The IRS has issued a warning to financial professionals about cybercriminals trying to gain access to clients' annuity and life insurance accounts. In one such scam, the criminals impersonated a company that supplies computer cloud services and attempted to obtain tax professionals' usernames and passwords.
Acting Comptroller of the Currency Keith Noreika said he asked Consumer Financial Protection Bureau Director Richard Cordray to delay publishing the arbitration rule until Noreika's office could review the data supporting the rule. In an opinion piece, Noreika said the CFPB failed to disclose the rule's potential cost to consumers, saying, "Consumers deserve better, and so do small and regional banks."
Former Consumer Financial Protection Bureau attorney Ronald Rubin makes the case that CFPB Director Richard Cordray tricked the Republicans into believing he was going to leave his post to run for Ohio governor before his term ended. "I didn't suspect a hoax until early September, when a senior CFPB official told me Cordray would not resign immediately following the payday rule's publication because he wanted to complete one more mysterious, unidentified item on his agenda," Rubin writes.
Employees of the Consumer Financial Protection Bureau are moving back to their building after a $145 million renovation project. About 1,200 of the bureau's 1,600 employees work in the 40-year-old building across from the White House.
Payments are the next "battleground of finance," pitting banks against technology companies like Apple and Amazon, said Jes Staley, CEO of Barclays. Cybersecurity is also a top concern for financial firms, Staley said at the annual meeting of the Institute of International Finance held this weekend in Washington, D.C.
President Donald Trump should reappoint Federal Reserve Chair Janet Yellen to another term, said Stanley Fischer, who left his post as vice chairman of the Fed on Friday. Fischer announced his resignation in September, citing personal reasons.
Equifax and other credit bureaus would not be able to use Social Security numbers to identify customers under a bill proposed by Rep. Patrick McHenry, R-N.C. Also on Thursday, Senate Banking Committee Chairman Mike Crapo, R-Idaho, asked regulators in a letter whether their agencies should be given more authority over credit bureaus.
Banks like Citigroup, Regions Bank and TD Bank are adding personal touches to their digital services. As Alice Milligan, chief customer and digital experience officer for Citigroup's global cards unit, explained that "we know who you are and are serving up things that add value to you personally versus you having to navigate all the different functions on our mobile app."