A man accused of throwing a Molotov cocktail at a bank in Belgium turned out to be a member of hacking groups Anonymous Belgium and Cyber Crew, a fact police uncovered by examining information on a thumb drive he dropped outside the bank. He has a long history of cybercrimes, including DDoS attacks and extortion, and has been sentenced to 18 months in prison.
Federal Reserve Chairman Jerome Powell will appear before the House Financial Services Committee on July 10 and testify before the Senate banking committee the next day. Powell will give his semiannual policy updates to the panels.
Huntington Bank CEO Steve Steinour is leading a $100 million fundraising initiative to provide affordable housing in Columbus, Ohio. Fifth Third Bank and PNC Bank are also participating in the effort that organizers hope will add at least 2,150 affordable rental units to the city.
Eighty-one minority high school students from the Washington, DC, area will participate in an internship program with the Office of the Comptroller of the Currency. The program fulfills a section of the Dodd-Frank Act, and Comptroller Joseph Otting encouraged banks and other entities to begin similar programs.
U.S. Bank is integrating Inworks' Intelligent Pay platform with its Virtual Pay Visa to streamline payments between medical providers and insurance companies. The platform does not have any customers yet.
Companies can reduce employee financial stress by setting up an automatic emergency savings account program that helps them create a rainy day fund for unexpected expenses, said Terry Dunne of Millennium Trust. Having savings can keep employees from taking money out of their 401(k) or other retirement accounts to pay for emergency expenses, Dunne said.
The Labor Department plans to complete by September a fiduciary rule for retirement advice that takes into account a ruling by the 5th US Circuit Court of Appeals that vacates an earlier version. The department aims to make the rule compatible with the Securities and Exchange Commission's Regulation Best Interest.
The privacy restrictions of the EU General Data Protection Regulation and California Consumer Privacy Act could prevent banks from using some forms of surveillance to keep an eye on possible employee malfeasance.
The number of enforcements at the Consumer Financial Protection Bureau is down 80% since 2015. Sen. Elizabeth Warren, D-Mass., has been critical of the agency's recent drop in enforcement, telling Director Kathy Kraninger, "If you had any decency, you'd either do your job or resign."
Digital disruption is rapidly changing the technical skills employers need, but five time-honored traits will help secure one's employment, writes Karen Gilchrist. The demand for critical thinking, adaptability, communication and other soft skills is high now and expected to grow as disruption increases.