Comptroller of the Currency Joseph Otting says Congress needs to legalize marijuana so cannabis businesses can work with banks, and he hopes the issue is resolved by 2020. Although marijuana is legal in many states, banks remain reluctant to work with such businesses as long as it remains illegal under federal law.
Sterling Jewelers will pay an $11 million settlement for allegedly opening credit cards in customers' names and enrolling them in credit insurance without their consent. The company said it disagreed with the allegations but decided to settle with the Consumer Financial Protection Bureau and the New York attorney general to avoid costly legal proceedings.
Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, said she will keep a "watchful eye" over the US government's financial regulators, make sure major banks comply with the Dodd-Frank Act and guarantee that the Consumer Financial Protection Bureau is strong. She said the committee will give a lot of attention to financial-technology firms that promise to provide financial services to people who don't have access to the banking system.
Self-compassion is a key part of growing one's career, suggests psychologist Kristin Neff, who says it involves three components: being kind to yourself, accepting imperfections and having a realistic vision. It's all about treating yourself with respect, being happier and becoming more resilient, Neff points out.
Banks are on the front line helping federal workers affected by the partial government shutdown, CBA President and CEO Richard Hunt says. Banks have waived fees and have offered unsecured loans and deferments.
U.S. Bank plans to open branches in Texas and the Southeast and to consolidate branches in existing markets. The bank has been released from a consent order by the Office of the Comptroller of the Currency, freeing it to pursue long-term goals more aggressively.
PNC Financial Services Group does not "think we're heading toward a recession" and feels "pretty good about 2019, and we put it in our guidance," CEO Bill Demchak says. PNC expects loans and revenue to increase as it expands to Boston and Phoenix this year.
US prosecutors are pursuing charges against seven people accused of stealing nonpublic information in 2016 after hacking into the Securities and Exchange Commission's EDGAR database for corporate filings. Prosecutors say the stolen data were used to generate $4.1 million via trades from May until at least October of that year.
The Federal Reserve's inspector general has begun an audit to determine how well the central bank monitors compliance with enforcement orders it has issued to banks. The review is scheduled for completion by the end of September.
If you're trying to give up some control and let your team take the lead, focus your detail-oriented mindset on how you'll plan the handover, including the timeline, goals and how you'll track results, writes Terry Watkins. "If internal issues are standing in the way of delegating, leaders must ask themselves what is causing the need for control," Watkins writes.