Kathy Kraninger's budget experience and understanding of regulation make her the right choice to lead the Consumer Financial Protection Bureau, write Steve McMillin, a partner at US Policy Metrics, and Duncan Campbell, president and CEO of the Pennsylvania Bankers Association. Kraninger understands the CFPB and can manage complicated public-policy issues, they write.
Legalization of marijuana, for either medical use or recreational use, is becoming a contentious issue in the midterm elections, with referendums and tight congressional races in some states. Polls show 68% of Americans support full legalization, while 91% support medical marijuana.
National Credit Adjusters has been fined $800,000 by the Consumer Financial Protection Bureau for questionable debt-collection practices. The bureau is not pursuing $60 million in customer payouts former Director Richard Cordray reportedly had sought.
PNC plans to bring business banking to Boston and Phoenix next year, Chairman and CEO Bill Demchak says. The bank is also creating digital products that will be advertised in markets where PNC will build branches.
A Federal Reserve report says tools used since the financial crisis have helped the central bank gradually raise the federal funds rate. Chairman Jerome Powell will give his semiannual report to Congress this week.
The number of 401(k) plans offered by small businesses rose to 8,873 last year, compared with 1,418 in 2013, according to the Vanguard Retirement Plan Access report. Jean Young, author of the report, says she expects professionally managed allocations such as target-date funds to be increasingly used in the small-business marketplace.
The sponsor of a New York bill that would require nonfiduciary financial advisers to disclose that they aren't required to act in their clients' interests plans to reintroduce the measure, after it died without a floor vote in the New York State Assembly. Similar measures in Illinois and New Jersey have failed to come up for votes but remain under consideration.
Republican and Democratic senators said they will work to enact legislation that would give Congress a voice on whether the US imposes tariffs on national security grounds. However, House Speaker Paul Ryan, R-Wis., said Congress would do better to cooperate with the Trump administration to change policy.
CBA's response to a request for comment from the Consumer Financial Protection Bureau recommends the CFPB reach out to schools and churches to offer financial education for young people. "Incorporating financial education into school curriculums in an ongoing manner is a vital component to making our future generations financially literate," says David Pommerehn, vice president and associate general counsel at CBA.