The Federal Reserve is likely to face challenges as it considers replacing Chair Janet Yellen in 2018, writes former Treasury Secretary Lawrence Summers. He contends history indicates Yellen's successor will probably face a recession, along with geopolitical difficulty, which will require creative and unorthodox responses.
The number of credit cards the average millennial held increased 52% from 2010 to 2016, Experian says. Mastercard is increasing its marketing toward that age group, which for several years preferred debit cards.
Half of the 600 financial professionals surveyed by FSR said the fiduciary rule was preventing them from serving their clients' best interests, with 75% saying they would have to cut the number of clients with less than $25,000 in assets. FSR is requesting that the Department of Labor delay the rule by 24, not 18, months, saying a delay "would allow all regulatory agencies having jurisdiction over the products which are affected by the rule ... to craft [a] regulatory regime that is logical in promoting the interests of retirement investors in having access to a wide array of investment guidance."
The legal marijuana industry is using cashless ATMs that allow customers to purchase pot with debit cards. Banks are reluctant to get involved in the marijuana industry because of inconsistencies between state and federal laws.
You can make a great impression at every big meeting if you prepare by writing down the questions you're likely to be asked, and take out and arrange any materials you need before the meeting begins. When you sit, make sure you're balanced with both feet on the floor, and try to make eye contact with everyone in the room throughout the meeting, writes Anett Grant.
Reps. Ryan Costello, R-Pa., and Brendan Boyle, D-Pa., have formed the Public Service Loan Forgiveness Caucus to protect a federal program that forgives student debt of borrowers who work in public service and who have made payments for 10 years. "We must do more to help folks drowning in student-loan debt and to prevent the burdens of student-loan debt from making one's desire to serve his or her community unattainable," Boyle said.
Stephen Sanger, Wells Fargo's non-executive chairman, plans to step down before the spring shareholder meeting, according to unidentified sources. He likely will be replaced by Vice Chair Elizabeth Duke.
The IRS has warned financial professionals to be alert to cybercriminals trying to take over their computer networks by impersonating tax-software providers. Scammers use emails labeled "Software Support Update" to steal financial firms' login credentials, the IRS said.
Mortgage-backed securities likely will take the biggest hit from the Federal Reserve's shrinkage of asset holdings, analysts predict. The yield spread between Treasurys and mortgage bonds has nearly tripled from a low in 2016, and it is expected to double in the next year.
Gary Cohn is not a good choice to head the Federal Reserve Bank, because he was a "major player" in the financial crisis, says former congressman Barney Frank, one of the co-authors of the Dodd-Frank Act. Cohn, director of the National Economic Council, is said to be the front-runner for the post if Janet Yellen steps down when her current term expires next year.