Banks' reliance on third-party vendors for various services makes defending against cyberthreats more difficult, the Office of the Comptroller of the Currency said in a risk report. It also cited a relaxing of loan underwriting standards in the face of increasing competition as an area of concern.
Jonathan Dever, a defense attorney and Ohio state representative, has emerged as a possible pick to head the Consumer Financial Protection Bureau. Dever specializes in mortgage regulations and foreclosure defense.
The Consumer Financial Protection Bureau on Thursday asked a federal judge in Kansas to drop a lawsuit the bureau filed last year against four online payday lenders. The bureau said it would continue to investigate claims against the businesses, which are owned by the Habematolel Pomo of Upper Lake tribe and are accused of charging up to 950% interest on loans.
Acting Consumer Financial Protection Bureau Director Mick Mulvaney has asked the Federal Reserve for no money to fund the bureau this quarter and plans to use a $177.1 million reserve fund. This comes one day after the bureau announced a review of and a call for public feedback on operations, for which CBA President and CEO Richard Hunt has expressed support.
A bill to change the definition of a systemically important financial institution has less than a 50% chance of getting through Congress before midterm elections, says Mark Calabria, chief economist for Vice President Mike Pence. Lawmakers are focusing on other initiatives first, Calabria says.
A report from the Office of the Comptroller of the Currency says lenders might be becoming complacent because of the positive macroeconomic environment and warns bankers to uphold underwriting standards and to control risk. "In this environment, lenders need to focus on maintaining sound credit standards within risk tolerances and understanding the potential credit risks that may be exposed under less benign economic conditions," the report says.
Motivate yourself to get started on a daunting project by tackling a small task with a low threshold for completion, Lila MacLellan writes. Keep in mind that the impulse to wait until you're "in the mood" may be a coping mechanism for a fear of failure.
Cyberattacks are one of the world's biggest risks, falling only behind extreme weather and natural disasters, says a report by the World Economic Forum. The report says more needs to be done to protect organizations and society from attacks on critical infrastructure.
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