Jennifer Piepszak will become chief financial officer at JPMorgan Chase on May 1, and current CFO Marianne Lake will take over as CEO of the bank's consumer lending business. The move is seen as a further sign that Lake is the front-runner to take over as CEO when Jamie Dimon retires.
The Senate banking committee will hold a hearing on bank supervision April 30 and hear from a panel of regulators May 15. The committee will discuss privacy rights and data collection at a May 7 hearing.
Rules on debt collection proposed by the Consumer Financial Protection Bureau would be the first change to the Fair Debt Collection Practices Act in more than four decades and would address how often collectors can call, text or email consumers, CFPB Director Kathy Kraninger says. Consumer groups want to limit collectors to one call weekly and to prohibit collectors from contacting consumers on social media or at work.
The Consumer Financial Protection Bureau is taking a "fresh look" at supervision as it focuses on preventing consumer harm while clarifying the term "abusiveness," Director Kathy Kraninger said in a speech at the Bipartisan Policy Center. CBA President and CEO Richard Hunt has praised the speech, saying it shows a "commonsense, principled approach to the CFPB's direction and her commitment to serve as an impartial regulator."
Herman Cain might lack enough votes for confirmation to a seat on the Federal Reserve Board, but he says he will not withdraw his name from consideration. Cain says he was invited in January to Washington, D.C., to speak with President Donald Trump and others about the Fed and was told within days he was under consideration.
Nine banks, including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo, have received subpoenas in an investigation by House Democrats into President Donald Trump's finances, sources say. Republicans have called the subpoenas political.
Fintech companies and banks are eager to step up activity in the massive trade finance market. In spite of the opportunity, fintechs have found little success in offering trade finance to small companies. "The data shows FinTech continuing to drive change, with banks working hard to match the pace of innovation," said Craig Jeffery of Strategic Treasurer.
Small suppliers can benefit from incorporating third-party financing directly into their business process with buyers. When vendors are able to meet the desired longer payment terms of small buyers, it sends the message of being responsive and helpful to buyers. "From a capital perspective, there's a feeling that the seller actually has a buyer's financial interest aligned much better than they have in the past," said Jason Smith of Fundbox.
Nissan's departure from the UK citing "uncertainty around the UK's future relationship with the EU" is part of a wave of departures connected with Brexit. Dyson and Sony are among the multinational companies exiting the UK.
Bank of America Merrill Lynch's Bruce Meuli shares best practices for redeploying working capital. "The process of optimizing working capital is an ongoing one, requiring constant understanding and an established framework. To meet this need, treasurers should consider expanding their remit to include ownership of enterprise-wide working capital management," he writes.
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