The relationship between inflation and labor, as well as other resource markets, has broken down and could be problematic if the Federal Reserve cannot bring inflation closer to a 2% target, said Fed Governor Lael Brainard. Eventually, Americans could lose faith that inflation will ever meet the target, she said.
Ten members of a cybercrime network are charged with stealing millions in the 2016 release of malware that allegedly helped them transfer money out of victims' accounts. The US and five other nations worked together on the investigation -- a level of international cooperation that's vital to combating fraud of this scope, said Craig Newman, a partner at law firm Patterson Belknap Webb & Tyler.
Five banks have agreed to pay fines to the EU, which says nine traders colluded via online chat from 2007 to 2013 to manipulate the foreign exchange market. Barclays, Royal Bank of Scotland, Citigroup, JPMorgan Chase and Mitsubishi UFJ Financial Group will pay €1.07 billion combined, the European Commission says.
Eric Blankenstein, a policy director at the Consumer Financial Protection Bureau, is leaving his post at the end of May to pursue another opportunity. Blankenstein was criticized for racially charged blog posts he made in 2004.
UK Prime Minister Theresa May says she will announce a timetable for her departure after lawmakers take up her Brexit bill in early June. Some members of her Conservative Party have called for her to leave immediately.
Student-loan borrowers with the highest debt-to-earnings ratio live in cities in Arizona and Florida, while those with the least amount of student debt live in California, New York, Wyoming and Texas, according to a study by WalletHub. The high amount of debt can affect graduates' ability to buy homes or save for retirement, analyst Jill Gonzalez says.
Global regulators should examine the different approaches the EU and the US are taking to implement Basel III, says Fernando Restoy, chairman of the Bank for International Settlements' Financial Stability Institute. A review could show regulators how to encourage "a level playing field while protecting financial stability," Restoy says.
West Virginia had 671 bank branches in 2011, but the number had dropped to 618 by mid-2018, according to the West Virginia Bankers Association. The decline is due in part to new technologies and mobile banking.
Congress should take action if the Financial Accounting Standards Board moves forward with new loan loss standards for banks, said Rep. Brad Sherman, D-Calif. The rules are scheduled to take effect in 2020, but Sherman is calling for a delay.