NEW YORK, American Express today announced the launch of its American Express Token Service, a suite of solutions designed to enable its card-issuing partners, processors, acquirers and merchants to create a safer online and mobile payments environment for consumers. With American Express Token Service, traditional card account numbers are replaced with unique “tokens,” which can […]
NEW YORK– American International Group, Inc. (AIG) today announced that it has expanded excess casualty liability limits for Class 1 railroads in the U.S. and Canada to $1 billion per occurrence. This coverage for catastrophe losses would be in excess of $1.5 billion in underlying limits, and is one of the largest capacities offered to […]
SAN FRANCISCO, For the sixth straight year, Wells Fargo & Company (NYSE: WFC) is America’s top SBA lender in dollar volume, approving a record $1.6 billion in SBA 7(a) loans for small businesses in federal fiscal year 2014 (Oct. 1, 2013 – Sept. 30, 2014). The company increased its dollar volume of SBA 7(a) loans […]
The Financial Stability Board (FSB) has today issued for public consultation policy proposals consisting of a set of principles and a detailed term sheet on the adequacy of loss-absorbing and recapitalisation capacity of global systemically important banks (G-SIBs). The proposals respond to the call by G20 Leaders at the 2013 St. Petersburg Summit to develop […]
Bank of America Merrill Lynch, a leader in card services for middle-market, large corporate and public sector clients, today announced that it has enhanced its global card capabilities with new products, services and geographies. The expanded capabilities are the latest developments of a multi-year investment strategy, and reflect the continuing importance of card products to […]
Information received since the Federal Open Market Committee met in September suggests that economic activity is expanding at a moderate pace. Labor market conditions improved somewhat further, with solid job gains and a lower unemployment rate. On balance, a range of labor market indicators suggests that underutilization of labor resources is gradually diminishing. Household spending […]
Saving for retirement and health care expenses was a priority for employees of all ages during the first half of 2014, according to the latest Bank of America Merrill Lynch 401(k) Wellness Scorecard. This semiannual report reveals trends in the behaviors of financial benefit plan participants, along with employers’ adoption of 401(k) design features in […]
WASHINGTON – In order to help retirees manage their savings and ensure they have a stream of regular income throughout retirement, the U.S. Department of the Treasury and the Internal Revenue Service issued guidance today designed to expand the use of income annuities in 401(k) plans. The guidance (Notice 2014-66) makes clear that plan sponsors […]
The Lloyds Bank Spending Power Report for September finds that consumer confidence has dropped for the second time this year, falling six points to 146. September also saw a 15 point fall in sentiment towards the UK’s economic situation from last month, to 275 points reflecting a level of uncertainty leading up to the Scottish […]
The distribution of income and wealth in the United States has been widening more or less steadily for several decades, to a greater extent than in most advanced countries.1 This trend paused during the Great Recession because of larger wealth losses for those at the top of the distribution and because increased safety-net spending helped […]
