The terms for members of four Consumer Financial Protection Bureau advisory boards have been extended from one to two years, and the boards will meet three times a year instead of two. CFPB Director Kathy Kraninger made the announcement Thursday, reversing decisions by former acting Director Mick Mulvaney.
A lawsuit filed by the Federal Deposit Insurance Corp. against Citibank, Bank of New York Mellon and U.S. Bank over the mortgage-backed bonds of a failed Texas bank has been dismissed by a federal judge. The judge said the FDIC had no legal standing to sue, because the agency, which took over the bank in 2009, had sold the bonds.
Reports that Wells Fargo CEO Tim Sloan is about to be replaced are false, said board chair Betsy Duke, adding that Sloan has the unanimous support of the board. A New York Post article said the board had discussed the CEO position with former Goldman Sachs Chief Financial Officer Harvey Schwartz.
Banks would be penalized for refusing to do business with gun manufacturers for reasons outside traditional underwriting under a bill introduced by Sen. Kevin Cramer, R-N.D., and Sen. John Kennedy, R-La. The Freedom Financing Act is in response to recent decisions by banks to limit business with the firearms industry.
Early retirement may appear out of reach for millennials when considering school debt and other factors. But it might still be possible if they're willing to make some adjustments and sacrifices, Pavithra Mohan writes.
Cities that want to establish public banks would have to invest between $184 million and $3.9 billion, according to a report from the Municipal Bank Feasibility Task Force in San Francisco. A public bank under models presented in the report would not break even for 10 to 56 years.
The Consumer Financial Protection Bureau will announce proposed rules this spring related to the Fair Debt Collection Practices Act, the bureau said in a report to Congress.
Wells Fargo must address its issues, particularly in risk management, before the Federal Reserve will lift a growth ban imposed on the bank, Fed Chairman Jerome Powell said. Also, a federal judge postponed a settlement hearing related to the bank's sales account scandal, saying that without more information, he can't determine whether the settlement is fair to shareholders.
A name for the bank being created by the SunTrust-BB&T merger has not been decided, SunTrust CEO Bill Rogers says. The name of SunTrust Park, the home of the Atlanta Braves, is also expected to change.
About half of baby boomers' 401(k) plans have allocations to stocks that are higher than what Fidelity recommends for their age group, putting them at greater risk in a market downturn, a recent study found. Fidelity recommends baby boomers allocate 54% to stocks and the remainder of their retirement account to safer assets.
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