The largest generation of Americans is set to inherit over $59 trillion in assets, but the federal financial regulators are behind in hiring millennials and focusing on issues of concern to them.
The uplifting story of another Virginia statue — this one honoring the first black female to charter a bank — is well-timed. Plus, JPMorgan Chase's O'Connor on laboring over Libor and U.S. Bank's Lawler on getting people to do the right thing.
At a time when many banks struggle to win over millennials, Ally Bank appears to be bringing them in: more than 60% of new customers are millennials. President Diane Morais explains how the bank is getting the attention of a younger generation. One popular product: debit controls.
The online lender, which focuses on high-earning millennials, is offering assurances that it will also serve Americans who make less money. But the company has not convinced critics, who say the plans are inadequate.
The price of bitcoin continues to rise in volatile trading; Wells Fargo, still reeling from its phony accounts scandal, is boosting signing bonuses for brokers just as competitors decrease theirs.
In an extensive interview, Philadelphia Fed President Patrick Harker talks about the challenges facing community banks, the biggest threat to the financial system and the possibility of interest rate hikes later this year.
