MB Financial's purchase by Fifth Third Bank would result in the closure of as many as 50 branches in the Chicago area, Fifth Third President and CEO Greg Carmichael says. The move reflects a nationwide trend: Bank branches have decreased 8% since 2009, JLL says, as consumers turn to digital products.
Mobile-only banking is preferred by 45% of millennials, compared with 29% of Generation Xers and 14% of baby boomers, according to a survey by Javelin Strategy & Research. Wells Fargo has developed an app, Greenhouse, that lets customers open an account without visiting a branch.
The Senate plans to debate Jelena McWilliams' nomination as chairwoman of the Federal Deposit Insurance Corp. this week. She is expected to be confirmed, becoming a fellow appointee of President Donald Trump to Comptroller of the Currency Joseph Otting and Federal Reserve Chairman Jerome Powell.
The number of people who have saved $1 million or more in a 401(k) reached 157,000 at the end of the first quarter, a 45% year-over-year increase, according to recent data. Many benefited from the market's recent gains and also from saving over a long period of time and contributing enough to get the full match.
President Donald Trump signed a congressional resolution Monday to overturn Consumer Financial Protection Bureau guidance from 2013 meant to prevent discriminatory markups in auto lending. CFPB acting Director Mick Mulvaney thanked Trump in a statement and said the bureau might submit other policies for congressional review.
Many companies are victims of data breaches long before they realize it, as hackers tend to spend months monitoring employee activity before acting, IT security executive Eric Carter of NorthMarq Capital said in a recent panel discussion. Michael Kenney of Freddie Mac said bigger companies are at the greatest risk, adding that the best defense begins with a culture of cybersecurity.
GreenSky is to price its initial public offering this week, looking to raise $700 million. Most of GreenSky's customers are sourced from partner merchants such as Home Depot, and the majority of its loans are funded with bank capital.
The House is expected to vote today on Senate-approved legislation that would roll back certain Dodd-Frank Act regulations, reducing the number of banks subject to stress tests to 12. Small banks would see lower capital requirements and shorter required financial reports.
The Federal Reserve should maintain a neutral policy until the US sees wage growth and maximum employment, writes Neel Kashkari, president of the Federal Reserve Bank of Minneapolis. Runaway inflation, which was predicted by some economists, has not happened, and both wage growth and inflation are at surprisingly low levels, he writes.
The US is near the Federal Reserve's target employment and inflation numbers, says Raphael Bostic, president of the Federal Reserve Bank of Atlanta. Bostic said he would support two more interest-rate increases this year.