Consumer Financial Protection Bureau acting Director Mick Mulvaney's decision to request no funding this quarter from the Federal Reserve indicates he plans to use the directorship's immense power to transform the agency, write attorneys David Rivkin Jr. and Andrew Grossman. They note a lack of accountability because of the agency's single-director structure and say the "power now belongs to Mr. Mulvaney -- and if [former CFPB Director Richard] Cordray had no constraints in his overreach, his successor is equally free to rein it in."
The Securities and Exchange Commission and the Commodity Futures Trading Commission have issued a joint statement underlining intentions to take firm action against fraud in cryptocurrency transactions and initial coin offerings. The statement emphasizes commitment to examining cases in detail, with one trader who has received an SEC inquiry saying regulators are sifting through projects with "a fine-toothed comb."
Financial institutions should do more than give canned responses after a technical problem affects a customer's money, says Joe Sullivan, CEO of Market Insights, a bank marketing consultancy. Financial Marketing Solutions CEO Tim Pannell says banks need a way to handle social media rage without creating liabilities.
Ten states have laws that enlist financial advisers in the fight against elder financial abuse, and roughly 10 more are expected to enact such laws this year, according to the North American Securities Administrators Association, which established a model for the laws. The laws require advisers to alert authorities to suspected abuse and allow them to stop disbursements from seniors' accounts.
Two of the three traditional legs of the retirement financing stool -- pensions and Social Security -- are either vanishing or looking iffy, making it vital for future retirees to learn how to balance on the one leg of savings. In this harsh environment, experts offer their thoughts on how to get the most out of savings while paring expenses.
Wells Fargo has reached a settlement with a former branch manager who says she was fired after she reported employees had opened unauthorized accounts. A copy of the agreement is due Feb. 9 to the Department of Labor.
The House has passed a bill to exempt smaller lenders, including community banks, from compliance with reporting rules under the Home Mortgage Disclosure Act. "Since the inception of Dodd-Frank, our local small banks and credit unions have been forced to, quite literally, pay the price for a crisis they didn't create," said bill author Rep. Tom Emmer, R-Minn.
The Federal Reserve is rewriting a leverage-ratio rule, sources say, a change that could free up billions of dollars for banks. The Federal Deposit Insurance Corp., which has authority over bank rules, reportedly opposes the change.
- Page 1