Banking
Top stories summarized by our editors
12/10/2019

Women tend to make less than men and live longer, which means they should save more, writes Dina Siracusa of Provident Wealth Advisors. New higher contribution limits for 401(k) plans and traditional and Roth IRAs allow additional savings for those who qualify.

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Kiplinger
12/10/2019

FintechOS, a Romanian startup that developed software that it says lets big banks and insurance companies roll out new products as quickly as startups, raised $14 million in its most recent funding round. With the new capital is plans to expand across Europe, enter Southeast Asian markets and then move on to the US.

12/10/2019

Comerica's Banker Connect gives customers access to a teller through a virtual video call. The bank has 13 of the machines in Michigan.

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Detroit Free Press
12/9/2019

Using an ethical hacker to test cybersecurity arrangements can be a good idea, as long as that hacker has verified credentials and professional standing, writes Sam Bocetta. He describes five steps for improving security, including using a virtual private network, which encrypts all data sent and received, even when employees work off-site.

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Attorney at Work
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Sam Bocetta
12/9/2019

Large technology companies could be required to share information with banks and financial-technology firms to ensure fair competition, the Financial Stability Board says in a report. The report urges "vigilant monitoring" of tech giants' move into financial services.

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Reuters
12/9/2019

US Treasury Secretary Steven Mnuchin has told lawmakers proposals to introduce a financial-transaction tax on certain trades could harm capital markets. "I am very concerned that that would destroy our capital markets, and the cost to American holders of mutual funds would bear the majority of the cost," Mnuchin said.

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The Hill
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Steven Mnuchin
12/9/2019

The merger of BB&T and SunTrust banks into Truist is complete and now top executives Kelly King and Bill Rogers are working out details that include cost-cutting measures and the chance to identify new sources of revenue while keeping an eye on making things simple for consumers. "The vast majority of our customers -- their checking, savings, money market accounts -- there won't be any account changes, no routing number changes," said King, now CEO of the merged bank.

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SunTrust
12/9/2019

The Financial Stability Oversight Council under its new rules has the authority to issue "nonbinding recommendations" to state insurance regulators if it concludes that an insurer big enough undermine the stability of the financial system is getting in trouble. It also is authorized to tell the public why it made those recommendations.

12/9/2019

Some Democrats are concerned that a proposed 36% rate cap on loans proposed in a bill by Rep. Jesús "Chuy" Garcia, D-Ill., would keep some of their constituents from getting credit. FDIC Chair Jelena McWilliams said a national cap could keep a "significant portion of small-dollar borrowers" from getting credit.

12/9/2019

A man President Donald Trump personally chose to serve on the Federal Reserve Board of Governors has died at the age of 69. Marvin Goodfriend testified before the Senate Banking Committee but no vote was taken for his nomination for the seat, which remains open.