Student-loan debt generally can't be discharged in bankruptcy, although there are certain exceptions for financial hardship. This article suggests two other strategies for borrowers who are struggling to pay down their debt.
A revision to the Volcker rule may lead to a ban on trades and investments not currently covered by the regulation. The proposed changes are under review, with the final version expected early next year.
Federal Reserve Bank of New York President John Williams expressed a positive outlook on the economy Monday but said the culture at banks needs improvement. "Although we've seen marked improvements in the critical areas of capital, liquidity and resolution, we've not yet fully addressed the root causes of many of the problems that plagued the financial sector," Williams said, calling for high standards of culture and conduct in the industry.
The nomination of Kathy Kraninger as director of the Consumer Financial Protection Bureau could be a strategic move to keep Mick Mulvaney in the top spot, observers say. Nominating a candidate triggers a provision that allows the interim person to remain in the post until the nominee is approved or rejected, and some experts say Democrats will likely defer Kraninger's approval, giving Mulvaney more time to lead the agency.
An Employee Retirement Income Security Act retirement plan would fail to meet the "retail customer" definition in the Securities and Exchange Commission's proposed best-interest standard, The Wagner Law Group says. Non-ERISA 403(b) plans, however, could meet the definition.
Kathy Kraninger has been nominated by President Donald Trump as director of the Consumer Financial Protection Bureau. CBA President and CEO Richard Hunt calls Kraninger a "clean-up-the-mess pick" and says he hopes she helps the bureau avoid large political swings.
Seek out people in your organization who have leadership skills and get them involved in the parts of the business you oversee; for example, include them in your meetings, CEO Kara Goldin writes. Give them responsibilities such as allowing them to lead some meetings, and give them guidance without trying to solve problems for them.
The deadline for the Labor Department to seek to overturn an appeals court decision vacating its fiduciary rule passed last week without the department taking action. The Securities and Exchange Commission is working on its own "best-interest" regulation governing financial advice for retirement savers.
A Bank for International Settlements report warns that bitcoin and other cryptocurrencies are unlikely to ever become mainstream currencies because they are vulnerable to fraud and manipulation, are unstable, and require huge amounts of electricity. If blockchain software processed the digital retail transactions now handled by national payments systems, the communication required "could bring the Internet to a halt," the BIS said.
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