The Senate has opened debate on a Consumer Financial Protection Bureau rule that penalizes automobile dealers who add markups to third-party loans, and a vote on whether to repeal the rule is expected today. The CFPB issued the rule in 2013 in an effort to curb discriminatory lending.
Community banks are finding ways to expand their customer bases without opening new branches. Colorado's Alpine Bank and Florida's Surety Bank are using technology that allows customers to open accounts entirely online.
Leaders should be able to show humility and be open to advice from others when unexpected changes occur at work, writes Cassandra Frangos. Ensure you understand an organizational shift fully, and acknowledge the potential effect on staffers.
Developing interpersonal communication skills and other personal attributes is vital in becoming an effective leader, Reva Seth writes. Learn to occasionally "turn off your mind" to build resilience, and work on shifting your work style from reactionary to proactive.
The Federal Reserve Board's Community Advisory Council, which helps the Fed collect feedback on policy matters, is seeking replacements for six members whose terms expire at the end of 2018. The Fed is accepting applications until June 15 from professionals in financial services, asset and wealth building, housing and mortgage finance, and financial technology.
Timothy Scheve, a critic of the Department of Labor's fiduciary rule, has been chosen by the Financial Industry Regulatory Authority to fill a board position left vacant by John Thiel, who stepped down this year. FINRA CEO Robert Cook said the board would benefit from Scheve's industry insight as it aims to protect market integrity.
The Retirement Enhancement and Savings Act would eliminate one of the obstacles to including annuities in retirement plans. The bill would also simplify the process of transferring plan assets to individual retirement accounts.
The Federal Reserve and the Federal Deposit Insurance Corp. have not joined an effort by the Office of the Comptroller of the Currency to improve the Community Reinvestment Act. Officials from all three agencies expressed commitment during the CBA annual conference to follow the matter closely.
The Consumer Financial Protection Bureau experienced 233 confirmed breaches of personally identifiable information before November, a spokesperson says. An additional 840 breaches might have happened when financial companies used the bureau's portal.