Trump repeals CFPB auto lending guidance | Companies often slow to detect cyberbreaches, experts say | Online lender GreenSky anticipates IPO of $700M
May 22, 2018
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Trump repeals CFPB auto lending guidance
President Donald Trump signed a congressional resolution Monday to overturn Consumer Financial Protection Bureau guidance from 2013 meant to prevent discriminatory markups in auto lending. CFPB acting Director Mick Mulvaney thanked Trump in a statement and said the bureau might submit other policies for congressional review.
The Hill (5/21),  Reuters (5/21),  American Banker online (free content) (5/21) 
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Iowa is a high-talent, low cost location
A high concentration of educated professionals and a low-cost environment are two reasons why Chief Executive said Iowa is one of the best places for financial services companies to do business. Simply put, Iowa is where smart money lives. Find out more.
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Cybersecurity
Companies often slow to detect cyberbreaches, experts say
Many companies are victims of data breaches long before they realize it, as hackers tend to spend months monitoring employee activity before acting, IT security executive Eric Carter of NorthMarq Capital said in a recent panel discussion. Michael Kenney of Freddie Mac said bigger companies are at the greatest risk, adding that the best defense begins with a culture of cybersecurity.
HousingWire (5/21) 
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Industry Watch
Online lender GreenSky anticipates IPO of $700M
GreenSky is to price its initial public offering this week, looking to raise $700 million. Most of GreenSky's customers are sourced from partner merchants such as Home Depot, and the majority of its loans are funded with bank capital.
The Wall Street Journal (tiered subscription model) (5/21) 
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House to vote today on financial regulatory rollback
The House is expected to vote today on Senate-approved legislation that would roll back certain Dodd-Frank Act regulations, reducing the number of banks subject to stress tests to 12. Small banks would see lower capital requirements and shorter required financial reports.
The Wall Street Journal (tiered subscription model) (5/21),  American Action Forum (5/21) 
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Kashkari: We need wage growth, max employment before taking action
The Federal Reserve should maintain a neutral policy until the US sees wage growth and maximum employment, writes Neel Kashkari, president of the Federal Reserve Bank of Minneapolis. Runaway inflation, which was predicted by some economists, has not happened, and both wage growth and inflation are at surprisingly low levels, he writes.
Financial Times (subscription required) (5/21),  MarketWatch (5/21) 
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Bostic: US near employment and inflation targets
The US is near the Federal Reserve's target employment and inflation numbers, says Raphael Bostic, president of the Federal Reserve Bank of Atlanta. Bostic said he would support two more interest-rate increases this year.
Reuters (5/21),  Financial Times (subscription required) (5/21) 
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Cook: SEC best-interest rule would include FINRA role
Examinations by the Financial Industry Regulatory Authority will look at compliance if the Securities and Exchange Commission adopts a best-interest rule for broker-dealers, FINRA President and CEO Robert Cook says. "That said, it's not our rule, so exactly what the rule means and how it gets overseen is something we'll be working closely with the SEC on just as we do for other rules that we monitor for compliance," he says.
ThinkAdvisor (free registration) (5/21),  InvestmentNews (tiered subscription model) (5/21) 
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Sloan: Wells Fargo will increase auto lending
Wells Fargo will increase its auto lending after having pulled back in mid-2017, CEO Tim Sloan said. Company culture is "fundamentally fine," and the bank is focusing on improving processes and internal systems, he said.
Bloomberg (tiered subscription model) (5/21) 
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Retirement Security
The number of people with $1M set aside for retirement is rising
The number of people who have saved $1 million or more in a 401(k) reached 157,000 at the end of the first quarter, a 45% year-over-year increase, according to recent data. Many benefited from the market's recent gains and also from saving over a long period of time and contributing enough to get the full match.
CBS News (5/21),  The Washington Post (tiered subscription model) (5/21) 
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The basis of insincerity is the idealized image we hold of ourselves and wish to impose on others.
Anais Nin,
writer
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