JPMorgan Chase plans to construct a 2.5 million-square-foot headquarters in midtown Manhattan for 15,000 employees. Construction begins next year, and the project will take five years.
New Securities and Exchange Commission guidance says violations of anti-fraud laws can result if companies fail to appropriately disclose cyberrisks or cybersecurity breaches that the agency deems material. The SEC says an issue could be material if it is likely to influence a person's investment decision.
Santander Bank is selling its mortgage warehouse loan portfolio to Flagstar Bank in a deal expected to close by the end of March. Terms were not disclosed.
FSR backs a bill from Reps. Blaine Luetkemeyer, R-Mo., and Carolyn Maloney, D-N.Y., aimed at improving data security. Jason Kratovil, FSR's vice president of government affairs for payments, called the legislation "much-needed," saying it "prioritizes consumer protection by creating a strong standard to keep sensitive data protected and ensuring consumers are quickly informed when a breach puts them at risk."
The Securities and Exchange Commission has charged BitFunder, a defunct cryptocurrency stock exchange, with fraud, and the Justice Department has arrested founder Jon Montroll on charges of lying to the SEC during the investigation. The SEC says BitFunder and Montroll did not disclose a cybersecurity breach resulting in the loss of more than 6,000 bitcoins.
Congress should open the student-loan marketplace to private lenders and curb federal lending, writes CBA President and CEO Richard Hunt. The federal program holds more than 92% of student loans and does not consider a borrower's ability to repay, which increases tuition, Hunt writes.
The Consumer Financial Protection Bureau has issued a request for comment on how the agency could "maximize public participation and constructive input." The CFPB says it wants perspective from outside Washington, D.C.
A Novantas survey of more than 4,300 Americans finds 60% would prefer to open a bank account at a branch, rather than online. Half of respondents say they find online-only banks "less legitimate" than banks with branches.
The Education Department wants public input on how it treats undue-hardship claims for borrowers seeking relief from student loans. The review could prompt changes that let more borrowers discharge student debt in bankruptcy court.
Sen. Elizabeth Warren, D-Mass., has written a fundraising email that criticizes 12 Democrats who support a bill to ease banking regulation. The bill would raise an asset threshold for regulation to $250 billion from $50 billion.
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