Chase and Capital One banks have opened modern bank branches in the Chicago area where customers can have coffee and conversation while banking. Fifth Third will open a similar branch in the area next month.
A JPMorgan Chase executive participated in a series of phone calls among five banks to talk about the disappointing performance of a share placement by Australia and New Zealand Banking Group, according to documents filed with an Australian court. Australian prosecutors have begun a criminal-cartel investigation of the 2015 share placement.
In response to an inquiry, the Securities and Exchange Commission issued a statement that nothing in the agency's Regulation Best Interest prohibits registered investment advisors from describing themselves as fiduciaries. Some financial professionals expressed concern that language in one of the documents that accompanies Reg BI prohibits the use of the term "fiduciary."
Consumer finances have improved since the Great Recession, but rising corporate debt should be addressed, said Bank of America CEO Brian Moynihan. A recession is not imminent, but if the economy has a downturn the companies with large debts will "have a tough time," Moynihan said.
Cutting the interest rate would reduce future economic risks, said James Bullard, president of the Federal Reserve Bank of St. Louis. Bullard was the only "no" vote in the Fed's decision to keep interest rates the same.
US mortgage late payments dropped to 3.36% in May, and foreclosures dropped by a monthly 5.8%, according to a report from Black Knight. The numbers are the lowest in 18 years and are attributed to a strong labor market.
Sen. Chuck Schumer, D-N.Y., asked the Treasury Department Inspector General to investigate why officials are delaying the production of $20 bills featuring Harriet Tubman. Treasury Secretary Steve Mnuchin attributed the delay to counterfeiting concerns and said the bill will debut in 2028.
Among Americans 60 or older, 56% are worried health care costs will exceed retirement savings, according to a survey by Ipsos and the National Council on Aging. Among women, the figure is 60%.
The Federal Reserve has left the benchmark interest rate unchanged, but Chairman Jerome Powell has signaled willingness to roll back the rate in the future. Officials voted 9-1, with the lone dissent coming from Federal Reserve Bank of St. Louis President James Bullard, who said the rate should immediately be cut.
US regulators are steadily easing restraints on non-bank lending and doing little address the financial stability risks it poses, an International Monetary Fund report says. The report also said the US should provide greater support for its Office of Financial Research "to address continuing data blind spots."