The Labor Department is likely to make its new fiduciary rules public in two months and they should be compatible with the Securities and Exchange Commission's Regulation Best Interest, lawyers at the Groom Law Group say. The new guidance won't be finalized until the period for submitting comments has passed, they said.
Capital One and Walmart are debuting their first new credit cards since Walmart ended its 19-year relationship with Synchrony. The cards offer rewards between 2% and 5% and will not charge consumers an annual fee.
Changes to the Consumer Financial Protection Bureau's complaint database announced by Director Kathy Kraninger include the addition of contact information for companies and data visualization and analysis tools to add context to the data. Kraninger said the response to the agency's call for feedback on the database was "staggering" and persuasive.
Young adults often wonder if they should focus on paying off student loans and other forms of debt or saving for retirement. Paying off the debt first can be a wise move, because otherwise many people allow it to hang around until much later in life.
International coordination will become more crucial to preserve financial stability as financial technology becomes widespread, Bank for International Settlements General Manager Agustin Carstens says. "In the future, what now looks desirable may become essential," he says.
The Federal Reserve has injected cash into US money markets for the first time in more than 10 years, and the central bank plans to inject an additional $75 billion after short-term interest rates continued to increase. The Fed is intervening because a shortage of cash has sent rates as high as 10%, which could cause turmoil in the broader market.
Bank of America officials say they are cooperating with a Consumer Financial Protection Bureau investigation into the opening of credit card accounts without customer authorization. The CFPB investigation began earlier this year and BofA officials acknowledged a "vanishingly small" number of unauthorized accounts were found.
Equifax will give customers an option of adding their phone and utility bills to their credit reports to boost their chances of getting a loan. The change could mean more consumers with little credit or a low credit score will get approved by lenders.
The first new local bank in Georgia in more than 11 years will open in Tucker this month. Tandem Bank is a full-service bank, company officials said.
The US Justice Department and the Consumer Financial Protection Bureau are asking the US Supreme Court to hear a case challenging the CFPB's single-director structure. CFPB Director Kathy Kraninger supports the view of the Justice Department that the current makeup of the agency is unconstitutional.
- Page 1