Federal Reserve chief Janet Yellen told an audience in London that another financial crisis "in our lifetime" is unlikely and that banks are much stronger than before. Yellen also rejected calls to significantly ease financial regulations.
A Rhode Island bill that would establish a network of cameras along highways to detect and fine uninsured drivers is raising privacy concerns, this editorial says. The bill faces opposition from PCI and other groups that say the state's existing systems for catching uninsured drivers are effective.
Allstate's driver-safety rankings of 200 US cities puts Boston in last place, with drivers having 3.6 years on average between vehicle-damage claims. In Kansas City, which ranked highest, such claims are 14.9 years apart on average.
The National Association of Insurance Commissioners has introduced its DriveCheck tool that help drivers determine whether usage-based insurance would be optimal for them. NAIC estimates that telematics support will be in place among 70% of auto insurers by 2020.
A fire that has destroyed 13 homes in Arizona is sparking debate about logging, with a state lawmaker saying that removing trees would have reduced fuel for the fire, although a conservation group and a US Forest Service researcher have cast doubts on that assertion. Meanwhile, a wildfire in California's San Bernardino County has led to evacuations and a highway closure.
Severe storms hit central and western Nebraska late Tuesday with wind speeds as high as 60 to 90 mph, knocking down power lines and trees.
A bill that has reached Wyoming Gov. Matt Mead's desk would prohibit insurers from requiring consumers to pay any difference in price that results if original equipment manufacturer parts are used in a vehicle repair. PCI has commented that the bill's redefinition of an "aftermarket part" is ambiguous.
A study by the Population Reference Bureau shows a number of worsening social conditions for women of the millennial generation compared with women of preceding generations, which indicate increasing difficulties in working toward a comfortable retirement. The study shows declines in work opportunities and income along with increasing health risks, among other factors.
About 70,000 nonunion US employees of UPS will see their defined-benefit plan frozen as the company plans to transition them to a 401(k) plan in 2023. UPS, with a nearly $10 billion shortfall in its US pension plans, said it is making the move because of growing pension costs and uncertainty over how to set future payments.
The glide path in a target-date fund should focus on managing volatility and downside risk, says Jake Gilliam of Charles Schwab. By addressing risk and the quality of the underlying securities, plans can help prevent investors from making negative choices at crucial times, such as near retirement, Gilliam says.
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