Now that economic growth has put Americans back to work, they need the retirement preparation support that would be provided if the Senate passes the Setting Every Community Up for Retirement Enhancement Act, which was already passed by the House, according to Rep. Ron Estes, R-Kansas. "By passing proposals like the SECURE Act that would encourage more companies to offer retirement options and automatic enrollment, retirement security can go from pipe dream to reality for millions of Americans," he writes.
HSBC USA is offering up to $30,000 in personal digital loans through a partnership with fintech Amount. The move puts HSBC in the competitive digital loan market that includes other banks and fintechs.
The costs of childcare and student loan payments are forcing some consumers to decrease spending on essential items like food, according to a study by Freddie Mac. Finding affordable housing is also an issue with 62% of the renters and 47% of the homeowners saying it is hard to find an affordable place to live.
Law enforcement officials have a new tool, an app called Bluetana, to help them find credit card skimmers at gas pumps faster. Gas pump skimmers are lucrative for some thieves, who can make as much as $4,253 a day, according to a study.
The Volcker rule has tightened liquidity in the corporate-bond market and has increased trading markups paid by clients, but it has not reduced banks' risk-taking in trading of corporate bonds, according to a study by the US Office of Financial Research. The study also finds banks are losing market share to nonbank dealers.
Higher prices Americans paid for rent, gasoline and other goods and services pushed the consumer price index up 0.3% in July, short of a reading that could give the Federal Reserve doubt about reducing interest rates. The core inflation rate, which excludes food and energy, also increased 0.3%.
US mortgage debt reached $9.4 trillion during the second quarter, exceeding the record high of $9.294 trillion set in the third quarter of 2018, according to a Federal Reserve report. About half of the new mortgages in that quarter were refinanced ones.
No women or minorities are CEOs of major banks; women constitute just 29% of bank boards, while minorities make up 17%, according to a report by the House Financial Services Committee. The report was completed at the request of House Financial Services Chairwoman Maxine Waters, D-Calif., and Diversity and Inclusion Chairwoman Joyce Beatty, D-Ohio.
Fewer banks per person are located in counties where nonwhites are the majority compared to majority white counties, according to research by McKinsey & Co. The average minimum balance in majority black neighborhoods is $871 compared to $626 in white neighborhoods, according to the study.
Retirement requires a new approach to finances, one in which retirees focus on generating income from their wealth instead of seeking growth at all costs. Using a bucketing strategy to set money aside into three categories -- "now," "soon" and "later" -- can be helpful.