A judge has dismissed a lawsuit filed by the New York Department of Financial Services to stop the US Office of the Comptroller of the Currency from issuing charters to financial-technology companies. US District Judge Naomi Reice Buchwald says the suit is premature because the OCC has yet to issue a fintech charter.
Fourteen bills are on the agenda of the House Financial Services Committee, including one that would affect mortgage servicers Fannie Mae and Freddie Mac. Other bills include one that would let banks swipe a consumer's driver's license to open an account.
Finish the year on a strong note by cleaning out your email inbox and sending thank-you notes to colleagues and managers, Suzanne Gelb writes. Set aside some time to improve your LinkedIn presence, and work on shifting to a healthier sleep routine in 2018.
If you have teenage children who have earned income from a summer job or part-time position, consider setting up Roth individual retirement accounts for them and matching contributions to the accounts. Roth IRAs often make sense for younger savers, as they allow for many years of tax-free growth.
FSR's Anthony Cimino, senior vice president and head of government affairs, is calling on Congress to streamline insurance regulations, saying, "The goal of FSR and its members is to ensure that the financial system can effectively serve consumers and businesses while maintaining the soundness of the broader market." He said two bills -- H.R. 3179, the Transparency and Accountability for Business Standards Act, and H.R. 3746, the Business of Insurance Regulatory Reform Act -- support the concept of avoiding duplication.
A survey by the Organization for Economic Cooperation and Development finds an international trend toward raising the retirement age, prompted in part by rising life expectancies that place greater financial burdens on governments. Though later retirement ages may be necessary, policies that give workers more freedom to choose their retirement dates could benefit nations as well as individuals, Ferdinando Giugliano writes.
American Express will eliminate the need for a cardholder signature for purchases beginning in April. Mastercard has dropped the requirement, and Discover plans to do so, with all three companies citing advancement in security technology.
Democrats have filed an amicus brief that calls the appointment of Mick Mulvaney as acting director of the Consumer Financial Protection Bureau "unlawful" and that says Deputy Director Leandra English should be acting director. The brief comes from more than 30 former and current lawmakers and supports English's court challenge, a hearing for which is scheduled Dec. 22.
JPMorgan Chase, American Express and HSBC are among financial-services firms that have invested a collective $40 million in Menlo Security, a startup that stops phishing attacks through web isolation. The technology puts internet activity in a protected space on the cloud to safeguard it from attacks.
The Federal Reserve is widely expected to increase interest rates this week, making any forward guidance for 2018 more critical than the increase itself. Jerome Powell, who has been nominated chairman, has said the economy has space to run before heating up, indicating he would lead the Fed in a more dovish direction.