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Fed chief Powell: We’re still assessing ‘efficiency’ of banking reforms

“Banking regulation has gotten stricter and more transparent in the days since the financial crisis, though more adjustments are likely ahead, Federal Reserve Chairman Jerome Powell said Friday” writes unknown author for cnbc.com. Instead, Powell reviewed the progress made since the financial crisis exploded in 2008. We will need to keep up with the pace of innovation, which will doubtless require changes to our approach to financial stability,” he said. Source: cnbc.com Share This:

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A banner week for GOP’s agenda to ease burdens on banks

“Among other changes, the legislative package would lighten the burden of federal oversight for many regional banks and ease mortgage rules and other restrictions for smaller banks and credit unions” writes Michael Nagle Bloomberg for washingtonexaminer.com. First in the crosshairs is the Volcker Rule, the Dodd-Frank regulation that prohibits banks that receive deposit insurance from speculative trading. Source: washingtonexaminer.com Share This:

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Biggest rollback of bank rules since financial crisis…

“President Donald Trump signed the biggest rollback of bank regulations since the global financial crisis into law Thursday” writes unknown author for cnbc.com. The measure designed to ease rules on all but the largest banks passed both chambers of Congress with bipartisan support.Opponents, however, have argued the changes could open taxpayers to more liability if the financial system collapses or increase the chances of discrimination in mortgage lending.It raises the threshold to $250 billion from $50 billion under which banks are deemed too important to the financial system to fail.The…

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Still looking for the best place to retire? There’s no place like home

“When Mary Fitzgibbons and her husband, Pat, were planning their retirement, they knew where they wanted to live” writes Senior Editor for marketwatch.com. In addition, the share of retirees living below the poverty line decreased by more than 10% during that same period.Read: Both older and younger Americans are worried about aging But United Income says its research found that financial insecurity among retirees has broadly declined. Source: marketwatch.com Share This:

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Getting Rich on Government-Backed Mortgages

“In 2007 he started making government-backed loans, working for various firms before signing on last year with American Financial Network” writes Prashant Gopal for bloomberg.com. To protect taxpayers, FHA borrowers are supposed to make small down payments, equal to 3.5 percent of the home’s purchase price.Jonathan Gwin, American Financial Network’s chief operating officer, says delinquencies are low for these kinds of loans.Then, as now, independent mortgage companies, the so-called nonbanks, dominated the business of making loans to people with blemished credit and low incomes. Source: bloomberg.com Share This:

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Crypto Markets News 

Crypto market is absolutely irrelevant to the global financial world. Academics highlight its cult-like nature

“The cryptocurrency market is still in its infancy” reports financefeeds.com. The very niche nature of the cryptocurrency market inevitably makes prices heavily influenced by demand pressure, which in turn is fueled by how much cryptos are perceived as an actual investment and legitimate concerns about safety and frauds. Source: financefeeds.com Share This:

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Uber posts big sales jump in first quarter and boosts valuation to $62 billion

“Since CEO Dara Khosrowshahi took over the company late last year, Uber has been fighting to improve both its image and its finances” writes Josh Lipton for cnbc.com. The company also revealed a new tender offer that carries a higher valuation than its deal with SoftBank late last year.Ride-hailing company Uber claims strong revenue growth and reduced losses in the first quarter, while also announcing a tender offer from new and existing investors that would value it at $62 billion. Source: cnbc.com Share This:

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Russia’s central bank governor touts Moscow alternative to SWIFT transfer system

“There are risks in using the global financial networks, the global financial system, of which Russia is a part,” Russian central bank chief Elvira Nabiullina told CNBC’s Geoff Cutmore in St” writes Natasha Turak for cnbc.com. Russia has developed its own system for financial transfers that would protect it from a potential shutout of the SWIFT global transfer system in the event of harsher U.S. sanctions, its central bank governor said Wednesday. “Russia has encountered this and so, proceeding from this, we are taking measures that reduce the risks for…

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How to create a meaningful financial plan

“Financial life planners (Registered Life Planners who carry the RLP designation in addition to their financial training credentials) do these types of exercises with their clients” writes Dayana Yochim for marketwatch.com. Goal satisfaction without life satisfaction happens when a financial plan is built solely to achieve money objectives.All financial planning starts with setting goals — coming up with a wish list of concrete objectives with price tags and “achieve by” dates. Here are five questions to answer first.) But money shouldn’t be the sole driver of any financial planning process.These things…

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