Banking
Top stories summarized by our editors
6/19/2018

An Employee Retirement Income Security Act retirement plan would fail to meet the "retail customer" definition in the Securities and Exchange Commission's proposed best-interest standard, The Wagner Law Group says. Non-ERISA 403(b) plans, however, could meet the definition.

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PlanAdviser online
6/19/2018

Student-loan debt generally can't be discharged in bankruptcy, although there are certain exceptions for financial hardship. This article suggests two other strategies for borrowers who are struggling to pay down their debt.

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Forbes
6/19/2018

A revision to the Volcker rule may lead to a ban on trades and investments not currently covered by the regulation. The proposed changes are under review, with the final version expected early next year.

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Reuters
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Volcker
6/19/2018

Federal Reserve Bank of New York President John Williams expressed a positive outlook on the economy Monday but said the culture at banks needs improvement. "Although we've seen marked improvements in the critical areas of capital, liquidity and resolution, we've not yet fully addressed the root causes of many of the problems that plagued the financial sector," Williams said, calling for high standards of culture and conduct in the industry.

6/19/2018

Kathy Kraninger has been nominated by President Donald Trump as director of the Consumer Financial Protection Bureau. CBA President and CEO Richard Hunt calls Kraninger a "clean-up-the-mess pick" and says he hopes she helps the bureau avoid large political swings.

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The Hill, Reuters
6/19/2018

BOK Financial in Oklahoma has agreed to purchase CoBiz Financial in Colorado in a $1 billion cash-and-stock transaction. The deal is an indication of an upswing in mergers and acquisitions.

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Reuters
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BOK Financial
6/19/2018

Seek out people in your organization who have leadership skills and get them involved in the parts of the business you oversee; for example, include them in your meetings, CEO Kara Goldin writes. Give them responsibilities such as allowing them to lead some meetings, and give them guidance without trying to solve problems for them.

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Forbes
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CEO Kara Goldin
6/18/2018

The deadline for the Labor Department to seek to overturn an appeals court decision vacating its fiduciary rule passed last week without the department taking action. The Securities and Exchange Commission is working on its own "best-interest" regulation governing financial advice for retirement savers.

6/18/2018

A Bank for International Settlements report warns that bitcoin and other cryptocurrencies are unlikely to ever become mainstream currencies because they are vulnerable to fraud and manipulation, are unstable, and require huge amounts of electricity. If blockchain software processed the digital retail transactions now handled by national payments systems, the communication required "could bring the Internet to a halt," the BIS said.

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BIS
6/18/2018

Regulations enacted to prevent a repeat of the global financial crisis should be broadened to cover fintech firms and shadow banks, the Bank for International Settlements said. The BIS said new macroprudential tools could be needed as the use of smartphone apps changes the nature of risk and also raises concerns that rules governing credit-granting funds don't take into account the way funds can affect one another.

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Reuters
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BIS