Millennials are largely confident about their ability to use financial products, but many are reluctant to invest for retirement, finds a survey from Bank of the West. Ryan Bailey, head of the bank's retail banking group, explains what plan sponsors and advisers can do to inform millennials about the importance of retirement investing.
Banks are beginning to add video conferencing to their services, and analysts say it's a tool that could work well for small businesses and those with complicated needs such as mortgages. Bank of America added video conferencing centers to 850 branches and says it is a time-saver for commercial clients.
Fifth Third Bank officials say they plan to open up to 125 branches in the Southeast over the next three to five years as part of an effort to expand into the region. Bank officials also plan to close up to 120 branches in areas where the bank already has a large number of branches.
The US House of Representatives passed two appropriations bills, one of which includes a provision putting the Consumer Financial Protection Bureau's budget under congressional control. Another provision would give the Federal Reserve total control of the Volcker rule.
Wall Street banks are responding to pressure from the Federal Reserve to eliminate provisions that could encourage excessive risk-taking by traders and executives, said Federal Reserve Chairman Jerome Powell. "We moved ahead through supervisory practice to make sure that these things are better than they were," Powell said.
A day before firing members of the Consumer Financial Protection Bureau advisory board, acting CFPB director Mick Mulvaney filed an amended charter that would reduce the number of board members from 25 to six. Mulvaney said the board was too big, and he was concerned confidential information would be leaked to the press if the meetings were not private.
Some consumer submissions to the Consumer Financial Protection Bureau's complaint database should be classified as inquiries, the Consumer Bankers Association recommended in response to a CFPB request for comments on the database. The database should not be used to "create disharmony between consumers and the financial services industry," wrote David Pommerehn, CBA's associate general counsel and vice president.
Although Kathy Kraninger, the nominee for CFPB director, has little industry experience, Republicans are praising her budgetary and management expertise. Meanwhile Democrats are criticizing choices Kraninger made as associate director for general government at the White House Office of Management and Budget, specifically regarding Hurricane Maria relief and the separation of children from their families at the US-Mexico border.
The Financial Stability Oversight Council voted to lift regulatory restrictions that were placed on Zions Bancorp after the 2008 financial crisis. An analysis showed the regional bank was not a threat to US financial stability, said Treasury Secretary Steven Mnuchin.
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