Banking
Top stories summarized by our editors
5/26/2017

Social Security faces an increasing burden as the baby boom generation enters retirement, prompting the Center for Retirement Research at Boston College to explore ways the program could bolster its funds, other than by cutting benefits or raising taxes. Researchers say that although investing in equities as well as bonds carries a degree of risk, it could improve the health of the trust fund.

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BenefitsPro
5/26/2017

A Morning Consult poll that shows 58% of voters in eight battleground states prefer a bipartisan committee over a single director to run the Consumer Financial Protection Bureau indicates a desire for reform within the agency, writes CBA President and CEO Richard Hunt and Independent Community Bankers of America President and CEO Camden Fine. The CFPB is too powerful for one person to run, they write, and Congress must provide an alternative that offers the accountability, fairness and transparency Americans want.

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The Hill
5/26/2017

Financial gain more than public humiliation makes banks targets for email scams, says Fifth Third Bank security executive Anthony Scarola. Experts suggest protection strategies including external-source alerts, stronger email policies and education, and use of domain-based message authentication, reporting and conformance.

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Fifth Third Bank
5/26/2017

Initial unemployment claims increased by 1,000 last week to a seasonally adjusted 234,000, short of economists' prediction of 237,000, according to the Labor Department. Claims have been near 40-year lows in recent month, indicating greater employee retention.

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Labor Department
5/26/2017

White House budget director Mick Mulvaney and Treasury Secretary Steven Mnuchin have given conflicting views of President Donald Trump's tax plan to separate Senate committees. Mulvaney says the plan does not factor in revenue from faster economic growth, while Mnuchin says economic growth would partially fund the plan.

5/26/2017

The Trump administration is considering shifting student-debt control to the Treasury Department from the Education Department. The move would drastically alter the financial-aid system but likely would require congressional action.

5/25/2017

An HSBC survey on consumer sentiment toward automated banking finds less than 50% of respondents trust fingerprint recognition to replace their password, 7% trust a robot to choose a savings accounts and 6% use voice recognition. Chief Operating Officer Andy Maguire acknowledges the "bar is pretty high" for banks and says HSBC will continue to evolve and improve services.

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HSBC, Voice recognition
5/25/2017

Treasury Secretary Steven Mnuchin has urged Congress to increase the debt limit by late July so the government can keep paying bills. Some Republicans want conditions in return, such as decreased spending.

5/25/2017

Reports of misconduct by financial firms have led 70% of Americans to doubt the trustworthiness of financial professionals, a survey from Personal Capital found. Among the 54% of people in the US who don't get help from financial professionals, 45% said they're motivated by a lack of trust, the survey found.

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PlanAdviser online
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Personal Capital
5/25/2017

The financial-services industry is targeted more than any other by cyberattackers, and the recent wave of attacks may be the wake-up call the industry needs to upgrade its efforts against them, cybersecurity expert Stacey Robinson writes. Small- and medium-size firms are especially vulnerable, Robinson notes, but a recent survey found that a significant number of brokers fail to apply vital security patches to deter invasions.

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WealthManagement
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cyberattacks, Financial Services