The defense of Richard Cordray's position as the sole director of the Consumer Financial Protection Bureau is now the responsibility of the agency's own legal counsel, since the Justice Department is taking the position that the CFPB's structure is unconstitutional. The full US Court of Appeals for the District of Columbia Circuit will hear the case this year.
Wells Fargo is leading efforts to prevent ATM skimming theft, having upgraded its 13,000 ATMs to allow cardless cash withdrawals with an eight-digit code and PIN. Citigroup, JPMorgan Chase and Bank of America are following suit.
The tax deferral benefits of 401(k) plans could be frozen or scaled back under tax reform proposals being discussed in Congress, some observers say. Brian Graff, head of the National Association of Plan Advisors, says such proposals could end up being "way worse" than the Department of Labor's fiduciary rule in terms of their impact on the retirement industry.
The Federal Reserve and the Federal Deposit Insurance Corp. have given passing grades to living wills of 15 regional banks. The regulators say the banks, which include Capital One Financial, PNC Financial Services Group and U.S. Bancorp, have plans that would not require a taxpayer bailout should the banks go bankrupt.
Customers still want a human touch to their banking experience, even with the rise of technology, writes Michael Rhodes, a board member at CBA and executive vice president and head of consumer bank at TD Bank. TD Bank lets customers go from the bank's mobile app to obtaining agent support without reauthentication.
Small-business owners feel as positive about the economy as they did before the financial crisis, according to a Wells Fargo index, which stands at 100 for the first quarter, up 20 points from Q4. The survey underlying the index finds 29% of owners plan to hire in the next 12 months, 71% describe their financial status as somewhat or very good, and 61% project higher revenue during the next year.
Republicans' proposed tax overhaul could face challenges regarding slowing the rise of national debt, import and export taxes, and deciding who would most benefit from the plan. The US has the highest statutory corporate-tax rate at 39.1%, according to the Congressional Budget Office.
BlackRock and Vanguard want enforcement of the Department of Labor's fiduciary rule postponed at least 12 months. Vanguard CEO Bill McNabb, who supports a fiduciary standard, says a full review of the rule in 60 days, as ordered by President Donald Trump, is
The number of bitcoin-related scams promoted online has increased significantly in March, according to security firm ZeroFox. The company said it had identified bitcoin fraud on 8,742 social media posts linked to 3,618 unique URLs over a three-week period.
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