FedLoan Servicing's failure to comply with the law impedes hundreds of public-sector workers who are eligible for student-loan forgiveness, according to the Consumer Financial Protection Bureau. "Our examiners will scrutinize whether servicers are telling consumers what they need to do to qualify for loan forgiveness," said CFPB Director Richard Cordray.
At a hearing about a potential cybersecurity collaboration effort for the health care industry, other sectors' cybersecurity experts said current regulations are uncoordinated and confusing, and time required for compliance is burdensome. "Since the publication of the National Institute of Science and Technology's Cybersecurity Framework in 2014 … we have tracked the issuance of nearly 30 new or proposed cybersecurity rules, guidelines, tools or frameworks that directly affect firms," said Christopher Feeney, president of BITS, Financial Services Roundtable.
The role of investor relations has expanded to encompass a range of responsibilities from strategic planning to corporate responsibility. Building strong relationships with internal and external stakeholders will help IR professionals meet these new demands.
Fed Chair Janet Yellen said she would like to see the Consumer Financial Protection Bureau's budget moved away from the Federal Reserve, according to Rep. Blaine Luetkemeyer. The lawmaker recalled that during a recent meal, Yellen chuckled when he asked if she was tired of the Fed being "an ATM for the CFPB."
Almost 70% of millennials with student loans say the student-loan crisis is a bigger threat to the US than North Korea is, according to research by LendEDU. The research was conducted before the death of American student Otto Warmbier, who had been imprisoned in North Korea.
An Ovum survey finds 37% of banks receive more than 200,000 security alerts daily. The problem needs resolution via automation, not hiring, says Rich Baich, chief information security officer at Wells Fargo.
Rep. Matt Gaetz, R-Fla., calls on the Senate to pass the Financial CHOICE Act. "This bill makes our financial system work to benefit Main Street, not Wall Street," he writes.
Consumer Financial Protection Bureau Director Richard Cordray flouts the Dodd-Frank Act, writes the editorial board of The Wall Street Journal, citing a report from the Treasury Department. The report states the CFPB avoids "notice-and-comment rulemaking" and uses administrative law judges to settle cases.
A Bankrate survey finds 31% of Americans have emergency savings to cover six months of expenses, up 9% compared with 2015. Meanwhile, 32% of Americans ages 53 to 62 have no emergency savings, while millennials have strong saving habits.
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