Mnuchin vows tax overhaul by year-end | Officials urge DeVos to stop Navient, JPMorgan Chase student loan deal | Regulator admits Wells Fargo oversight was ineffective
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April 21, 2017
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Mnuchin vows tax overhaul by year-end
Mnuchin vows to complet tax overhaul by year-end
Mnuchin (Michele Tantussi/Getty Images)
The Trump administration is confident an overhaul of US tax law will be finished by year-end, Treasury Secretary Steven Mnuchin says. "Whether health care gets done or doesn't get done, we're going to get tax reform done," he said.
Bloomberg (4/20),  The Washington Post (tiered subscription model) (4/20) 
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Industry Watch
Officials urge DeVos to stop Navient, JPMorgan Chase student loan deal
Alleged misconduct in handling student loan debt should prevent Navient from purchasing $3.7 billion worth of student loans from JPMorgan Chase, say current and former government officials. Former senior Department of Education official David Bergeron urged Education Secretary Betsy DeVos to stop the deal.
Bloomberg (4/21) 
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Regulator admits Wells Fargo oversight was ineffective
Bank examiners knew of about 700 whistleblower complaints against Wells Fargo in 2010 but failed to follow up on the information, an internal report by the US Office of the Comptroller of the Currency said. One of the bank's senior executives, Carrie Tolstedt, said the large number of complaints resulted from a culture that encouraged openness, and the examiners accepted the explanation without further investigation, the report said.
The New York Times (free-article access for SmartBrief readers) (4/19),  Los Angeles Times (tiered subscription model) (4/19),  MLex (subscription required) (4/19) 
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Fed's Powell urges review of post-crisis rules
While core changes enacted after the financial crisis should remain, it is time for regulations to be streamlined to encourage growth and better meet initial intentions, Federal Reserve Governor Jerome Powell said at the Global Finance Forum. Powell particularly called for raising applicability thresholds to ease the burden on small and midsize banks.
ABA Banking Journal online (4/20),  Financial Times (tiered subscription model) (4/20),  The Bond Buyer (subscription required) (4/20),  MarketWatch (4/20) 
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CFPB, states sue Ocwen for alleged mortgage servicing errors
The Consumer Financial Protection Bureau and Florida filed a lawsuit against Ocwen Financial for alleged mortgage servicing errors, and a separate 20-state coalition filed legal actions against the company for improper handling of consumer escrow accounts. "Ocwen has repeatedly made mistakes and taken shortcuts at every stage," said CFPB Director Richard Cordray in a statement.
AmericanBanker.com (free content) (4/20),  The New York Times (free-article access for SmartBrief readers) (4/20) 
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Citigroup's Gerspach: Student loan market expanding too quickly
The student loan market is expanding too quickly, said Citigroup Chief Financial Officer John Gerspach. About one-fourth of 44 million borrowers are in default or trying to stay current, according to US authorities, and private companies have recently exited the market.
AmericanBanker.com (free content)/Bloomberg (4/20) 
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Retirement Security
Economist explores solutions to retirement crisis
Economist Michael Molinski looks at some of the proposals being floated to solve America's retirement crisis and the challenges they may face. "Whatever the solution is to America's retirement system, know that a deep, structural change is needed, whether that means fixing the current 401(k) system, replacing 401(k)s, or creating something new," he writes.
USA Today (4/19) 
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Unions, teachers may be own worst enemy on 403(b) plans
Retirement plans for K-12 teachers traditionally have little oversight, few investment options and little employee involvement, but some experts say the efforts to reform 403(b) plans are often impeded by teachers and unions. Unions "haven't been a source of advocacy on behalf of teachers, which is ironic because that's their sole job," says Scott Dauenhauer, principal and owner of Meridian Wealth Management.
InvestmentNews (tiered subscription model) (4/20) 
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Technology in the Financial Industry
Report: Blockchain a $5.43B market by 2023
The global market for blockchain technology is expected to grow to $5.43 billion by 2023, up from $228 million in 2016, with North America generating the most revenue from this technology, according to an Allied Market Research report. "Blockchain-based solutions are projected to be adopted earlier in some industries such as financial services and the supply chain industry as compared to many other industries," the report notes.
Traders magazine online (4/20) 
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Economic Report
Unemployment claims increase for first time in 4 weeks
Ten-thousand new jobless claims were added for the week ended April 15, the first increase in four weeks, but still an indication of steady job growth, the Labor Department said Thursday.
The Wall Street Journal (tiered subscription model) (4/20) 
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I stand upon my desk to remind myself that we must constantly look at things in a different way.
Tom Schulman,
screenwriter
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