Banking
Top stories summarized by our editors
10/15/2018

Los Angeles voters will decide on an amendment to create a city-owned bank, but some say the idea is risky. Advocates cite the success of state-run Bank of North Dakota, one of only two government-owned banks in the US.

10/12/2018

Investors will search for indications on trends such as interest-rate direction, stock market movement, lending growth and loan defaults as banks release earnings reports for the third quarter.

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Banks
10/12/2018

A reporter asked President Donald Trump whether Federal Reserve Board Chairman Jerome Powell's job was on the line after Trump expressed disappointment in the Fed's pace of rate hikes, and Trump said no. The law under which the Fed was created specifies that members of the board can be removed only "for cause," a phrase that the Supreme Court has said prohibits politically motivated dismissals.

10/12/2018

The Defense Department and others are questioning the Consumer Financial Protection Bureau's decision to stop monitoring financial firms for compliance with the Military Lending Act. The CFPB will continue to handle complaints filed by individuals, but without the monitoring of lenders for violations, regulators "may be unable to identify or respond timely to trends or early warning signs of harmful practices," Pentagon official Stephanie Barna wrote in a letter to Sen. Bill Nelson, D-Fla.

10/12/2018

Consumer Financial Protection Bureau acting Director Mick Mulvaney has sent a memo asking staffers to treat one another with "professionalism, respect and civility," a reaction to internal discord over racially sensitive blog posts written 14 years ago by Eric Blankenstein, who is now the bureau's director of supervision, enforcement and fair lending. Several CFPB officials, along with Democratic lawmakers and political groups, have pressed Mulvaney to fire Blankenstein, but he has refused.

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The Hill
10/12/2018

Wells Fargo has hired more than 15 Washington lobbyists to overcome a negative image generated by a 2016 sales scandal. The bank is also highlighting community service in lawmakers' districts.

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Reuters
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Wells Fargo
10/12/2018

JPMorgan Chase has opened a branch in Brooklyn, N.Y., that has couches, a television, and food and water for dogs. The location is part of "a new generation of branches" that keep in line with trends, a JPMorgan representative says.

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Chase
10/12/2018

National Economic Council Director Larry Kudlow has praised the Trump administration's economic policy and says the Federal Reserve Bank of Atlanta estimates 4% expansion for the third quarter. The US has "the hottest economy in the world," Kudlow says.

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CNBC
10/11/2018

The first step to increased productivity is to stop acting and instead reflect on where we are and where we want to be, writes Naphtali Hoff. His other recommendations include scheduling the time we need and taking care of our bodies through activities and habits such as stretching, sleep and healthy eating.

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SmartBrief/Leadership
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Naphtali Hoff
10/11/2018

Banks have invested much in cybersecurity, and they could recoup those costs by sharing tech with other businesses, one expert points out. "Rather than treating those investments in cybersecurity talent and solutions as sunk costs, banks should explore turning them into new sources of revenue and profits," writes Paul Schaus, president and CEO of CCG Catalyst, a financial-services consulting firm.

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Paul Schaus, CCG Catalyst