Retirees of the future will be more vulnerable to market downturns than those of the past, says the Center for Retirement Research, citing retirees' increasing dependence on financial assets. They can minimize risk by annuitizing wealth, working longer or taking out a reverse mortgage, the center says.
Russians accused of interfering with the 2016 US election might have had access to bank accounts, according to indictments. Rep. Carolyn Maloney, D-N.Y. says this is another reason to consider strengthening "know your customer" regulations for banks.
A panel of Utah bankers has indicated optimism about the industry as it waits for Congress to pass regulatory changes. Panelists also discussed financial-technology partnership and multifamily lending.
House Democrats have asked Equifax to extend free credit monitoring and identity theft protection to at least three years from one year in response to a security breach that affected 145 million consumers. The members of the House Oversight and Government Reform Committee say identity thieves often wait to use stolen information.
Consumers might purchase smaller automobiles or extend loans to six or seven years if interest rates continue to increase, analysts say. The Federal Reserve has indicated rates are likely to increase two to four times this year.
Legislation to increase a regulatory threshold for banks to $250 billion from $50 billion could be considered this month by the Senate. Twelve Republicans and 12 moderate Democrats say they support the bill, written by Sen. Mike Crapo, R-Idaho.
US lawmakers from both parties are discussing a need to bolster oversight of cryptocurrencies, high-ranking congressional members say. A House Financial Services subcommittee will conduct hearings in coming weeks.
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