The likelihood that the US will go into a recession in the next 12 months rose to 25% this month, compared with 20% in January, according to a Reuters poll of economists. Most of the respondents said they expect the Federal Reserve to leave interest rates unchanged at its March meeting.
The economy is likely to grow more slowly this year than in recent years, Federal Reserve Governor Lael Brainard says. She cites the slope of the yield curve and a decline in foreign growth as two of the downside risks to watch.
Several credit card networks reportedly plan to raise their fees in the coming months. Among them are Visa and Mastercard, which are expected to raise the interchange fees paid by retailers to banks, as well as the fees paid by financial institutions to the card networks for the processing of card purchases.
Bank of America has been named one of the "100 Best Companies to Work For," coming in at No. 92 on Fortune's annual list. The bank provides employees with child care reimbursements, on-site fitness areas and paid sabbaticals, the magazine said.
CBA board member Richard Gold held various leadership positions at M&T Bank, including chief risk officer and head of mortgage and consumer lending, before he was named president and chief operating officer in 2017. Gold says his relationship with late CEO Robert Wilmers has benefited him greatly.
The Federal Reserve should only increase interest rates once this year and once in 2020, said Federal Reserve Bank of Philadelphia President Patrick Harker. An uncertain economy and global economic risks convinced him to support a cautious approach, he said.
We create more inclusive workplaces by publicly giving credit to colleagues whose work may be overlooked, promoting their areas of expertise and lobbying on their behalf to superiors, writes Karen Catlin. Conduct meetings so everyone has an opportunity to contribute and intervene if someone's ideas are unfairly dismissed.
Sen. Mike Crapo, R-Idaho, chairman of the Senate banking committee, and Sen. Sherrod Brown, D-Ohio, are asking for input on financial institutions' handling of consumer data, the accuracy of credit bureau reports, how much control consumers have over their data and when consumers are told about data breaches. The request could lead to bipartisan data protection legislation.
Nearly one-third, or 30%, of financial planners say clients' top retirement fear is running out of money, according to an AICPA survey of 631 CPA financial planners. Among respondents, 28% say clients are most concerned about lifestyle changes in retirement, and 18% say health care costs are clients' greatest concern.
Twenty-one state attorneys general have signed a letter asking the Consumer Financial Protection Bureau to forgo creation of a regulatory sandbox. The attorneys general also ask the CFPB to reconsider a proposal to use more no-action letters.
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