Sen. Elizabeth Warren, D-Mass., says she will fight Kathy Kraninger's nomination to be director of the Consumer Financial Protection Bureau until Kraninger explains her role in the Trump administration's "zero tolerance" policy relating to immigration. Warren and Sen. Sherrod Brown, D-Ohio, have requested that Kraninger provide a written explanation.
Bank of America is offering online courses to its employees to prepare them for the impact of changing technology. Cathy Bessant, chief operations and technology officer, says she doesn't expect a significant decline in the number of jobs in her division, but she does expect that the duties will change.
Kathy Kraninger, President Donald Trump's nominee to lead the Consumer Financial Protection Bureau, has experience in how bureaucracies work and can continue acting Director Mick Mulvaney's changes, writes the editorial board of The Wall Street Journal. Sen. Elizabeth Warren, D-Mass., might try to block Kraninger's confirmation, the board writes, and Senate Republicans should move on the nomination.
People's United Financial in Connecticut has agreed to purchase First Connecticut Bancorp, parent of Farmington Bank, for $544 million in stock. The deal, subject to regulatory approval, could result in branch closures and layoffs.
An interagency group is being created to update anti-money-laundering rules, Comptroller of the Currency Joseph Otting says. Regulators have submitted 14 recommendations to the Financial Crimes Enforcement Network at the Treasury Department, Otting says, and one requires congressional action.
Look at the bigger picture inside and outside your workplace, such as by keeping up with market trends and by observing how your organization's departments run, leadership consultant Valerie Grubb says. Keep your eye out for opportunities, have a long-term mindset and spend time on projects that deliver valuable results.
The nomination of Kathy Kraninger as director of the Consumer Financial Protection Bureau could be a strategic move to keep Mick Mulvaney in the top spot, observers say. Nominating a candidate triggers a provision that allows the interim person to remain in the post until the nominee is approved or rejected, and some experts say Democrats will likely defer Kraninger's approval, giving Mulvaney more time to lead the agency.
An Employee Retirement Income Security Act retirement plan would fail to meet the "retail customer" definition in the Securities and Exchange Commission's proposed best-interest standard, The Wagner Law Group says. Non-ERISA 403(b) plans, however, could meet the definition.
Student-loan debt generally can't be discharged in bankruptcy, although there are certain exceptions for financial hardship. This article suggests two other strategies for borrowers who are struggling to pay down their debt.
A revision to the Volcker rule may lead to a ban on trades and investments not currently covered by the regulation. The proposed changes are under review, with the final version expected early next year.