Visa has announced the Visa Developer platform, which opens up its network to third-party developers. Visa is making the move to spur innovation in financial-services offerings.
More than 75% of people with at least $1.5 million in investable assets intend to boost their investments in the first half of 2016, according to the deVere Group. Many have "kept their powder dry" as they wait for an opportune time, said founder and CEO Nigel Green.
Post-crisis stress tests and capital surcharges for US banks have been effective in curbing risk, but more is needed, says Boston Federal Reserve Bank President Eric Rosengren, one of the Fed's top regulators.
If all workers today had the levels and incidence of student debt of recent college graduates, the share of people at risk for running out of funds in retirement would rise to 56.2% from 51.6%, say researchers from the Center for Retirement Research at Boston College. "[T]he impact would be similar to that of increasing the normal Social Security retirement age from 65 to 67," said Anthony Webb, a senior research economist.
House lawmakers have voted largely along party lines to end the Justice Department's Operation Choke Point, which targets bank accounts of businesses suspected of fraudulent activity. The Obama administration has threatened to veto the bill.
Mobile is helping banks lower costs and retain customers. The next step in mobile banking's evolution is to offer more bank services, says Gerard du Toit of Bain & Co. In 2015, 60% of mobile sales involved checking and savings accounts; credits cards accounted for more than 20%; and investment accounts, mortgages and loans totaled less than 19%, according to a Bain study.
Toronto-based Equitable Bank, which has no branches, has launched a digital-only product, EQ Bank, to expand its customer base. It is enticing customers by offering higher interest rates, including 3% on savings, compared with 0.8% to 1% at other Canadian banks.
Bank of America, USAA, Capital One Financial and many community banks let consumers switch debit cards on and off to prevent fraud if a card is misplaced. The feature gives customers peace of mind and saves banks money by reducing card reissuance.
The Dodd-Frank Act has required banks to change their operations and become better able to withstand any future financial crisis, writes The Washington Post in an editorial. "[S]peaking about the banks as though nothing has changed is not only wrong, but may also distract from a more relevant issue," which is the shift of riskier activity to unregulated markets, the newspaper argues.
Only 6% of college students surveyed by Lendedu knew how long they would be repaying their education loans, and only 8% knew what the interest rate was on their loans. More than 90% of the students did not know which loans accumulated interest while they were in school, and 73% thought Sallie Mae was a person, not a company.
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