Jennifer Piepszak will become chief financial officer at JPMorgan Chase on May 1, and current CFO Marianne Lake will take over as CEO of the bank's consumer lending business. The move is seen as a further sign that Lake is the front-runner to take over as CEO when Jamie Dimon retires.
The Senate banking committee will hold a hearing on bank supervision April 30 and hear from a panel of regulators May 15. The committee will discuss privacy rights and data collection at a May 7 hearing.
Rules on debt collection proposed by the Consumer Financial Protection Bureau would be the first change to the Fair Debt Collection Practices Act in more than four decades and would address how often collectors can call, text or email consumers, CFPB Director Kathy Kraninger says. Consumer groups want to limit collectors to one call weekly and to prohibit collectors from contacting consumers on social media or at work.
The Consumer Financial Protection Bureau is taking a "fresh look" at supervision as it focuses on preventing consumer harm while clarifying the term "abusiveness," Director Kathy Kraninger said in a speech at the Bipartisan Policy Center. CBA President and CEO Richard Hunt has praised the speech, saying it shows a "commonsense, principled approach to the CFPB's direction and her commitment to serve as an impartial regulator."
Herman Cain might lack enough votes for confirmation to a seat on the Federal Reserve Board, but he says he will not withdraw his name from consideration. Cain says he was invited in January to Washington, D.C., to speak with President Donald Trump and others about the Fed and was told within days he was under consideration.
Nine banks, including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo, have received subpoenas in an investigation by House Democrats into President Donald Trump's finances, sources say. Republicans have called the subpoenas political.
More people are putting money in taxable accounts, with ownership of brokerage accounts growing 10 percentage points and ownership of certificates of deposit and other bank accounts rising 9 percentage points over the past five years, says a report from Hearts & Wallets. The report found that ownership of 401(k) accounts remained steady during the five-year period, but contributions fell 5 percentage points.
A suspect in the theft of financial data of more than 80 million JPMorgan Chase customers is negotiating with prosecutors in an effort to avoid going to trial. Andrei Tyurin, who was extradited to the US from the nation of Georgia last year, allegedly was part of a group that stole hundreds of millions of dollars, and he was on the run for years.
Civil rights activist Jesse Jackson says he plans to attend bank shareholder meetings with a message that bank fines should be given to consumers affected by the financial crisis. He's pushing for the establishment of a development bank that would be in charge of delivering the funds.
A California bill that would allow cities to begin their own banks has the support of the Los Angeles City Council. Seven other municipalities have either endorsed or are considering endorsing the bill, proposed by state Assemblymember Miguel Santiago.
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