Debt held by US households increased to a record $13.51 trillion in the third quarter, according to the Federal Reserve Bank of New York. The amount is 21% more than the total in Q3 of 2008, during the financial crisis.
Millennials hope to retire at age 56 on average, but they think they'll be able to save only about half of what they need for retirement, finds a Provision Living survey. Fifty-three percent of millennial respondents expect to work a part-time job after they retire.
Banks' living wills may need to be updated to focus on interconnectedness and cross-border relationships, said Jelena McWilliams, chief of the Federal Deposit Insurance Corp. Changes to the Volcker rule are also a priority, she said.
Managers sometimes intervene in work-based conflicts when letting people solve things between each other could contribute to their professional growth, writes Jay Sullivan. People seeking input from their managers about conflict don't always want a solution, writes Sullivan, so try asking questions to clarify what type of assistance they want.
The Federal Reserve is expected to continue raising interest rates to achieve a neutral rate of 2.5% to 3.5%. Fed officials have expressed concerns over signs of a global economic slowdown.
With the designation of certain nonbanks as systemically important financial institutions now over, attempts by the Financial Stability Oversight Council to curb future financial meltdowns have ultimately proved fruitless, writes law professor Thomas Vartanian. He contends that such regulatory resources "should be directed at deploying human and artificial intelligence to create economic early warning systems that will actually help governments prepare for and address disasters -- be they financial or technological -- before they happen."
Rep. Maxine Waters, D-Calif., who is poised to take over as chair of the House Financial Services Committee, introduced a bill last month that would reverse several changes made to the Consumer Financial Protection Bureau. Democrats want to restore functions of the bureau that have been watered down or consolidated under acting Director Mick Mulvaney, and although they may not have enough votes to make changes, they likely have enough to stop further limitations on the agency's powers.
Sens. Sherrod Brown, D-Ohio, and Elizabeth Warren, D-Mass., both members of the Senate banking committee, are considering runs for president in 2020, and empty seats on the committee could be filled by other possible candidates, including Sens. Cory Booker, D-N.J.; Kirsten Gillibrand, D-N.Y.; and Kamala Harris, D-Calif. Such a spotlight on committee members, however, could make it difficult for the panel to make progress on big issues.
JPMorgan Chase has committed to a minimum wage of $18 per hour at branches in Washington, D.C., which requires hourly minimum pay of $13.25. "We think it's important to pay people fairly, and we think that will allow us to attract top talent and retain top talent," says Peter Scher, chairman of the Mid-Atlantic region.