Rep. Jeb Hensarling, R-Texas, has sent a letter to Education Secretary Betsy DeVos praising her decision to end agreements with the Consumer Financial Protection Bureau. The decision was "necessary and appropriate," he wrote, because the bureau was overreaching into the education field.
Credit card delinquencies increased 1.22% last month at JPMorgan Chase and 1.64% at Discover Financial Services, according to company reports. The data indicate financial struggles among consumers escalated for the third straight month in September.
Goldman Sachs has agreed to purchase Genesis Capital, which specializes in loans for real estate investors and renovators. The Los Angeles firm issued about $1 billion in loans last year.
Some large banks are using IBM's Watson to monitor employees, said Marc Andrews, vice president of Watson Financial Services. The artificial intelligence software looks for flags such as account-activity suppression, suspicious login attempts and contradictory contact information, he said.
Six Democratic members of the Senate banking committee are challenging acting Comptroller of the Currency Keith Noreika's tenure, saying he should have stepped down after 130 days or become a permanent federal employee. Noreika has challenged the Consumer Financial Protection Bureau and has proposed regulatory rollbacks.
Seventy-one percent of nonhomeowners polled by the National Association of Realtors say student-loan debt is keeping them from buying a home. The Consumer Financial Protection Bureau reported that 22,900 student-loan complaints were filed over a one-year period that ended in August.
The Department of Defense is tapping executives from high-frequency-trading firms and quantitative hedge funds to help identify vulnerabilities in financial markets. High-speed traders and quant-fund managers tend to have a great deal of knowledge on the inner workings of financial markets and the automated systems that drive much of today's trading, making them ideally suited to see weaknesses that cybercriminals could exploit.
Deb Repya of Allianz Life Insurance Company of North America offers a method for simplifying retirement planning, which she calls the 3-7-5 strategy. This refers to the three main categories of retirement expenses, the seven most likely sources of retirement income and the five courses of action that can be taken to plug gaps and supplement savings as retirement approaches.
The IRS has issued a warning to financial professionals about cybercriminals trying to gain access to clients' annuity and life insurance accounts. In one such scam, the criminals impersonated a company that supplies computer cloud services and attempted to obtain tax professionals' usernames and passwords.
Acting Comptroller of the Currency Keith Noreika said he asked Consumer Financial Protection Bureau Director Richard Cordray to delay publishing the arbitration rule until Noreika's office could review the data supporting the rule. In an opinion piece, Noreika said the CFPB failed to disclose the rule's potential cost to consumers, saying, "Consumers deserve better, and so do small and regional banks."