US tariffs have increased prices on raw materials and other costs for domestic manufacturers, according to a survey by the Federal Reserve Bank of New York. Many manufacturers say they plan to pass increases on to clients, which could apply upward pressure to inflation, while a New York Fed blog post says tariffs will cause "little or no improvement in the trade deficit."
Adults in the 25- to 34-year-old age group have an average of $42,000 in debt, and roughly 25% of it is credit card debt, finds a study by Northwestern Mutual. Many millennials see their expenses increase and their disposable income decrease as they get older, making credit cards an attractive way to fill the gap, a Northwestern Mutual executive said.
Many people approaching retirement focus on how much they should save, but they should instead focus on setting up a series of "retirement paychecks," recommends Steve Vernon, a retirement expert and actuary. These may include Social Security, pensions, annuities and reverse mortgages.
Employees are more apt to stay when leaders take the time to seek input about projects, culture and goals, writes Justin Bell, president of Credera. "The only way to help someone reach their full potential is to seek to understand where they want to go and what drives them," he writes.
Zelle plans to add a feature that lets consumers pay for small-business service, sources say. The payment network, which is backed by banks, aims to take on PayPal's Venmo, which allows payment to businesses.
Citigroup has settled two complaints with regulators and has agreed to pay $10.5 million. The complaints involve "fraudulently induced loans" from Mexican subsidiary Banamex and allegations from the Securities and Exchange Commission that Citigroup Global Markets mismarked illiquid positions and engaged in unauthorized proprietary trading.
BBVA Compass is adding features to its mobile app for business banking. Monthly budgeting and spend management are among features expected to debut this year.
Santander Holdings USA has been released from restrictions imposed by the Federal Reserve in 2015 for failing to meet regulatory standards. The bank says this is the "fourth major regulatory milestone," after another enforcement action ended last year.
The Louisiana State Bond Commission says Bank of America and Citigroup cannot underwrite a $600 million highway-financing deal because of their policies on guns. Both banks restrict gun manufacturing and sales by commercial customers.
Forty-nine Senate Democrats have signed a letter asking the Consumer Financial Protection Bureau to continue overseeing lenders' compliance with the Military Lending Act. Under a CFPB proposal, the bureau would not proactively look at cases but would open an investigation if a military family were to complain.