ABI Blog Exchange
It’s possible for a cryptocurrency to begin as a security and then transform into another type of asset, said William Hinman, who heads the regulator's division of corporation finance.
Read More from: BankThink
TIAA has recruited Lori Fouché to serve as CEO of retail and institutional financial services.
Read More from: BankThink
The rule hews closely to a 2016 proposal but the central bank made a notable change to reflect a higher threshold for banks considered "systemically important."
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Marc Dann, a former Ohio attorney general, has a plan to publicly maintain the CFPB's consumer complaint database if acting Director Mick Mulvaney shuts it down.
Read More from: BankThink
Opening internet cafes and investing in new technology are part of an effort to provide nimble, efficient services, the bank's CFO said in a strategy talk.
Read More from: BankThink
Dan Heine and Diana Yates were accused of hiding Bank of Oswego's condition by inaccurately reporting bad loans.
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With plenty of cash on hand, many commercial firms have had little need to tap existing credit lines.
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The legislation unveiled this week left out a requirement — included in an earlier version — for new companies to report their true owners.
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Even with the decline, the nation's largest bank still employs a higher percentage of black employees in the U.S. than its rivals.
Read More from: BankThink
The conversation about financial policy in Washington has moved past designations of giant firms.
Read More from: BankThink
Normally we say that a law is as strong as its enforcement. On February 7, however, the Consumer Financial Protection Bureau raised questions about the enduring strength of the consumer financial laws in its third Request for Information under Acting Director Mick Mulvaney. This time, the topic is CFPB enforcement. It is not hard to guess where this third "RFI" is headed, insofar as only two new enforcement orders have been entered under Mr. Mulvaney to date. In contrast, from the CFPB's inception through November 2017 (when Mr. Mulvaney took office), the Bureau brought a total of 200 public enforcement actions.
Christopher Peterson at Utah responded to the RFI on behalf of scholars and former regulators, arguing that an efficient marketplace for consumer financial services depends on vigilant enforcement. Without the threat of sanctions, dishonest providers will rationally seek a competitive advantage by deceiving consumers and customers will not be able to do meaningful comparison-shopping. Enforcement ensures that violations by financial services providers do not pay.
Read More from: Credit Slips
David Jones, Chief US Bankruptcy Judge of the Southern District of Texas, has just posted a nifty empirical study of the effects of savings plans on the success of Chapter 13 filings. And, yes, part of the cool study is figuring out how to measure what counts as success in a bankruptcy filing. The study takes advantage of a natural experiment in the Texas courts and has a bunch of fascinating findings, including about the impact of lawyers and legal culture on the choices that end up being made by the subjects of the bankruptcy proceedings.
Part of the reason I know about this study is that David was doing a graduate degree at Duke (in the judicial masters program) and I got to see the project at its inception stage in the thesis workshop that I run with Jack Knight. All of the credit goes to David though (and his wonderful advisor, John de Figueredo) -- a fact that will be obvious to my fellow slipsters who know that I don't know squat about Chapter 13. But this is a fun study in terms of the design and findings regardless of whether you love Chapter 13 (okay, I realize that everyone else who reads this blog probably does in fact like or love Chapter 13). Savings plans seem to make a difference; but a bunch of other factors seem to matter a great deal too.
Read More from: Credit Slips
The CFPB announced the first new enforcement action since Mulvaneyshchina. It's a settlement with an installment lender, Security Group, Inc. (d/b/a under a lot of different names) over unfair debt collection practices. We now know just how badly a firm has to behave to get in trouble with the Mulvaney CFPB:
If I'm reading this correctly, it sounds as if the debt collectors drove up to drive-thru windows at a fast food restaurants where the consumers worked and dunned them through the drive-thru window. I imagine it went something like this: "Where my money, ya lousy deadbeat? Oh, and can I have an Extra Value Meal #2 with a large Coke, please?"
Read More from: Credit Slips
June is the month many celebrate their wedding day. I too was a June bride! As we race around preparing for the BIG day, many newlyweds don’t discuss the days, weeks and months after the wedding. Finances are one of the biggest reasons for divorce. It is important to discuss how you will handle your finances as a couple.
Here are some tips:
Discuss and Set up a Budget
A wonderful way to start off your marriage is to live within your means by setting up a budget. Sit down together and make a list of your monthly expenses and how much income you have together. We have the major must have ones—rent/mortgage, groceries, utilities and then there are the ones that we could live without if need be –cable TV and eating out.
It is important to know where you are spending your money each month. You want to have enough extra money each month to save for vacations or other splurges you may want to have as a couple. If you spend more than you make, you’ll need to see where you can cut back on your expenses or find a way to earn a little extra to pay off those debts like credit cards.
Read More from: Bonds & Botes, P.C.
T. Rowe wants to make clear that activists and other investors do not speak for them, in its June ESG Spotlight, as they share their investment philosophy on shareholder activism. Activism is defined as proxy contests, campaigns to influence management and boards on strategy, capital allocation and/or governance and unsolicited hostile bids.
While the investor believes that companies tend to be better informed about their businesses and will afford management a certain amount of deference, they also stress that management and their boards should “exhibit openness, curiosity, and intellectual honesty” regarding serious and sustained ideas from outsiders.
T. Rowe’s internal policies prohibit their investment professionals from initiating activism campaigns indirectly, such as discussing or pitching ideas to activist investors or other third parties. Continue Reading
Read More from: Davis Polk Briefing: Governance
Ellen Zimiles, global head of investigations and compliance at Navigant Consulting, shares what she's learned about testing and implementing AI in compliance departments, filing defensive SARs, and hiring the right people to maintain an AI system.
Read More from: BankThink
Competition for deposits is heating up as summer approaches, and banks are responding in all sorts of ways — from launching digital-only platforms to raising CD rates to reviving debit rewards. But rising interest rates could weaken demand for loans, especially mortgages.
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Security Group was fined $5 million for abusive collection tactics; the Dutch payments company is now valued at nearly $16 billion.
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The Seattle company is firing 127 people, or a tenth of its mortgage staff, after enduring months of slow activity.
Read More from: BankThink