Consumer Financial Protection Bureau acting Director Mick Mulvaney cited hundreds of data security lapses in explaining why the agency announced in December that it was halting collection of personally identifiable information from companies. But the bureau began collecting data again within weeks, and Daniel Tobok, CEO of Cytelligence, says he's seen no indication that the CFPB has since investigated and corrected the data security problems.
Fifty percent of current retirees did not attempt to determine the costs of health care prior to retirement, and more than 40% say health care expenses are higher than they imagined, finds a survey by the Employee Benefit Research Institute and Greenwald & Associates. The 2018 Retirement Confidence Survey also found that 80% of retirees are confident they can cover basic expenses, down 5 percentage points from 2017.
The banking industry needs regulation, but it needs certainty and stability in regulation, rather than a pendulum that swings right or left with each political cycle, CBA President and CEO Richard Hunt says. CBA's priorities include changing the single director of the Consumer Financial Protection Bureau to a bipartisan commission and revising the Community Reinvestment Act and small-dollar lending rules.
The Consumer Financial Protection Bureau will have to issue guidance on federal consumer-finance laws if a bill from Reps. Sean Duffy, R-Wis., and Ed Perlmutter, D-Colo., passes. The bill would also require the CFPB to set standards for civil monetary penalties.
Substantial changes might be in store for the Dodd-Frank Act, writes Stephen Gandel. One proposal would eliminate failing grades on the quantitative portion of banks' stress tests, thereby offering greater scope for passage.
Jacob Frenkel, chairman of JPMorgan Chase International, says a trade war would be "disastrous" and "an experiment that is too expensive." Frenkel considers the Smoot-Hawley Tariff in the 1930s "among the most catastrophic acts in congressional history" and warns against repeating the error.
A move to a uniform assistance policy for homeowners hit by natural disasters, coupled with changes in lending standards after the financial crisis, helped keep foreclosure figures for hurricane-affected areas in Texas and Florida below pre-storm levels. Meg Burns, a former official in the Department of Housing and Urban Development who now works on housing policy issues at FSR, said the effects of Superstorm Sandy "informed our thinking to get all of the government entities around the table to make some consistent policy."
The longest time a firm should expect to wait between inspections by a chief compliance officer is one year for supervisory branch offices and three years for nonsupervisory locations, determined by the Financial Industry Regulatory Authority. Compliance officers are expected to critically examine various factors to determine impacts on risk exposure, writes Alan Foxman of NCS Regulatory Compliance.
Technological advances mean many routine accounting and finance tasks are likely to be automated soon. Executives from GE and NBCUniversal recently discussed how preparing finance teams for a cultural shift is a critical step in successful implementation.
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