JPMorgan Chase is offering 60,000 credit card points, the equivalent of $900 in travel, to customers who sign up for a Sapphire checking account and make a minimum of $75,000 in investments and deposits. The deal, which begins in October, is part of an effort to appeal to rich millennials.
The median household income in the US rose 1.8% last year, as more people found jobs and more part-timers moved to full time, the Census Bureau said. However, incomes are barely above where they were in 2007, and they are essentially the same as in 1999 when adjusted for inflation, the Census Bureau said.
Fidelity has ranked the average amount of money people have in their 401(k) accounts by age, with the highest amount, $192,800, in the age 60 to 69 category. The number of people with $1 million or more in their Fidelity 401(k) accounts is up 41% compared with last year.
Some banking associations are asking Congress to repeal the corporate tax exemption for credit unions, while credit union lobbyists want Congress to limit bank activities and to require banks to separate investment and consumer banking. Some groups, including the Consumer Bankers Association, are pushing for more changes in the Dodd-Frank Act.
Zions Bank does not pose a significant risk to US financial stability, Treasury Secretary Steven Mnuchin said after the Financial Stability Oversight Council voted to lift certain regulatory restrictions on the bank. The change is pending the completion of Zions' merger with its parent company.
Consumer Financial Protection Bureau acting Director Mick Mulvaney says he's worried about the long-term effect of student loans if borrowers are being taught they don't have to pay them back. Outstanding education debt in the US exceeds $1.5 trillion.
No bank has failed in 2018, and this could be the first year since 2006 to have no bank failure, Russ Wiles writes. The banking industry is strong, with 96% of banks reporting a profit for the second quarter, according to the Federal Deposit Insurance Corp.
Low unemployment and inflation near the Federal Reserve's 2% goal mean the central bank can raise interest rates in the next two years without hindering economic growth, Governor Lael Brainard says. Presidents of Fed banks in Atlanta and Dallas have suggested pausing rate increases next year.
Artificial intelligence technology has helped corporate treasurers manage expanded responsibilities that have come to include risk management and regulatory concerns. AI technology is still in the early stages of adoption for many banks, and the benefits have not been clearly established.