Driverless car technology is expected to make the roads safer and change how cars are owned, and insurers are already evaluating how the shift could affect premiums. "Change is coming and we need to get ahead of it," said Allstate CEO Tom Wilson.
More seniors are working past the traditional retirement age as employee benefits change, jobs require less physical exertion and overall health improves. The percentage of people older than 65 in the workforce was 19.4% last month, compared with 15% in June 2006, Bureau of Labor Statistics data show.
The White House on Tuesday announced a five-level ranking system for cyberattacks aimed at companies or the government, and it provided guidance on the roles federal agencies should play in responding. Critics have said the federal government's response to past cyberattacks has been inconsistent.
A proposal released in May that would make executives wait four years for bonuses and face clawback for large losses is wrong in its one-size-fits-all approach, FSR and other industry groups say. The groups said in a comment letter that regulators exceeded their mandate in the Dodd-Frank Act in proposing the rule.
Salesforce is among software vendors that are revamping their offerings to help financial advisers comply with the Labor Department's fiduciary rule. Some say technology can provide a digital paper trail to help advisers demonstrate their efforts.
US consumers with credit scores in the mid-600s to low 700s are being called "near prime" by several banks, rather than subprime. Banks increasingly are courting near-prime customers and don't want to scare investors with the word associated with risky lending leading up to the financial crisis.
Radius Bank has used technology and a customer focus to transform from a bank with six branches into a bank with one branch and a virtual presence in every state. The bank has used partnerships to offer a wide range of services.
Financial-technology firm Jet Capital aims to broaden online small-business lending and anticipates that the Consumer Financial Protection Bureau will strengthen oversight. "We know the CFPB is coming," said CEO Kenneth Wardle.
Ally Financial had $360 million in profit in the second quarter, despite a drop in auto originations. The results show the bank has successfully expanded consumer services beyond auto financing.
Online lender EverBank Financial could be acquired by an undisclosed financial-services company for about $2.5 billion, EverBank says. The deal would be one of the largest bank acquisitions since the financial crisis.
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