Federal Reserve Vice Chairman for Supervision Randal Quarles is monitoring Amazon and other tech companies that might look to offer banking products, sources say. Amazon has a strong lobbying presence in Washington, and the Fed has limited power to regulate nonbank companies.
Jelena McWilliams has been confirmed by the Senate to be chair of the Federal Deposit Insurance Corp. McWilliams is a Trump appointee expected to help the president's efforts to roll back banking regulations enacted after the financial crisis.
The oft-painted rosy scenario for retirement fails to account for common occurrences that can cast a pall over these years. Robert Laura argues that we should begin preparing pre-retirees for difficulties such as divorce and loss of a loved one while teaching "that there is always a positive message in the mess that they are going through."
Visa and Mastercard plan to combine their payment buttons on online retailers' checkout pages. The Retail Industry Leaders Association, representing retailers such as Home Depot and Walmart, met with regulators to voice concerns over the possibility of higher transaction costs and an anticompetitive environment.
Jelena McWilliams has been confirmed as chairwoman of the Federal Deposit Insurance Corp. McWilliams, former chief legal officer at Fifth Third Bank, has experience in policy, regulation and banking that makes her "an exceptional selection for the role of FDIC chair," CBA President and CEO Richard Hunt says.
Acting Director Mick Mulvaney says he wants to turn the Consumer Financial Protection Bureau into a "gold-standard" regulator, such as the Securities and Exchange Commission, and move away from partisan bickering. "It's ironic that it's Mick Mulvaney who has become the biggest cheerleader for the continuity of the bureau," CBA President and CEO Richard Hunt says.
A shortage of IT talent is one reason banks and other financial institutions are vulnerable to cyberattacks, experts say. The talent pool can be expanded through science, technology, engineering and math programs in college, says Bob Sydow of EY Americas.
About 12% of small-dollar borrowers are rated as prime or superprime, according to a TransUnion analysis. However, 80% of consumers who have obtained small-dollar loans during the past seven years have subprime credit ratings.
No revision of leveraged-lending guidance is expected, Comptroller of the Currency Joseph Otting says. The guidance, which the Federal Reserve and the Federal Deposit Insurance Corp. also regulate, already provides flexibility for banks, Otting says.
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