Technology has led to 100,000 job cuts at Bank of America since CEO Brian Moynihan took over in 2010, Moynihan says, calling introduction of the iPhone a game changer. Nearly 26 million customers use BofA's mobile banking app.
Electronic-payment fraud increased 37% from 2012 to 2015, according to a study by the Federal Reserve. Payment fraud is still rare, representing less than 1% of payment value or volume, the study says.
Banks are challenging a rule that requires reporting of current expected credit losses, saying it hinders their ability to loan and cuts into earnings. Representatives of BB&T, Citizens Financial Group, KeyCorp, M&T Bank and Regions Financial have met with lawmakers to ask that the rule be changed.
CBA President and CEO Richard Hunt has been asked what ethics means to him. "Above all else, ethics is the measure of someone's character and credibility as a respected leader, co-worker and friend," he says.
Financial firms in more than a half-dozen jurisdictions are participating in cryptoasset markets, but the size of investments is unclear, and this exposure could threaten the global economy, the Financial Stability Board says. National regulators have a responsibility to come up with data to track growth of cryptoasset holdings, the FSB says.
Former Federal Reserve chief Janet Yellen says she doesn't see any financial imbalances in the economy, which she predicts could remain strong through 2019. But a continued tight labor market with low unemployment and accelerated wages could cause unhealthy inflation growth, she notes.
In letters to the heads of the Department of Veterans Affairs, the Social Security Administration and Comerica Bank, Sen. Elizabeth Warren, D-Mass., says she wants to know more about a security breach reported in August that affected Direct Express, a program that issues prepaid debit cards to federal benefit recipients. Comerica has administered the program since 2008.
What constitutes an abusive act by a financial-services firm is not well-defined in law, and the Consumer Financial Protection Bureau plans to establish a rule to clarify that definition, acting Director Mick Mulvaney says. Companies have long said the language in the Dodd-Frank Act is overly broad, but consumer advocates say making it more specific will limit the CFPB's power and therefore mean fewer enforcement actions.
Banks and the public should participate in a request for comment on the Community Reinvestment Act from the Office of the Comptroller of the Currency, Federal Reserve Governor Lael Brainard says. The Fed is not part of the advance notice of proposed rulemaking, but Fed officials will read comments and likely will work with the OCC and the Federal Deposit Insurance Corp. on a joint proposal, Brainard says.