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.
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.
Congressional Democrats are divided over financial reform, Tory Newmyer writes. One example is the decision by Heidi Heitkamp, D-N.D., to side with Republicans on easing the Volcker rule.
The newly unveiled draft of the Better Care Reconciliation Act has met with critical assertions that Americans approaching retirement age may find themselves paying substantially higher insurance costs if the bill becomes law. Critics also say the bill could reduce eligibility and funding for Medicaid.
The Consumer Financial Protection Bureau's public database of complaints creates problems rather than solves them, says Steve Zeisel, executive vice president and general counsel at CBA. The database would no longer be available to the public under legislation passed by the House and pending in the Senate.
Jeffrey Joseph, a business professor at George Washington University, writes a scathing indictment of the Consumer Financial Protection Bureau, criticizing its lack of oversight from any government branch. "Reining in a rogue agency is imperative for Congress and our democracy," he writes.
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