Banking
Top stories summarized by our editors
8/13/2018

Leaders will have more influence when they develop themselves professionally, help others improve and maintain the organization's strategic alignment, says John Baldoni in this SmartBrief video and blog post. "Savvy managers always ensure alignment by making certain people know their roles and how those roles affect overall results," he says

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SmartBrief/Leadership
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John Baldoni
8/13/2018

Trade group Innovate Finance says the "global sandbox" launched by the UK's Financial Conduct Authority in cooperation with other global financial regulators could form the basis for cryptocurrency regulation and help the UK maintain its position as a fintech pioneer after Brexit. The US, Canada, Australia, Bahrain, Hong Kong and Singapore are among the participants in the Global Financial Innovation Network.

8/13/2018

Some banks will be exempt from issuing annual privacy notices to customers now that the Consumer Financial Protection Bureau has finalized amendments to the Gramm-Leach-Bliley Act. Banks that limit the sharing of customer data and have not changed their privacy policies can use the exemption.

8/13/2018

Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, is looking to stop supervisory examinations of lenders suspected of violating the Military Lending Act, saying such oversight is not expressly laid out in the law. The move has surprised advocates of military families, who want a crackdown on unscrupulous lenders.

8/13/2018

The Insured Retirement Institute is praising the proposed Retirement Enhancement and Savings Act of 2018, saying it would help people saving for retirement make more informed choices about their personal finances. The legislation also would smooth the path for employers to offer annuities within their 401(k) plans.

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Investopedia
8/13/2018

The Consumer Financial Protection Bureau fined a Kansas City small-dollar lender $1 and seized $14 million in assets from a loan scheme, saying they didn't think the man could pay a larger fine. Richard Moseley Sr. has also been convicted on criminal charges in federal court and was sentenced to 10 years in prison.

8/13/2018

Federal regulators are encouraging banks to enter the small-dollar lending market, but bankers are reluctant because the loans could be out of favor again under the next US president, according to Richard Hunt, president and CEO of the Consumer Bankers Association. Six financial institutions offered small-dollar loans before 2013, but hundreds would have to offer them to make a dent in the small-dollar loan industry, Hunt said.

8/13/2018

Bank of the West officials say they are cutting ties with companies and business activities they believe are "detrimental to our environment and our health," including some oil, gas and coal companies. The move is being criticized by officials in some states that rely heavily on the energy production business.

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The Associated Press
8/13/2018

The FBI warns that cybercriminals are planning a scheme that could remove millions of dollars from ATMs using duplicated cards. Banks are asked to check their security measures.

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Krebs on Security
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FBI
8/13/2018

Bank OZK added two new board members, expanding the number of directors to 18. Beverly Cole, CEO of Cole Renwick, and Steven Sadoff, chief information officer of Fenics, joined the board.

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Seeking Alpha
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Fenics