The Senate banking committee should address issues related to big data, said Sen. Mike Crapo, R-Idaho, the committee's chairman. He cited the need for tools to protect consumers' privacy in light of the large amount of data available.
A public meeting called by the New Jersey Bureau of Securities on a proposed state fiduciary rule for financial-services professionals heard starkly different views of the proposal. Some stakeholders see the state's proposed rule as an appropriate best-interest standard, while others say it would be difficult for advisers to remain compliant with varying state and federal fiduciary rules.
The Consumer Financial Protection Bureau might open additional enforcement investigations and continue to focus on small-dollar lending next year, three lawyers with Mayer Brown predicted during a teleconference. CFPB acting Director Mick Mulvaney has issued fewer enforcement actions than his predecessor did, a trend the lawyers think will continue next year.
Christopher Kay has been named executive vice president and head of consumer banking, business banking and marketing at M&T Bank. Kay has worked as chief innovation officer at Humana and managing director at Citi Ventures.
Citizens Bank has opened commercial-banking locations in Atlanta and near Los Angeles and plans to expand in Dallas and Orlando, Fla. The bank is growing not by purchasing peers but by focusing on online accounts, acquiring a mortgage company and finding corporate clients.
Millennials hope to retire at age 56 on average, but they think they'll be able to save only about half of what they need for retirement, finds a Provision Living survey. Fifty-three percent of millennial respondents expect to work a part-time job after they retire.
Banks' living wills may need to be updated to focus on interconnectedness and cross-border relationships, said Jelena McWilliams, chief of the Federal Deposit Insurance Corp. Changes to the Volcker rule are also a priority, she said.
Managers sometimes intervene in work-based conflicts when letting people solve things between each other could contribute to their professional growth, writes Jay Sullivan. People seeking input from their managers about conflict don't always want a solution, writes Sullivan, so try asking questions to clarify what type of assistance they want.
The Federal Reserve is expected to continue raising interest rates to achieve a neutral rate of 2.5% to 3.5%. Fed officials have expressed concerns over signs of a global economic slowdown.
With the designation of certain nonbanks as systemically important financial institutions now over, attempts by the Financial Stability Oversight Council to curb future financial meltdowns have ultimately proved fruitless, writes law professor Thomas Vartanian. He contends that such regulatory resources "should be directed at deploying human and artificial intelligence to create economic early warning systems that will actually help governments prepare for and address disasters -- be they financial or technological -- before they happen."
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