Changes in how banking services are delivered and slow economic growth have resulted in too many banks chasing less business, even with consolidation in the industry, said Kelly King, chairman and CEO of BB&T. "It's more competitive today than it's been at any time in my career," said King.
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Acting Comptroller of the Currency Keith Noreika is asking the Consumer Financial Protection Bureau to release its "secret analysis" behind the rule to remove mandatory-arbitration clauses from most bank contracts, which opponents believe will harm consumers and banks. "In fact, I hear time and again from community banks that the arbitration rule could threaten their very existence," Noreika wrote in a letter to the chairman of the Senate banking committee.
More than 2,600 bank locations have closed this year and only 873 branches have opened, according to the Federal Deposit Insurance Corp. Bank branches "still matter," said Marianne Lake, chief financial officer for JPMorgan Chase, and they account for 75% of the bank's deposit growth.
The Federal Reserve should revise mortgage-securitization and -servicing rules to make lending to first-time buyers, young self-employed people and those with prior defaults easier, said JPMorgan Chase CEO Jamie Dimon. He said less onerous rules would have let his bank extend many more loans.
Treasury Department Inspector General Eric Thorson has opened an inquiry into the job status of acting Comptroller of the Currency Keith Noreika. Noreika was appointed in May without Senate confirmation under a rule that allows special government employees to hold posts for 130 days.
Senate banking committee Chairman Mike Crapo, R-Idaho, said the Federal Reserve should return to "more normal, traditional monetary policy." Crapo also expressed concern over the size of the Federal Reserve balance sheet and the slow pace the Fed has raised rates.
The Senate has voted 51-49 to approve a budget blueprint for fiscal 2018 that opens the door to adoption of tax cuts proposed by President Donald Trump without Democratic votes. The measure needs reconciliation with a version passed by the House before it can be submitted for Trump's signature.
Top performers can ruin their chances of a promotion by complaining about being busy or not volunteering for extra work, writes Sarah Greesonbach. Even failing to participate in company events can reflect poorly on professionals.
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