Elder financial exploitation is a vast and growing problem in the U.S., and one that presents difficult policy challenges for law enforcement and banks.
Citigroup has set measurable goals for increasing representation of women and U.S. minorities in senior, higher-paying roles and CEO Michael Corbat is urging other financial firms to follow suit.
The once-acquisitive company is not interested in a "roll-up strategy" in Texas's biggest city, said CEO Phil Green. In a Q&A, he also explained why loan competition is intensifying and what's really keeping business customers up at night.
Regulators may be willing to grant new charters, but economic uncertainties, capital hurdles and inexperience have led the organizers of numerous bank startups to give up in the last few years.
Members of the House Financial Services Committee cited leveraged lending, cybersecurity and the switch to a new interest rate benchmark among potential systemic risks that keep them up at night.
One Republican lawmaker went so far as to suggest that Congress should try to block the central bank's effort, but Democrats said FedNow will promote competition in real-time payments.
