CBA is one of 22 organizations recommending replacing the single director of the Consumer Financial Protection Bureau with a five-person bipartisan committee. The organizations have presented the recommendation in a letter to members of the House and Senate appropriations committees.
Officials from the Federal Reserve and the Federal Deposit Insurance Corp. have asked Congress to ease the regulatory burden on small banks. Fed Governor Jerome Powell says a $50 billion asset threshold established by the Dodd-Frank Act should increase so the Volcker rule applies only to the biggest banks, but he has not specified a number.
The decision on whether to pay off a mortgage before retirement is a complex one, as it involves variables that differ from one individual to another. A number of advisers and planning experts offer their opinions and identify the advantages and disadvantages of the strategy.
Columnist Shelley Seale points out that when people make plans for retirement they tend to focus on the financial aspects, but more thought should be given to what kind of life they want to have when they quit work. She quotes adviser Cass Grange of the Lucien, Stirling & Gray Advisory Group, who says people usually know what they want to retire from but not what they want to retire to, which is just as crucial as the financial considerations.
CBA President and CEO Richard Hunt outlines how the digital age affects branch banking. "Baby boomers have not adopted technology to the degree Generation Xers or millennials have; therefore, the banking industry must leave no one group behind and invest in upgraded ATMs at the branch, enhanced websites that offer 24-hour live chat support, and training staff to be able to provide valuable and in-depth expertise at the branch," he writes.
It's time to end the Public Service Loan Forgiveness Program, writes Beth Akers of the Manhattan Institute. The program encourages borrowers to "game the system" and doesn't apply to private-sector workers who offer similar services, she writes.
Lawmakers have introduced bipartisan legislation that would let former spouses sever joint consolidation student loans in cases of abuse or an unresponsive partner. Congress eliminated joint consolidation loans in 2006, but borrowers were not provided a way to sever loans.
FedLoan Servicing's failure to comply with the law impedes hundreds of public-sector workers who are eligible for student-loan forgiveness, according to the Consumer Financial Protection Bureau. "Our examiners will scrutinize whether servicers are telling consumers what they need to do to qualify for loan forgiveness," said CFPB Director Richard Cordray.
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