Wells Fargo has laid off roughly 60 mortgage employees -- about 40 in the mortgage inspection group and about 20 lending managers -- as regulators continue to examine its lending practices. The bank is looking to hire 1,500 mortgage employees, though its total employee count of roughly 268,000 will remain steady.
Eric Roberge is a 38-year-old financial planner who embraces modern business models by aiming squarely at millennials, describing himself as "a personal trainer for finances," charging a flat monthly fee and making extensive use of online technology and social media. He argues that millennial clients want financial professionals to offer help and solutions rather than simply sell them products, and he warns that older planners must adapt their methods to the new environment.
Regulators should keep close watch on the risks created by digital currencies and financial-technology innovations, the Financial Stability Oversight Council says in its annual report. "New applications of technology ... can be disruptive and can create risks and vulnerabilities that are difficult to anticipate," the report said.
Agencies should address rules that are outdated or that overlap, according to a report by the Financial Stability Oversight Council. The report says such rules could lead to "increased compliance costs and regulatory burdens."
US Education Secretary Betsy DeVos is being sued by California, which alleges the Education Department has delayed processing of debt-relief claims by former students of a now-defunct operator of for-profit schools.
The Los Angeles City Council has approved a measure that requests the city attorney propose language to add a disclosure requirement for banks that wish to do business with the city. The measure calls for banks to disclose any branch-level sales goals and any protocols that prevent sales abuse.
Bitcoin is a "highly speculative asset" that "doesn't constitute legal tender," Federal Reserve Chair Janet Yellen says. She has cautioned investors that bitcoin is "not a stable store of value," while downplaying the cryptocurrency's ability to influence financial markets.
A majority of employees surveyed by Transamerica say they plan to work part-time in retirement, but their expectations may not square with a reality that includes employers who refuse to offer such work. Employees can improve their chances by staying sharp at their work, maintaining their health and networking to expand their work options.
House Republicans want a Senate bill on the Dodd-Frank Act to include more changes to the Consumer Financial Protection Bureau. The House Financial CHOICE Act, passed in June, proposes sweeping changes to the CFPB, while the bipartisan Senate bill contains no structural changes.
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