Rep. Carolyn Maloney, D-N.Y., has sent a letter to the Federal Reserve, the Securities and Exchange Commission, the Federal Deposit Insurance Corp. and other agencies questioning the Volcker rule and is requesting nearly two years of quantitative-trading data. "I believe that these quantitative trading metrics can provide important information not only about the efficacy of the Volcker Rule, but also about the general trading activities of US banks, and the degree to which these trading activities have changed over the past two years," Maloney wrote.
An algorithm developed by RAND think tank statistician Marc Elliott for the health care industry years ago is at the center of the Consumer Financial Protection Bureau's effort to detect potential disparate impact in auto lending. Republican lawmakers say the algorithm is a flawed tool.
The auto-loan market is peaking, changing the way TD Auto Finance works with dealers, says President and CEO Andrew Stuart. TD Auto is focusing on volume dealers who show interest in working closer with the company, Stuart says.
Financial-technology startup TransferWise started by working with banks but is cutting ties. The money-transfer company has obtained licenses in 37 states and is able to operate independently in three states.
PNC Financial Services Group has opened an in-store branch near Indianapolis that features a smaller footprint, with banking technology and consultants who help with services and products, but no tellers. The branch has everything a customer needs and is a more economical model, says retail-banking chief Karen Larrimer.
Some homeowners who rent rooms on Airbnb and other short-term rental services seeking to refinance have found that banks classify their homes as commercial properties, rather than residences.
If confronted by a prolonged recession, the Federal Reserve may increase its inflation target and buy a broader range of assets than it has targeted in the past, Chair Janet Yellen said. "Future policymakers might choose to consider some ... tools that have been employed by other central banks, though adding them to our tool kit would require a very careful weighing of costs and benefits and, in some cases, could require legislation," she said.
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