Banking
Top stories summarized by our editors
8/16/2017

Wells Fargo has appointed Elizabeth Duke to become chairwoman Jan. 1, succeeding Chairman Stephen Sanger. Duke, a former Federal Reserve governor, will be the first woman to lead the board of a major US bank.

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CNNMoney
8/16/2017

The Republican Governors Association wants to know whether Consumer Financial Protection Bureau Director Richard Cordray has used federal resources to talk to Ohio Democrats about a possible gubernatorial bid. The association has filed a Freedom of Information Act request for phone logs, emails and schedules dating to June 1.

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Morning Consult
8/16/2017

Fraud loss dropped 28% in 2016 compared with 2015 as financial institutions issued more chip debit cards, according to a study by PULSE. Financial institutions reported $900 million in debit card fraud loss last year.

8/16/2017

Household debt climbed to 67% of nominal GDP in the second quarter as mortgages, auto loans and credit card debt increased, according to the Federal Reserve Bank of New York. Q2 was the 12th consecutive quarter in which household debt increased.

8/16/2017

Small and midsize banks want less regulation, says Robert Kaplan, president of the Federal Reserve Bank of Dallas. He says he supports tailored relief for small banks and tough regulation for big banks.

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Fed, Robert Kaplan
8/16/2017

The problem with the Volcker rule is not proprietary trading but the government's insurance of deposits, writes Daniel Press, a policy analyst at the Competitive Enterprise Institute. The Volcker rule is impossible to enforce as it stands, Press writes.

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Morning Consult
8/15/2017

Apple iOS 11 is expected in September, and banks are preparing to adapt mobile apps. The operating system is expected to provide developers machine learning application programming interfaces and to allow QR code scanning as part of the camera app.

8/15/2017

Events that will adversely affect a person's retirement plans, such as job loss, sickness or divorce, are nearly inevitable at some point during working life, a recent report from the National Endowment for Financial Education pointed out. Columnist and author John Wasik outlines six steps people can take to minimize the impact of such events, such as aiming for a fully funded 401(k) account and adding to other funds, including Roth individual retirement accounts and health savings accounts.

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Forbes
8/15/2017

Brexit, gridlock in Washington, D.C., and sanctions against Russia are geopolitical issues that could affect markets in the second half of 2017. Upheaval in Venezuela could disrupt global oil supply.

8/15/2017

Firms and industry groups have raised concerns about cybersecurity in requests to the Securities and Exchange Commission to delay a rule establishing liquidity risk-management programs and a change in reporting requirements because they need more time to comply. The SEC has not responded publicly, but one industry representative points out the SEC has data-security issues that could attract cybercriminals.