Prospective Federal Reserve Board nominee Stephen Moore is being criticized for past comments, including derogatory remarks about women, a reference to Cincinnati and Cleveland as "armpits of America" and a call to impeach former Georgia Gov. Sonny Perdue. Moore told a talk radio show, "They're pulling a Kavanaugh against me."
Fifth Third Bancorp's business lending increased 10% in the first quarter, due in part to activity in California, South Carolina and Virginia, CEO Greg Carmichael said. The acquisition of MB Financial was finalized in March, making Fifth Third the 10th-largest American consumer bank.
Roughly 4,700 people have been hired by Bank of America as part of its Pathways initiative, which seeks employees from low- and middle-income communities. The bank has committed to hiring 10,000 people from such communities by 2023.
Banks and lenders will receive more information from the Consumer Financial Protection Bureau about the reasons behind any investigations the bureau is conducting into their activities. The change is in response to concerns from financial institutions about the cost of dealing with civil investigative demands and the amount of information requested.
Curtis Farmer will succeed Comerica CEO Ralph Babb, who served in the position since 2002. Farmer joined the bank in 2008 after a 23-year career at Wachovia Bank and was named president of Comerica in 2015.
The student debt relief plan proposed by Sen. Elizabeth Warren, D-Mass., would grant at least partial relief to 95% of the many American households that are burdened with repaying student loans, according to the editorial board of the Washington Post. The board disagrees with this plan, however, stating, "What might be unfair is debt relief to the exclusion of other priorities with wider benefits, including to people who did not go to college at all."
A Louisiana state committee approved a bill that will make it illegal for banks to reject a business solely because it makes or sells firearms. The proposed bill was introduced by Rep. Blake Miguez, R-New Iberia, after some banks scaled down their business with gun-makers and -sellers following some mass shootings.
Capital One, American Express and Discover are turning to social media to reach credit card customers. Capital One and American Express are spending millions on Facebook ads, while Capital One is paying Instagram and Twitter influencers to promote one of its rewards cards, according to Mintel Comperemedia.
Sen. Elizabeth Warren, D-Mass., announced a plan Monday that would erase $50,000 of student-loan debt for borrowers who make less than $100,000 a year, affecting millions of borrowers. The plan by the 2020 presidential candidate was criticized by some who say it would reward students who took out expensive loans instead of saving for their education or attending lower-priced schools.
U.S. Bank will open a branch in Charlotte, N.C., this fall and plans to have 10 branches there by the end of next year. The branches are its first in the state, and the bank is the second large bank to have announced an intention to expand into Charlotte, with JPMorgan Chase having made an announcement a few weeks ago.
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