Jerome Powell's first policy meeting as chairman of the Federal Reserve is likely to result in an interest-rate increase to 1.5% to 1.75%, market forecasters say. This week's meeting "could set the tone for the rest of this year and beyond, and investors will be wondering whether Mr. Powell sanctions a more aggressive stance than the markets currently expect," says Russ Mould of AJ Bell.
Edward DeMarco, president of FSR's Housing Policy Council, will be a keynote speaker when policymakers meet with industry leaders April 3 to discuss housing finance at the Five Star Government Forum. "We're seeing some new ideas emerging about how to encourage sustainable homeownership that's affordable to folks," DeMarco said.
The Office of the Comptroller of the Currency has rescinded a 2002 consent order that prohibited partnerships between small-dollar loan chain ACE Cash Express and national banks. An OCC spokesman said changes to the law have placed the company under supervision of the Consumer Financial Protection Bureau.
A Federal Communications Commission regulation aimed at reducing robocalls was thrown out Friday in a unanimous ruling by the US Court of Appeals for the District of Columbia Circuit. The court said the rule, which would treat "any uninvited call or message" as a violation, was written too broadly.
Retirees who turned 70½ last year face an April 1 deadline for taking the first required minimum distributions from their qualified retirement plans. The relevant rules are rather complex, as Bob Carlson explains.
Sen. Elizabeth Warren, D-Mass., has tweeted that Consumer Financial Protection Bureau acting Director Mick Mulvaney should appear before the Senate banking committee if he doesn't answer her questions about the bureau. The CFPB is an independent agency that is not accountable to Congress, and Warren, who designed the bureau, should know that, writes the editorial board of The Wall Street Journal.
SunTrust Banks will focus on partnerships and on creating a culture of innovation, says Scott Case, recently named chief information officer. The bank also wants to use digital to improve the customer experience, including use of onUp, an online budgeting and educational tool that helps consumers manage money.
Mobile banking apps are generally secure, experts say, but consumers should be aware of their smartphone's overall security. Banks could educate consumers on safety practices, which include having a strong password and keeping smartphone software up-to-date.
Sen. Elizabeth Warren, D-Mass., and other Democrats say changes to the Dodd-Frank Act under a Senate bill could create a financial crisis. Others, including Brookings Institution senior fellow Nellie Liang, say the bill would preserve many tenets of the law.
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