federal Reserve is looking at changes to the Volcker rule and stress tests for banks. The Volcker rule is "too complicated," and banks that fail stress tests should not be publicly identified, said Randal Quarles, the Federal Reserve's vice chairman for supervision.
An investigation into President Donald Trump's relationship with Deutsche Bank is considered ordinary work for the House Financial Services Committee, said Rep. Maxine Waters, D-Calif., who is anticipated to lead the committee in January. Republicans say they will fight Waters if she begins what they call partisan investigations.
The Federal Reserve still plans to gradually increase interest rates but has left them unchanged at a meeting this week. The central bank says the US economy remains healthy but notes a downturn in growth of business investment.
Rep. Maxine Waters, D-Calif., who likely will lead the next House Financial Services Committee, says she wants bank CEOs to testify before the committee but doesn't want it to be "a hostile situation." She also said no decision had been made on whether to subpoena Deutsche Bank for information on its financial relationship with President Donald Trump, adding, "We're not going to do any kind of threatening of anybody at this point."
The US government filed a civil suit against Swiss bank UBS on Thursday, accusing it of misleading investors in 2006 and 2007 regarding more than $41 billion worth of residential mortgage-backed securities. The suit criticized the business culture at UBS, citing one employee's complaints to bosses about company ethics, including that "lying is OK."
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