CME Group plans to offer clients the opportunity to trade bitcoin futures beginning Dec. 18, said Chairman and CEO Terry Duffy. For a few weeks, traders will be restricted to initiating trades with 35% initial margin.
FSR President and CEO Tim Pawlenty is among those who see potential for positive change in the Consumer Financial Protection Bureau in the wake of Richard Cordray's exit from the agency. The Trump administration and Congress "should use this opportunity to improve the CFPB by adding a bipartisan board so key decisions are made in a bipartisan and transparent manner with more than just one person involved," he said.
The percentage of advisers offering comprehensive planning services has grown from less than 33% to nearly 50% in the past four years, a Cerulli Associates report says. The uptick is particularly strong among millennial advisers, with almost 83% offering the wider menu as they seek to differentiate themselves.
A 67-year-old retiring now with $1 million saved can expect that savings to yield an inflation-adjusted income of only $40,000 a year, says Mark Avallone of Potomac Wealth Advisors, and the figures for younger savers hoping to retire with the same amount are even less generous. Avallone says many Americans face a stark choice of either saving more or spending less, noting that workers "have to self-fund their retirement, and the enormity of that challenge is underestimated."
Three Republicans and three Democrats have introduced legislation to use the Congressional Review Act to overturn the Consumer Financial Protection Bureau's rule on small-dollar lending. Lawmakers used the CRA in October to overturn the CFPB's arbitration rule.
The Consumer Financial Protection Bureau has made the cost of consumer credit more expensive, says Richard Hunt, president and CEO of CBA. "You won't find a single bank that didn't at least double their compliance costs, if not triple or quadruple," Hunt said, noting that ultimately costs consumers and banks.
Financial-technology startups that have benefited from Consumer Financial Protection Bureau rules must pivot and find ways to partner with big banks because the CFPB is changing, writes Schwark Satyavolu, general partner at Trinity Ventures. "While the Obama-era protections created runway for [fintechs] to build their businesses before facing direct competition from big banks, fintech entrepreneurs need to understand that, as we speak, big banks are beginning to plan their aggressive entrance into their markets," he writes.
Brian Johnson, senior counsel to the House Financial Services Committee, has been appointed senior adviser to acting Consumer Financial Protection Bureau Director Mick Mulvaney, who is expected to change the bureau. Mulvaney has called the structure of the CFPB "fundamentally flawed."
Goldman Sachs CEO Lloyd Blankfein said bitcoin doesn't "feel like a currency, doesn't feel like a store of value," but added that the bank is researching ways to help clients who want to trade it. He said the bank will trade the cryptocurrency if it becomes more stable and liquid.