Banking
Top stories summarized by our editors
4/25/2017

Jim Murren, chairman and CEO of MGM Resorts International, explains the strategic steps that helped the company survive and restructure over the past decade. These include creating one company with a single culture, integrating a sense of social responsibility into the business model, and making MGM an entertainment and tourist destination, not just a casino operator.

4/25/2017

Email scams involving hackers requesting fraudulent wire transfers from brokerage firms have drawn the attention of the Financial Industry Regulatory Authority. In most cases, the customers were made whole, but FINRA has taken action against brokerage employees who failed to follow policies to identify clients before wire transfers.

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CNBC
4/25/2017

MetLife has requested that the US Court of Appeals for the District of Columbia Circuit delay its ruling on the government's appeal on the insurer's designation as a systemically important financial institution. President Donald Trump has ordered a review of the Financial Stability Oversight Council's designation process, and that could have bearing on the government's position on the case, MetLife says.

4/25/2017

The Federal Reserve and the Federal Deposit Insurance Corp. have approved Wells Fargo's plan for resolution in a bankruptcy without a taxpayer bailout. Under the Dodd-Frank Act, the bank's ability to create international units or acquire nonbank subsidiaries is contingent on successful development of a living will.

4/25/2017

Craig Israelsen of Utah Valley University uses a cooking analogy to illustrate the importance of beginning to save early. A "crockpot" approach to saving for retirement, letting investments slowly build over time, is preferable to the "microwave" method of waiting until the last minute to attempt to quickly increase assets, he writes.

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Craig Israelsen
4/25/2017

The Consumer Financial Protection Bureau has postponed a prepaid-card rule by six months to give the industry extra time to comply with requirements for more disclosure to consumers about late fees and other charges. The rule will take effect April 1.

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The Hill
4/25/2017

House Financial Services Committee Chairman Jeb Hensarling, R-Texas, has scheduled a hearing Wednesday on his bill to overhaul the Dodd-Frank Act, and markup of the legislation reportedly will happen next week. The latest version of the bill would let the president terminate the director of the Consumer Financial Protection Bureau at will, would block the Federal Deposit Insurance Corp. from supervising the living will process and would facilitate Wall Street's ability to overturn regulations.

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CNNMoney
4/25/2017

Banks must confront security risks and avoid making customers feel violated as they mine customer data and use technology to personalize marketing for products such as home equity lines of credit and car loans. "You want to show that you're utilizing and embracing new technologies, but you also don't want to freak people out and accidentally alienate customers," said Fifth Third Bancorp Chief Digital Officer Melissa Stevens.

4/25/2017

The number of bank branches could decrease by 20% by 2022, according to a report from real estate firm JLL. Reducing branches and shrinking the average branch by 2,000 square feet could save the banking industry $8.3 billion yearly, the report says.

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Reuters
4/24/2017

President Donald Trump has signed executive orders suspending for 180 days provisions of the Dodd-Frank Act that authorize the liquidation of distressed banks and the designation of nonbanks as systemically important financial institutions. Trump has instructed the Treasury Department to review rules governing the procedures.