The Consumer Financial Protection Bureau has settled a lawsuit over the implementation of a small-business lending rule that was part of the Dodd-Frank Act passed in 2010. The CFPB will create a Small Business Advocacy Review panel by Oct. 15 with the final rule expected in the next couple years.
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Consumers are encouraged to save their tax refunds on a new website created by the Consumer Financial Protection Bureau. The website also includes advice on how to file taxes for free.
Some banks will implement pandemic response plans if there is a large coronavirus outbreak in the US and some are already restricting travel to some areas of the world with a large number of reported cases. Bank of America and other banks with global locations are allowing workers to take turns being in the office.
Bank income declined 1.5% in 2019 to $233.1 billion but the industry is still strong, said Federal Deposit Insurance Corp. Chair Jelena McWilliams. "Loan balances continue to rise, asset quality indicators are stable, and the number of 'problem banks' remains low," McWilliams said.
Falling mortgage rates and unusually mild weather sent January sales of newly built single-family homes in the US to the highest point since 2007, exceeding economists' expectations. Sales increased 18.6% compared with January 2019, according to the Commerce Department.
UK banks are facing fresh challenges as major Wall Street firms including JPMorgan Chase and Goldman Sachs aim their new digital banking units at country's retail lending market.
Sen. Pat Toomey, R-Pa., said Federal Reserve Board of Governors nominee Judy Shelton has assured him she does not support devaluing the dollar, and that he will vote for her nomination. Toomey was one of several Senate Banking Committee members who had expressed reservations about Shelton's nomination.
Sen. Bernie Sanders, I-Vermont, is the leading Democratic presidential candidate heading into Super Tuesday and he says he will restructure the banking market if elected. Other Democrats, including Sen. Elizabeth Warren, D-Mass., are critical of the banking industry while others have a friendlier tone but still may oppose deregulation efforts.
Fifty-seven percent of Americans polled by the Wall Street Journal and NBC News said they oppose plans that would wipe out debt for student loan borrowers. Sen. Bernie Sanders, I-Vermont, has proposed wiping out student debt with a financial transaction tax while Sen. Elizabeth Warren, D-Mass., said she would use her executive authority if elected president to eliminate $640 billion in student debt.
Giving back to a community through volunteering can make a worker happier and feel like they have more free time. Studies show volunteering can have other career benefits including new skills, networking opportunities, positive impressions and a sense of self-worth.
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