Eighteen attorneys general have signed a letter encouraging Congress to make it easier for banks to serve marijuana businesses. Marijuana is legal in several states, but banks have shied from the industry, fearing criminal liability.
President Donald Trump says he wants banks to have greater latitude in lending to customers who would be considered too risky under Dodd-Frank Act rules. Larger banks have adapted to the stricter lending standards enacted after the recession, but industry supporters say smaller banks don't have the resources to comply with the regulations.
The Consumer Financial Protection Bureau will reconsider a rule on small-dollar lending that was issued in the fall, a move that is "welcomed news for the millions of American consumers experiencing financial hardship and in need of small-dollar credit," said CBA President and CEO Richard Hunt. The rule prevents many banks from offering small, short-term consumer loans.
Comptroller of the Currency Joseph Otting says he is comfortable with banks offering small-dollar loans, five years after banks exited the market because of stricter loan standards. People should submit business models on how to serve the market, Otting says.
Citigroup says female and minority employees make 99% of what male and nonminority employees make, and the bank is giving raises this year to close the gap. The bank studied salaries of about 75,000 employees in the US, the UK and Germany.
A few hedge fund managers invested heavily in cryptocurrencies in 2017, while many institutional investors steered clear. Eurekahedge tracked nine cryptocurrency hedge funds, which collectively spiked 1,167% last year.
The US government's authority to pay bills expires Friday unless Congress passes legislation to extend the deadline, but lawmakers are struggling to strike a deal. They have been unable to agree on how to lift spending caps Congress imposed upon itself in 2011, as well as immigration, aid for areas devastated by hurricanes and health programs.
The US inflation rate has defied expectations and remained persistently low, but a number of economists assert it may be about to rebound this year, approaching or breaching the 2% target. A strong economy, relatively light regulation, the lowest unemployment level in 17 years, announcements of pay rises by large employers and the raising of the minimum wage in numerous states are among the factors named as upward propellants.
James Zdralek, an executive at software company SAP, is exploring the concept of reshaping central banks' operations through cryptocurrencies. Zdralek proposes merging modern financial instruments with cryptocurrencies, but doing so could threaten central banks' monetary control.
Citigroup has analyzed its pay structure and found that US minorities earn 99% of what non-minorities make and that women in its US, UK and German workforces make 99% of what men make; the company says it will give raises to close the gaps. Arjuna Capital, which made the analysis request, plans to make the same request of JPMorgan Chase, Wells Fargo, Bank of America, Bank of New York Mellon, American Express, Mastercard, Reinsurance Group of America and Progressive.
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