An obstacle to global adoption of legal entity identifiers is US regulators' refusal to do more than to recommend adoption, rather than mandating it, Neil Roland writes. This is despite a call on regulators from the US Office of Financial Research to require LEI adoption.
Federal Reserve Chairman Jerome Powell, in his address at Jackson Hole, Wyo., this week, might address how the Fed plans to handle potential economic trouble spots. Other topics expected to be discussed include the size of central bank balance sheets and how global events affect various central banks' economic policies.
The Senior Safe Act, based on a program in Maine that helps banks identify fraud against older Americans, became a nationwide law this year. About 20% of seniors have reported some type of financial abuse, the Consumer Financial Protection Bureau says.
Conflicted financial advice, often attributed to the way fees and commissions are structured, costs Americans about $17 billion a year, according to a 2015 report by the Council of Economic Advisers. Financial adviser Peter Fisher offers questions for clients to ask brokers, agents, advisers and mutual fund companies to assess whether they will act in a client's best interest.
The Federal Deposit Insurance Corp. should have a person with experience as a state bank supervisor on its board -- and it is required to do so by law, writes Charlotte Corley, chair of the Conference of State Bank Supervisors. The US has about 4,400 state-chartered banks, and a state banking supervisor would provide a unique perspective, she adds.
When asked whether employee financial and wellness programs made places of employment more alluring for prospective employees, 77% of employees said they did. The study from Alight Solutions found that 59% said that these wellness programs "are one of the reasons I stay at my job."
Procrastination is worsened by a fear of failure, uncertainty about how to begin or if a task lacks urgency, writes Ellen Hendriksen. Remind yourself of the benefits of taking action right away and that your value surpasses what you do or don't achieve, she writes.
The Federal Reserve has ended more than eight years of heightened oversight of Flagstar Bank. Alessandro DiNello, Flagstar's president and CEO, calls the move "a major milestone."
Banking adviser Karen Petrou has asked Congress to create bonds that would fund research to find a cure for blindness. Petrou, who is almost fully blind, is known on Wall Street for interpreting complicated financial regulations.
Brian Moynihan, CEO of Bank of America since 2010, has led the bank in the aftermath of the financial crisis and through regulatory fines. Moynihan seems likely to stay in the role, saying he hopes he has "some room to run."
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