Shelley Leonard, executive vice president and chief product officer for Black Knight, was honored with a Vanguard Award. The award recognizes the top 52 executives in the housing industry.
The Federal Reserve is considering a new infrastructure that will speed up financial transactions, but big banks involved in the Clearing House Payments -- which has been offering real-time payments for the past year -- say it could hinder their efforts. Smaller banks say improving the Fed's Automated Clearing House network will give all financial institutions an opportunity for real-time payments.
Although Sen. Elizabeth Warren, D-Mass., has not made a definitive choice whether to run for president in 2020, she has gathered the proper resources to do so if she does decide to officially enter the race. Warren has leftover funds from her recent re-election campaign and an extensive email list she can capitalize on if she runs for president.
"If you're highly successful, your achievements are obvious. It's more novel and inspiring for others to learn about your mistakes," says Harvard Business School Assistant Professor Alison Wood Brooks. Sharing past failures can actually improve the working relationships that a manager has with employees because it reduces resentment.
First-time jobless claims in the US declined 4,000 last week to 231,000, short of the 225,000 projected by economists surveyed by Reuters. The four-week moving average increased 4,250, to 228,000, the highest level since mid-April.
Small banks are disappearing in America, and the Federal Deposit Insurance Corp. wants to change that, writes FDIC Chair Jelena McWilliams. The agency is improving the application process and asking for public comments on the issue, McWilliams says.
The Federal Reserve has reportedly told Wells Fargo officials the bank needs stronger checks on management before an asset cap imposed after a sales scandal can be lifted. Bank officials did not comment on specific items but said the review process for their reform plan is ongoing.
Members of three advisory boards told Consumer Financial Protection Bureau officials that it is difficult for banks to compete with nonbanks in developing artificial intelligence. AI comes with risks, and more oversight and research is needed, the members indicated.
A bipartisan bill would ban lenders from requiring small businesses to sign confessions of judgment, which forfeit their right to a court hearing if they default on the loan. The Small Business Lending Fairness Act proposed by Sens. Sherrod Brown, D-Ohio, and Marco Rubio, R-Fla., could go before the Senate next year.
Kathy Kraninger has received Senate confirmation as director of the Consumer Financial Protection Bureau and now has "the final say over virtually every financial institution in the country, as well as almost every financial decision Americans make," CBA President and CEO Richard Hunt says. "We look forward to working with Ms. Kraninger on commonsense regulations that protect consumers while also allowing our well-regulated banking system to serve families and small businesses," Hunt says.