Mulvaney: Scams have hit 1 in 10 elderly people | CFPB launches investigation into Blankenstein blog post | JPMorgan: Over 60% chance of recession within 2 years
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October 19, 2018
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Banks, fintechs form data exchange network
Banks, financial-technology companies and data aggregators have formed a network that will create a standard for sharing customer data. Wells Fargo, JPMorgan Chase, Bank of America, U.S. Bank and PNC Bank, among others, are part of the Financial Data Exchange.
American Banker online (free content) (10/18) 
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Mobile banking users want to be in driver’s seat
Among U.S. banking consumers who use mobile banking, half want the ability to turn their credit and debit cards on and off in case of loss or theft. And 38% want to see all of the bills they have due. Find out what else consumers expect when it comes to making payments and managing finances
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The CFPB Today
Mulvaney: Scams have hit 1 in 10 elderly people
One in 10 elderly consumers have been scammed, but some are embarrassed to report it, Consumer Financial Protection Bureau acting Director Mick Mulvaney said at a Louisiana town hall on elderly fraud. Scams cost elderly people as much as $36 billion annually.
WAFB-TV (Baton Rouge, La.) (10/19) 
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CFPB launches investigation into Blankenstein blog post
Consumer Financial Protection Bureau acting Director Mick Mulvaney has asked the Federal Reserve's Inspector General Office to examine a 2004 blog post and subsequent comments written by Eric Blankenstein, who oversees the CFPB's anti-discrimination efforts. Blankenstein questions in the post the validity of hate crimes and the use of a racial slur, prompting some groups to call for his firing.
The Associated Press (10/18) 
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Industry News
JPMorgan: Over 60% chance of recession within 2 years
The US economy has a 28% chance of recession during the next year and a chance of more than 60% during the next two years, according to an analysis by JPMorgan Chase. The chance is more than 80% during the next three years.
Bloomberg (tiered subscription model) (10/18) 
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SEC debuts hub for innovation, fintech
The Securities and Exchange Commission has introduced the Strategic Hub for Innovation and Financial Technology, a portal that is accessible to the public. FinHub lets users view regulation and information covering blockchain, digital marketplace financing, automated investment advice and artificial intelligence.
ThinkAdvisor (free registration) (10/18) 
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Regulatory Report
Goldman: More rate hikes needed to cool economy
Goldman Sachs economists have repeated their expectation the Federal Reserve will increase interest rates five times through the end of next year, two more than what markets have priced in. Goldman says the Fed will have to take firm steps to tighten monetary policy to prevent the economy from overheating.
Reuters (10/18) 
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Debate arises over future policy of SIFI designation
After rescinding Prudential Financial's status as a systemically important financial institution, thus removing the last nonbank from the designation, the Financial Stability Oversight Council has stated an intention to shift toward an "activities-based approach" to monitoring nonbank activities. This has prompted debate about the direction the approach should take.
American Banker online (free content) (10/17) 
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Career Development
How to cut down on meetings -- or at least make them better
You can prevent meetings from disrupting your day by determining if you need to attend, whether the information could be exchanged electronically or if someone else could go in your place, writes Scott Matteson. If attendance is required, hold fast to the agenda and keep yourself on schedule by lining up your meetings consecutively, he writes.
TechRepublic (10/16) 
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Clarity is the antidote to anxiety, and therefore clarity is the preoccupation of the effective leader. If you do nothing else as a leader, be clear.
Marcus Buckingham,
business consultant and author
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