Huntington Bancshares has found a head of consumer and business banking in Andy Harmening, who succeeds the retiring Mary Navarro. Harmening and Navarro have worked together on the Consumer Bankers Association board and have both chaired the board.
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The Consumer Financial Protection Bureau's prepaid-card rule would extend error resolution and liability protection for unregistered cards, making financial institutions responsible for fraud investigation on cards without consumer information. "Here's the problem: Fraudsters are always looking for new ways to break the system, and they are quite sophisticated, so once they figure out that they can do it, it could be a big issue," said Ben Jackson, Mercator Advisory Group's director of prepaid advisory services.
Experian has been fined $3 million after the Consumer Financial Protection Bureau ruled that "educational credit scores" have misled customers. The CFPB cites violation of the Dodd-Frank Act, saying Experian falsely claimed lenders use educational scores for credit decisions.
The Consumer Financial Protection Bureau plans to review its qualified-mortgage rule, which turns 5 in January, to comply with the Dodd-Frank Act. The CFPB is not bound by an executive order on regulation reduction but intends to review its rules.
Santander has received a Federal Reserve warning to improve consumer-protection standards, including strengthening oversight of subprime auto lending. No fine has been issued, but an enforcement agreement says the bank has two months to increase oversight and ensure compliance.
The president of the Federal Reserve Bank of Dallas has called for mortgage-backed securities and Treasurys to be rolled off as the central bank prepares to streamline its balance sheet. A clear strategy should be formulated to roll off both securities with minimal disruption, Robert Kaplan says.
Jay Clayton, President Donald Trump's nominee to be chairman of the Securities and Exchange Commission, said the Dodd-Frank Act should be looked at to see whether objectives are being achieved, but he doesn't have "specific plans for attack" against the law. The SEC should continue work on rules mandated by Dodd-Frank that haven't been completed, Clayton said.
The Securities and Exchange Commission has been asked to watch for conflicts of interest in Carl Icahn's position as an adviser to the Trump administration. Icahn's wide-ranging investment portfolio and lack of clarity on his role and influence have raised concerns.
Women don't need to adopt all the communication styles of men or use only one style, but it's clear that they face higher expectations, or what Andrea Kramer and Alton Harris call the "Goldilocks dilemma." "Because workplaces are so suffused with gender bias, women need to have both a forceful, decisive style and an inclusive style -- and probably many others -- at the ready," they write.
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