Receiving Wide Coverage ...
A modest proposal: British regulators are calling on U.K. banks to do more to help customers struggling with heavy credit card debt. Under proposals published by the Financial Conduct Authority on Monday, credit card lenders would be forced to prompt customers who have been in "persistent" debt – meaning interest and charges exceed their monthly payments – for 18 months to make faster repayments. If the customer remains in debt for another 18 months, lenders would have to propose a repayment plan, with the customer's card suspended if they fail to pay faster. As a last resort, lenders would need to take additional steps, including
According to the Wall Street Journal's Heard on the Street column, the proposal "may take a chunk out of the credit card industry's revenues, just as the debt cycle looks
Wall Street Journal
Cautious optimism: The vice chairman of the House Financial Services Committee said the chamber won't be ready to vote on
Meet Alexis: Bank of New York Mellon is building a voice-controlled
"Instead of having to find out and memorize how to do very mundane tasks, somebody will be able to ask a question or pose a command to (Alexis) in a very natural way and then have that action be completed," Marek Kwasniewski, vice president and head of platform architecture at BNY Mellon, told the paper. Employees will be able to communicate with Alexis by voice or text.
AML risk: Bank of America is using a recent assessment of money laundering by the international Financial Action Task Force to help determine risk among its customers. "If you haven't briefed senior management [about the report], you should think about it," William Fox, the bank's global head of financial crimes compliance and the former director of the Treasury Department's Financial Crimes Enforcement Network, warned those attending a conference at which he spoke. "
Financial Times
Pay gaps: American financial companies, including Bank of America, Citigroup, Wells Fargo, MasterCard and American Express, are under increasing
New York Times
Vindicated: The Occupational Safety and Health Administration ordered Wells Fargo to
Quotable ...
"I don't believe analysts who say the branch is dead; that's just lame. But we're at the forefront of trying to change the model.