Banking
Top stories summarized by our editors
8/21/2017

The Justice Department ended a program dubbed "Operation Choke Point" that discouraged banks from dealing with businesses such as payday lenders and gun sellers. In a letter to congressional leaders, Assistant Attorney General Stephen Boyd called the Obama-era policy a "misguided initiative," and Republicans have said it was hurting legitimate businesses.

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Politico
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Stephen Boyd, Justice Department
8/21/2017

Retirement lobbyists and plan sponsors are increasingly worried that tax reform will lead to a rollback of tax preferences given to retirement savings. As lawmakers look for ways to cut taxes without increasing the deficit, negotiators will be looking "where they feel they have the​ least political pain," said Lew Minsky, president and CEO of the Defined Contribution Institutional Investment Association.

8/21/2017

Banks and payment sources have many times shied away from business with controversial entities, such as extremists groups and legal marijuana operations. Others affected include WikiLeaks and founder Julian Assange, as well as North Carolina, which has passed a controversial bathroom bill.

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Julian Assange, marijuana, Wikileaks
8/21/2017

More banks and credit card issuers are using social media to attract not only consumers but also business clients. "Our current and prospective customers are business owners and employees, but most importantly they are people -- people who spend their time on social media," said Tatyana Zlotsky of American Express OPEN.

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social media, American Express
8/21/2017

Wells Fargo is giving workers tablets to help customers download the bank's app and is consolidating branches in a customer service strategy. Mary Mack, head of the branch network, is leading the effort.

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Bloomberg
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Wells Fargo, wells, Mary Mack
8/21/2017

BitFlyer, the biggest bitcoin startup in Japan, plans to open an office in San Francisco in the fall. The cryptocurrency exchange says it has partnered with a US bank.

8/21/2017

CBA board member Tim Wennes has been named one of the 500 most influential people in Los Angeles by the Los Angeles Business Journal. Wennes is the West Coast president of Union Bank.

8/18/2017

Nearly all women in households with more than $4 million in investable assets are either sole or joint decision-makers regarding household banking, and 84% are at least somewhat responsible for the family's investments, an RBC Wealth Management survey finds. The survey also indicates that women in this classification -- which has been described as one of the world's largest emerging markets -- are more likely than men to seek financial advice and to be content with a general grasp of financial scenarios without needing to know details.

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RBC Wealth Management
8/18/2017

A group of young advisers who are considered future leaders recently offered predictions on the shape of the industry in coming years. Among their expectations are an increased focus on foreign national clients in the US, a rise in affluent female investors and a shift in emphasis away from straightforward financial to behavioral advice.

8/18/2017

A $192 million settlement announced by the Consumer Financial Protection Bureau and 13 states covers about 41,000 students who obtained private loans to attend the now-defunct for-profit Corinthian Colleges. The settlement awaits approval from the US District Court.