Former U.S. Bancorp CEO Richard Davis has been named CEO of Make-A-Wish America, effective Jan. 2. "I am very grateful for this opportunity to lead Make-A-Wish and to join the remarkable staff and countless volunteers who participate in granting a wish every 34 minutes of each day," Davis said.
The World Economic Forum has ranked the US as the most competitive economy, ousting Switzerland from a nine-year run atop the ranking. The ranking system was overhauled this year to focus on technology-driven growth expected in the future.
Federal and state regulators in the US are stepping up a fight against cryptocurrency fraud, but they expect cryptocurrency scams might actually increase. "Anytime there's a new and hot thing, fraudsters gravitate toward it," Securities and Exchange Commission Chairman Jay Clayton said.
President Donald Trump continued his criticism of the Federal Reserve on Tuesday, calling it his "biggest threat" and saying of Jerome Powell's appointment as Fed chairman, "maybe it's right maybe it's wrong, but I put him there." Under Powell, the Fed has raised interest rates faster than Trump wants.
Controversial 14-year-old blog posts written by current Consumer Financial Protection Bureau official Eric Blankenstein will be examined by the bureau's inspector general. In the posts, Blankenstein questioned the validity of some hate crimes and whether the use of a racial slur means someone is racist.
The importance of retirement security justifies the creation of a working group of government agencies and market participants with the task of proposing legislative and regulatory changes, said Securities and Exchange Commission member Kara Stein. Retirement issues are complex, and the SEC's legal mandate is not broad enough to deal with all of them, she said.
Among all business owners, 43% are working with an adviser dedicated to retirement planning, while among millennial business owners, the figure is 50%, a survey by Nationwide found. Only 10% of business owners overall have identified a buyer for their business in preparation for eventual retirement, but 23% of millennial business owners have done so, the survey indicated.
The four largest banks in the country and two major investment banks have third-quarter earnings reports that are better than expected, indicating the economy is solid. Consumers are spending money, banks say, and companies are making investments.
USAA is partnering with StreetShares to offer loans to small businesses. Businesses that are at least a year old with at least $25,000 in annual revenue may qualify under the pilot program.
Fifty percent of Bank of America's mortgage applications will be digital by 2019, the bank predicts. BofA and Wells Fargo added digital applications this year, and 28% of September applications were digital at Wells Fargo.