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Treasury Recommends Loosening of Regulations

June 19 — The first in a series of reports examining the United States’ financial regulatory system and detailing executive actions and regulatory changes that can be immediately undertaken to provide much-needed relief have been issued by the U.S. Department of the Treasury to President Donald J. Trump.

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Fed Raises Federal Funds Rate

June 19 — In view of realized and expected labor market conditions and inflation, the Federal Open Market Committee at its meeting last week decided to raise the target range for the federal funds rate to 1 to 1.25 percent. The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation, the FOMC said.

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More Aggressive Action on Failing Banks Could Save U.S. Billions, Study Says

June 19 — Billions of dollars could be saved if Congress revises a law to allow regulators to be more aggressive in reducing losses from insolvent banks, according to a recent study co-authored by a faculty member from Florida Atlantic University’s College of Business.

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BAI Accepting Nominations for Emerging Leaders Scholarships

June 19 – As part of its mission to support the professional development of the next-generation of financial services leaders, BAI is calling for nominations for its Emerging Leaders Scholarships. BAI offers $3,000 in scholarships to each of four qualified candidates who have less than 10 years of experience in the financial services industry. The scholarship program will give the recipients the opportunity to attend BAI Beacon, a fully immersive, interactive conference experience taking place in Atlanta, Oct. 4-5, 2017.

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Winners Announced for Fintech Competition to Improve Financial Health of Overlooked Populations

June 19 – The Financial Solutions Lab (FinLab) at the Center for Financial Services Innovation (CFSI) with founding Lab partner JPMorgan Chase & Co. have announced eight financial services innovators as the winners of its third competition, aimed at identifying solutions that can help Americans improve their financial health. Each winner will receive $250,000 in capital and additional resources to test, enhance and scale their products, many of which are designed to address the needs of often overlooked populations, such as people of color, low-income women, aging Americans, and individuals with disabilities.

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National Consumer Assistance Plan Launches New Website

June 16 — Equifax, Experian and TransUnion today launched a new website, http://NationalConsumerAssistancePlan.com, to inform and update consumers about implementation of the National Consumer Assistance Plan, an initiative launched by the three companies in March, 2015 to enhance their ability to make credit reports more accurate and make it easier for consumers to correct any errors on their credit reports.

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Mortgage Rates Increase for First Time in a Month

June 15 — Freddie Mac released the results of its Primary Mortgage Market Survey, showing average mortgage rates increasing across the board for the first time in over a month. (more…)

Survey Looks At How Consumers Make Payments

June 12 — Consumers are paying more bills from mobile devices and making more person-to-person payments while starting to venture into digital wallets, according to the latest Expectations & Experiences consumer trends survey from Fiserv Inc.

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Nominee Named for Comptroller of the Currency

June 12 — Nominated for Comptroller of the Currency by President Donald Trump was Joseph Otting, veteran banker and former president and CEO of OneWest Bank N.A., based in Pasadena, Calif. Otting has ties to Treasury Secretary Steven Mnuchin. (more…)

Cybersecurity Incidents Plague U.S. Finance Operations, According to TD Bank Survey

June 13 – Financial and payment professionals do not anticipate any respite from cyber fraud and cyber attacks in the near future, according to a recent survey conducted by TD Bank. An overwhelming 91 percent of respondents stated they anticipate that payments fraud will become a bigger threat in the next two to three years, up slightly from last year (89 percent).

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