There's no deadline for completion of the Securities and Exchange Commission's proposed rule governing investment advice, Chairman Jay Clayton says. "It's not this month, probably not next month," he says.
The US and China showed no interest in reducing trade tensions as US tariffs on $200 billion worth of Chinese goods and retaliatory Chinese tariffs on $60 billion worth of US goods took effect Monday. Economists warned that a long trade dispute would depress economic growth not only in those two countries but also across the globe.
President Donald Trump has criticized the Federal Reserve recently, but his Fed nominees are pragmatists who don't seem likely to push for change. The latest of Trump's appointments to the board of governors is Nellie Liang, a former Fed staff member.
Only 96 student-loan borrowers who applied for the Education Department's public service loan forgiveness program have been approved, which is less than 1% of the nearly 30,000 who applied. Last year was the first year borrowers were eligible for the program, which was established in 2007 but requires on-time loan payments for 10 years before loans can be forgiven.
Forty-three percent of digital banking customers prefer using a chatbot over going into a branch to solve problems, finds a study by Humley. Although 35% said they would turn to the bank's website, only 6% said they would reach out on social media.
Nonbank lenders issued more than half of mortgages last year, and some say the lenders are vulnerable if the economy sours. The dominance of nonbank lenders is attributed to a reduction in mortgages offered by banks and to the lenders' ability to loan to consumers with imperfect credit.
The Consumer Financial Protection Bureau says it is still considering a rule that would require financial institutions to collect data on small-business loans made to minorities and women. The rule is part of the Dodd-Frank Act, and some say it will not move forward.
Bank of America Chief Operations and Technology Officer Cathy Bessant has been named the most powerful woman in banking by American Banker. JPMorgan Chase Chief Financial Officer Marianne Lake is second on the list of 25, and Bank of the West CEO Nandita Bakhshi is fourth.
Mary Mack of Wells Fargo has been named the top woman to watch in banking by American Banker. Mack leads consumer banking and has been chosen to lead consumer lending as well.
JPMorgan Chase plans to open about 50 branches and to add 300 employees in the Philadelphia area. The bank is trying to revitalize the Kensington Avenue commercial corridor with a $5 million investment and is working with the University of Delaware on Spectrum Scholars, a program that helps students with autism pursue computer science or engineering degrees.
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