The Consumer Financial Protection Bureau will announce proposed rules this spring related to the Fair Debt Collection Practices Act, the bureau said in a report to Congress.
Wells Fargo must address its issues, particularly in risk management, before the Federal Reserve will lift a growth ban imposed on the bank, Fed Chairman Jerome Powell said. Also, a federal judge postponed a settlement hearing related to the bank's sales account scandal, saying that without more information, he can't determine whether the settlement is fair to shareholders.
A name for the bank being created by the SunTrust-BB&T merger has not been decided, SunTrust CEO Bill Rogers says. The name of SunTrust Park, the home of the Atlanta Braves, is also expected to change.
About half of baby boomers' 401(k) plans have allocations to stocks that are higher than what Fidelity recommends for their age group, putting them at greater risk in a market downturn, a recent study found. Fidelity recommends baby boomers allocate 54% to stocks and the remainder of their retirement account to safer assets.
A survey by Lincoln Financial found that most women prioritize planning for retirement and their family's future, but more than seven in 10 believe they are not doing a very good job. Running out of money in retirement is a big worry for 70% of women, but only 20% of them have come up with a plan to deal with this challenge.
CEOs' expectations for the US economy dropped notably in the fourth quarter, falling below the level immediately before the passage of the Tax Cuts and Jobs Act, according to the latest Business Roundtable CEO Economic Outlook Index. In contrast to the sharp rise in optimism recorded at the start of 2018, CEO expectations on employment, sales, capital spending and overall economic growth in the US have fallen.
Regions Financial is not interested in mergers and acquisitions because of associated risk, CEO John Turner says. The bank is focused on cybersecurity and is planning a $625 million investment in technology this year.
FIS and Worldpay could offer joint loyalty programs, better fraud management and data analytics to banks after the former acquires the latter, experts say. The transaction is not expected to affect services to customers.
Banks are offering better rates to borrowers with good credit scores as the Federal Reserve indicates it will not raise interest rates anytime soon. Mortgage rates are at the lowest level since February 2018, and auto-loan rates have dropped in the past few months.
A Federal Reserve research paper says US bank holding companies remain highly complicated, despite moves to simplify them since the financial crisis. The paper says "greater complexity can contribute to agency problems and make a failing bank harder to resolve."
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