A California Assembly committee has passed a bill that would let consumers override arbitration clauses in bank contracts and sue. The bill has cleared the Senate and is expected to go before the full Assembly in August.
The world's first ATM debuted June 27, 1967, at a Barclays branch in London. The first ATM in the US opened in 1969 at a Chemical Bank branch in New York.
Global regulators working on capital rules for the insurance industry have asked insurance companies to provide information on how internal risk-capital models are used. The request is being made in anticipation of a disagreement between European and US regulators over how risk models should be used when setting capital requirements.
The buy side is coping with challenging times when it comes to funding and accessing collateral under regulatory changes. BNY Mellon explores the implications of the liquidity and funding crunch.
College graduates who are entering the corporate world should invest time and effort in their professional relationships to ease the transition, writes Shadan Deleveaux. Make sure to treat everyone you meet with respect as you build a reputation in a new environment, Deleveaux writes.
A recent Treasury report calling for harmonization of cybersecurity efforts -- including such steps as simply defining words the same way -- is a move in the right direction as the industry seeks to protect customers, writes Chris Feeney, president of BITS, FSR's technology policy division. "A consistent set of core questions and diagnostics that leave room for uniqueness amongst financial services regulators will enable more robust examination outputs, higher quality information and more efficient cybersecurity operations," Feeney says.
The Department of Labor's fiduciary rule has brought benefits to financial advisers that might not have been expected, finds a study by Aite Group. To ensure compliance with the rule, many firms improved their processes through initiatives such as staff training and technology investments, the study found.
Impact investing is growing in popularity among family offices, with one recent survey finding that almost a third of family offices are pursuing an impact strategy at some level. The millennial generation is the driving force behind the shift.