An Investment Company Institute study finds that 63% of workers ages 26 to 64 participate in employer-sponsored retirement plans, either directly or through a spouse, which is a higher figure than is widely assumed. One industry observer notes, however, that nearly half the workforce still has no access to employer plans.
The Federal Open Market Committee indicated Wednesday that it would begin to shrink its $4.5 trillion balance sheet "relatively soon," which market observers have interpreted to mean as early as September. Fed officials voted unanimously to keep interest rates unchanged.
Women are generally wiser investors than men, a Wells Fargo report says. The report cites several factors, saying women invest more conservatively, take a more disciplined approach to their finances, and are more likely to seek and heed recommendations from advisers.
The rumored early departure of Consumer Financial Protection Bureau Director Richard Cordray is leading to fast action on a rule for payday lenders, with an announcement expected by fall. Cordray has not commented on speculation that he will resign to run for Ohio governor.
Minnesota Attorney General Lori Swanson plans to obtain a court order to void $20 million in student loans for students who attended two for-profit schools. The state Supreme Court has ruled Globe University and the Minnesota School of Business issued loans while unlicensed and charged interest rates above a state cap of 8%.
Randal Quarles is appearing before a Senate committee today, the first step toward confirmation as vice chairman for bank supervision at the Federal Reserve. Quarles is expected to play a key role in President Donald Trump's deregulation agenda if he is confirmed.
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