Nearly all women in households with more than $4 million in investable assets are either sole or joint decision-makers regarding household banking, and 84% are at least somewhat responsible for the family's investments, an RBC Wealth Management survey finds. The survey also indicates that women in this classification -- which has been described as one of the world's largest emerging markets -- are more likely than men to seek financial advice and to be content with a general grasp of financial scenarios without needing to know details.
A group of young advisers who are considered future leaders recently offered predictions on the shape of the industry in coming years. Among their expectations are an increased focus on foreign national clients in the US, a rise in affluent female investors and a shift in emphasis away from straightforward financial to behavioral advice.
A $192 million settlement announced by the Consumer Financial Protection Bureau and 13 states covers about 41,000 students who obtained private loans to attend the now-defunct for-profit Corinthian Colleges. The settlement awaits approval from the US District Court.
Artificial intelligence helps banks fight cybercrime but also makes them vulnerable to attacks, cybersecurity experts say. "The reason cybercriminals don't knock over banks as much as they use malware or other cybertechniques is because the technology lends itself to providing better outcomes," said Steve Grobman, chief technology officer at McAfee.
People are calling the elderly claiming to be a bank representative who is sending someone to seize a credit or debit card with fraudulent activity, according to the Palm Beach County, Fla., Sheriff's Office. The caller obtains the victim's PIN during the conversation, then applies fraudulent charges to the account.
KeyBank is the first major bank to invest in Billtrust, a cloud-based payment-cycle manager in New Jersey. "KeyBank recognizes that investments in [financial technology] are an integral source of innovation that drives better client experiences," said Billtrust CEO Flint Lane.
"Rule-making by enforcement" at the Consumer Financial Protection Bureau is expected to slow if Director Richard Cordray resigns to run for Ohio governor. Pending rules involving payday loans, debt collection and overdrafts could be stopped by a director appointed by President Donald Trump.
President Donald Trump has dissolved two business councils after CEOs kept withdrawing to protest his comments about a deadly confrontation in Virginia. Eight executives of major companies left the American Manufacturing Council and the Strategic and Policy Forum.
PIMCO has joined a growing number of asset managers in announcing that it will bear the cost of analyst research fees, rather than passing that cost on to its clients. The unbundling and transparent reporting of research costs will be a requirement of Europe's forthcoming Markets in Financial Instruments Directive II, and institutions including JPMorgan Asset Management and Vanguard have announced the same policy decision.
A report from the Consumer Financial Protection Bureau finds a deepening student-loan debt crisis, with total debt rising to more than $1.4 trillion, 40% of borrowers graduating with debts of $20,000 or more, and the number of borrowers with debts of more than $50,000 having tripled between 2002 and 2014. Income-driven repayment plans are one way to shrink the size of required repayments, but fewer than 50% of eligible borrowers take advantage of them, the report says.
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