ICBA sues Equifax over data breach
The Independent Community Bankers of America (ICBA) recently files suit against Equifax over its recent breach of 145.5 million consumer records and 209,000 payment cards. ICBA is seeking to requi...
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Susan Olson
ICI names Susan Olson as general counsel
Susan Olson was recently named to serve as general counsel for the Investment Company Institute (ICI), effective this week. Olson has been chief counsel at ICI Global since 2014. She joined ICI ...
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HUD awards $615 million grant to Florida for Hurricane Irma recovery efforts
The U.S. Department of Housing and Urban Development (HUD) awarded $615,922,000 to assist with recovery efforts in Florida for areas impacted by Hurricane Irma. The grant comes via HUD's Community...
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IRS identity theft prevention initiative examined
The Government Accountability Office (GAO) has issued a pair of recommendations to the Internal Revenue Service (IRS) as a means of bolstering the agency’s identity theft preventive efforts. The...
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Economists provide tax reform input
Nine of the nation’s leading economists recently provided the government with input regarding tax reform legislation. Treasury Secretary Steven T. Mnuchin received correspondence from the econom...
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European Commission adopts new guidelines for online, electronic payments
A new rule designed to make electronic payments, both online and in shops, safer in Europe has been adopted by the European Commission (EC). These rules stem from the European Union’s (EU) recent...
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Joseph Otting
Otting sworn in as comptroller of the currency
Joseph Otting was sworn in this week as the 31st Comptroller of the Currency after being confirmed by the U.S. Senate on Nov. 16. Otting was nominated by President Donald Trump to replace acting co...
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DOL’s fiduciary rule for financial advisors delayed 18 months
The U.S. Department of Labor (DOL) has extended the full implementation of the controversial fiduciary rule from Jan. 1, 2018, to July 1, 2019. The extension gives the DOL time to consider public c...
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TD Bank survey says average consumer spends at least $500 during holidays
The average consumer expects to spend $500 this holiday season, according to TD Bank's Merry Money Holiday Spending Survey. About three-quarters (76 percent) admit to overspending on gifts during t...
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NAFCU urges Consumer Financial Protection Bureau to reconsider disclosure rules for mortgages
The National Association of Federally Insured Credit Unions (NAFCU) is urging the Consumer Financial Protection Bureau (CFPB) to reconsider its guidance related to the disclosure of loan-level Home Mo...
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Financial Services Roundtable supports Fed principles for boards
The Financial Services Roundtable (FSR) supports the Federal Reserves’ recently released statement of principles that seek to better clarify the core duties of a bank’s board of directors. As on...
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New York DFS expands chartered bank system
The New York State Department of Financial Services (DFS) recently approved the applications of a pair of financial institutions as a means of expanding the state’s chartered bank system. Financ...
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Banks see 5.2 percent earnings growth in third quarter
Commercial banks saw net income rise in the third quarter compared to the third quarter of 2016, led by a sharp increase in income for community banks, according to the Federal Deposit Insurance Corpo...
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CFPB releases report on consumers attitudes toward overdraft protection
The Consumer Financial Protection Bureau (CFPB) released a report on consumers’ experiences with bank overdraft programs. Overdraft programs let people make payments or take withdrawals from a ...
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Federal banking agencies extend capital requirements rule for some banks
The federal banking agencies extended the existing capital requirements for mortgage servicing assets last week. The rule is designed to prevent different rules from taking effect while the agencie...
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Study re-examines homeownership, wealth creation
A new study maintains that the idea of homeownership as the path to creating wealth may be due for a revision. Findings of the Florida Atlantic University, Florida International University, and Un...
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Sens. Gillibrand, Young sponsor bill to train high school students for tech careers
U.S. Sens. Kirsten Gillibrand (D-NY) and Todd Young (R-IN) recently co-sponsored a bill that would direct federal funding to high-tech training and education programs in high schools. The 21st Cent...
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Cordray urges financial companies to help consumers gain control over payments
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray is encouraging the CEO’s of banks, credit unions, and financial companies to help consumers exert greater control over their cred...
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World Bank Group, PwC report says technology is reducing the burden of tax compliance on businesses
Technological advancements are reducing the burden of tax compliance on businesses, according to a new report by The World Bank Group and PricewaterhouseCoopers (PwC). The report looked at the eas...
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Senators urge commerce secretary to evaluate any changes to NAFTA
A group of senators wants to know how proposed changes to the North American Free Trade Agreement (NAFTA) would affect the crop and livestock sectors of the economy. The senators sent a letter to C...
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