Because the US economy is performing exceptionally well the Federal Reserve looks set to boost interest rates three to four times over the next year, former Fed Chair Janet Yellen said. That scenario will hold up "unless there are significant economic surprises," she said.
Executives at a major small-dollar lending company suspected banks were severing ties with the company because of concerns over anti-money-laundering compliance, not because of pressure by federal regulators, according to emails revealed in recently unsealed court filings. A filing from the Federal Deposit Insurance Corp. also cited anti-money-laundering compliance issues as a reason some small-dollar lenders had lost their relationships with banks.
Sen. Chuck Schumer, D-N.Y., wants the Consumer Financial Protection Bureau to nix plans to halt checks on lenders' compliance with the Military Lending Act. The CFPB has said that it is not required to proactively monitor lenders and that borrowers can file complaints as suspected violations arise.
Rep. Kyrsten Sinema, D-Ariz., has been elected to the Senate seat held by the retiring Sen. Jeff Flake, a Republican. Sinema sits on the House Financial Services Committee and supported regulatory relief efforts for banks.
Phyllis Borzi, a former Labor Department official who played a key role in drafting the now-vacated fiduciary standard, is concerned the Securities and Exchange Commission is overlooking rollovers of 401(k) assets into other investment products as it works on protecting investors from questionable advice. Consumers may not be making informed choices when deciding where to invest retirement assets, she said.
More than 30% of Americans have not set money aside for home renovations, according to the Home Improvement Report by NerdWallet. The report also states 48% of homeowners have had anxiety over the cost of unexpected repairs.
Sens. Chris Coons, D-Del., and Jeff Flake, R-Ariz., have told President Donald Trump his criticism of the Federal Reserve could hurt the central bank's credibility and cause problems for the economy. The senators call Trump's comments about interest-rate increases "unconstructive and dangerous."
Sen. Sherrod Brown, D-Ohio, who has opposed efforts to ease regulation of banks, says he is considering a presidential run. Brown has introduced legislation that could have forced big banks to break up because of high capital requirements, and banks should watch his candidacy closely, Victoria Finkle writes.
The US Federal Reserve's inaugural Supervision and Regulation Report found that more than 40% of large US banks failed to "meet supervisory expectations in certain risk-management areas." The report also showed the banking sector's profitability was at a 10-year high.
Even talented workers may have their career progression halted by issues such as poor peer relationships or inadequate executive presence. These types of issues can be fixed, but there is often a breakdown during the feedback process.