Banking
Top stories summarized by our editors
3/21/2019

The Consumer Financial Protection Bureau will announce proposed rules this spring related to the Fair Debt Collection Practices Act, the bureau said in a report to Congress.

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ACA International
3/21/2019

Wells Fargo must address its issues, particularly in risk management, before the Federal Reserve will lift a growth ban imposed on the bank, Fed Chairman Jerome Powell said. Also, a federal judge postponed a settlement hearing related to the bank's sales account scandal, saying that without more information, he can't determine whether the settlement is fair to shareholders.

3/21/2019

A name for the bank being created by the SunTrust-BB&T merger has not been decided, SunTrust CEO Bill Rogers says. The name of SunTrust Park, the home of the Atlanta Braves, is also expected to change.

3/21/2019

About half of baby boomers' 401(k) plans have allocations to stocks that are higher than what Fidelity recommends for their age group, putting them at greater risk in a market downturn, a recent study found. Fidelity recommends baby boomers allocate 54% to stocks and the remainder of their retirement account to safer assets.

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CNBC
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Fidelity
3/21/2019

A survey by Lincoln Financial found that most women prioritize planning for retirement and their family's future, but more than seven in 10 believe they are not doing a very good job. Running out of money in retirement is a big worry for 70% of women, but only 20% of them have come up with a plan to deal with this challenge.

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PlanAdviser online
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Lincoln Financial
3/21/2019

CEOs' expectations for the US economy dropped notably in the fourth quarter, falling below the level immediately before the passage of the Tax Cuts and Jobs Act, according to the latest Business Roundtable CEO Economic Outlook Index. In contrast to the sharp rise in optimism recorded at the start of 2018, CEO expectations on employment, sales, capital spending and overall economic growth in the US have fallen.

3/21/2019

Regions Financial is not interested in mergers and acquisitions because of associated risk, CEO John Turner says. The bank is focused on cybersecurity and is planning a $625 million investment in technology this year.

3/21/2019

FIS and Worldpay could offer joint loyalty programs, better fraud management and data analytics to banks after the former acquires the latter, experts say. The transaction is not expected to affect services to customers.

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WorldPay
3/21/2019

Banks are offering better rates to borrowers with good credit scores as the Federal Reserve indicates it will not raise interest rates anytime soon. Mortgage rates are at the lowest level since February 2018, and auto-loan rates have dropped in the past few months.

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Federal Reserve
3/21/2019

Delays by the Federal Reserve of same-day ACH services indicate that the stakes are high for both regulators and banks as the movement of funds speeds up, and alternative service providers are seeking new transfer networks. Financial columnist Karen Webster recommends that banks "worry less about becoming disintermediated and more about becoming marginalized as payment utilities, and essentially free ones."

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Pymnts
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Federal Reserve, Karen Webster