California has picked TIAA-CREF to manage its college savings plan that has about $4 billion of assets.

Investors would rather pay commissions for the financial advice they receive than a fee based on assets under management, according to Cerulli Associates.

RBC Wealth Management, the unit of Royal Bank of Canada of Toronto that oversees almost $200 billion for more than 350,000 households, won the highest satisfaction ranking in a survey of full-service investment firms' customers, J.D. Power & Associates said.

The Delaware company, best known for issuing prepaid cards, has ramped up commercial real estate securitizations. The shift promises to deliver big fees, but it could also cause headaches if defaults spike.

Some believe the administration will delay action on Fannie Mae and Freddie Mac to avoid any political fallout. Others say the window for reform is closing.

The Department of Housing and Urban Development approved a settlement in favor of the California Reinvestment Coalition against CIT Group's OneWest Bank, which Steven Mnuchin ran before he became Treasury secretary.

In "Limitless," the journalist Jeanna Smialek explores how the Federal Reserve has gone beyond its more traditional monetary policymaking to a more activist role of addressing societal problems.

The idea that banks might be unmanageably large ignores the fact that the U.S. is full of well-managed firms that are far bigger than even the largest banks.

The banking industry appears to be stuck when it comes to diversifying the leadership ranks.