Federal Reserve chief Janet Yellen told an audience in London that another financial crisis "in our lifetime" is unlikely and that banks are much stronger than before. Yellen also rejected calls to significantly ease financial regulations.
Most financial analysts contend that the long-running stock market rally must come to an end at some point, which could have an adverse effect on retirement savings. Columnist Katie Brockman outlines precautions investors can take in advance to minimize the consequences of a downturn.
Barclays, Goldman Sachs, Morgan Stanley and HSBC have invested in KY3P, a platform designed to vet vendors and reduce security risks through a due diligence questionnaire. The KY3P database has 15,000 vendor profiles.
Divestiture requirements continue to keep candidates who are qualified to fill the open community banker seat on the Federal Reserve Board from considering the position, slowing the Trump administration's ability to fill two other Fed vacancies that also require Senate confirmation. At least three community banker nominees reportedly have declined the job rather than divest from their financial institutions.
The proportion of plan sponsors offering Roth contributions in their 401(k) plans has increased by half over the past year and a half to reach 61%, according to a report by T. Rowe Price. Separately, the survey found the percentage of plans adopting automatic deferral increase rose to 71.5% last year from 63.3% in 2011, while automatic enrollment grew from 39.8% in 2011 to 54.5% in 2016.
Michael Cleary, a member of CBA's board of directors, has been promoted to a newly created position of co-president at Santander Bank, where he continues to head consumer and business banking. Robert Rubino, a former executive at Citizens Financial Group, also has been named co-president.
Three credit-repair executives have agreed to pay about $2 million to settle allegations by the Consumer Financial Protection Bureau that they misled consumers and wrongly charged fees. The three deny wrongdoing and say they're settling to avoid costly litigation.
SunTrust Banks offers employees a financial-wellness program that covers topics such as retirement and planning for a financial emergency. SunTrust has acquired the company it had hired to conduct the program and plans to offer the program to other employers.
JPMorgan Chase says it will save millions of dollars during the next decade by installing technology such as automated lights and remotely controlled heating at branches. Ten branches in the New York City area will get the technology first.
More than half of banks ranked in a survey by American Banker and Reputation Institute received an excellent rating this year. Less than one-third of banks received an excellent rating last year.
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