Eighty percent of employees participate in SunTrust Banks' financial-wellness program, which is important for attracting and retaining talent, CEO Bill Rogers says. A survey by the bank has found 43% of respondents do not have $500 saved for emergencies, Rogers says.
The Federal Deposit Insurance Corp. has given conditional approval to a new bank in North Carolina, the state's first in nine years. Community Bank of the Carolinas still needs approval from state regulators.
The Federal Reserve's latest report on economic conditions, known as the Beige Book, says most of its 12 regions achieved satisfactory growth in November but also says there is "increased uncertainty" among businesses over the influence of US tariff policy. The report highlights rising costs for manufacturers and problems for farmers due to countertariffs imposed by China and others.
Rep. Maxine Waters, D-Calif., is expected to heavily scrutinize changes made by Consumer Financial Protection Bureau acting Director Mick Mulvaney if she becomes chair of the House Financial Services Committee. Waters likely will subpoena records from the agency and question Kathy Kraninger, who is expected to be confirmed as the CFPB's next director.
President Donald Trump has been vocal in his criticism of Federal Reserve Chairman Jerome Powell, but congressional leaders have been largely silent. Congress created the Fed and has the power to change its legal mandates of pursuing maximum employment and stable prices.
Regulators have issued a joint statement encouraging banks to be innovative in finding suspicious activity, a move two industry groups say will make the financial system more secure as criminals seek more ways to move money. "Allowing for more private sector innovation can help ensure that we stay one step ahead of bad actors, while also reducing compliance burdens," said Rob Nichols, president and CEO of the American Bankers Association, who was joined by Consumer Bankers Association President and CEO Richard Hunt in praising the regulators' statement.
Katy Knox and Andy Sieg, two executives in Bank of America's wealth-management division, are joining the bank's executive team, reporting directly to CEO Brian Moynihan. In addition, Thong Nguyen is becoming a vice chairman overseeing payments and corporate strategy, and the bank's marketing efforts will now be handled by Andrea Smith, chief administrative officer.
Srini Nallasivan has become chief analytics officer of U.S. Bank, succeeding Bill Hoffman. Nallasivan analyzes bank data to improve customer experience and to make business decisions.
About three dozen district managers tied to a sales scandal have been fired by Wells Fargo, sources say. The bank continues to work with regulators to resolve problems leading to and resulting from the scandal.
Large retailers want the Federal Reserve to improve the payment system so interbank transfers are completed in real time. The Fed is accepting comment on a proposal to change the system through Dec. 14.