Banking
Top stories summarized by our editors
5/21/2018

Banks are facing increased competitive pressure for business and commercial loans from hedge funds, insurance companies and private equity firms. These nonbanks are less regulated than banks and in many cases are offering longer repayment terms with relaxed requirements.

5/21/2018

Americans have an average of $84,821 saved for retirement, with a third of baby boomers having $25,000 or less, according to Northwestern Mutual's 2018 Planning & Progress Study. The study found that 66% of Americans believe they'll outlive their savings, and 78% are either "somewhat" or "extremely" concerned about having enough money for their retirement years.

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CNBC
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Northwestern Mutual
5/21/2018

US Treasury Secretary Steven Mnuchin says talks with Mexico and Canada to update the North American Free Trade Agreement might extend into 2019. He adds that negotiators are "still far apart" on aspects of the agreement.

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The Associated Press
5/21/2018

Bank of America's artificial intelligence virtual assistant, Erica, can perform banking-related tasks such as making customers' mortgage payments or reminding them of due dates. Customers can use gestures, voice or text to interact with Erica, said Michelle Moore, head of digital banking at Bank of America.

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HousingWire
5/21/2018

Financial institutions are increasingly adopting military tactics and employing ex-military personnel as they ramp up practices for preventing cybercrime. Mastercard has set up a cybersecurity command center run by a former Delta Force officer, at least a dozen banks have opened similar hubs for gathering intelligence and "combat drills" that test responses to simulated cyberattacks are rapidly growing in popularity.

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Delta Force
5/21/2018

A vote on a bill to roll back certain provisions of the Dodd-Frank Act is expected this week. House Minority Leader Nancy Pelosi, D-Calif., has urged Democrats to reject the bill, but it is expected to pass, even with low Democratic support.

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Nancy Pelosi
5/21/2018

Bank of America has made Erica, an assistant powered by artificial intelligence, available to all 25 million mobile customers. Erica helps with tasks including scheduling payments and searching for transactions and uses Zelle for money transfers.

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ZDNet
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Erica, BofA
5/21/2018

Fifth Third Bank has agreed to a $4.7 billion cash-and-stock acquisition of MB Financial. The target bank is in Chicago and has about $20 billion in assets.

5/21/2018

The five regulators that oversee the Volcker rule could propose changes as soon as next week, sources say. Changes are expected to include elimination of a requirement that firms document hedges and related market positions.

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Volcker
5/21/2018

Procrastination leads people to fall behind and feel anxious, and many times this is because they are busy during peak hours but work on the wrong things, Dan Rockwell writes. "Important trivialities prevent you from doing the thing that pays the bills," he writes.

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Leadership Freak
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Dan Rockwell