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☆ FDIC unveils rule forcing banks to keep fintech customer data in aftermath of Synapse debacle
▼ + stars: | 2024-09-17 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

The Federal Deposit Insurance Corporation on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts. That's what happened in the Synapse collapse, which impacted more than 100,000 users of fintech apps including Yotta and Juno. Customers with funds in these "for benefit of" accounts have been unable to access their money since May. Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for "pass-through insurance," FDIC officials said Tuesday in a briefing. While FDIC insurance doesn't get paid out in the event the fintech provider fails, like in the Synapse situation, enhanced records would help a bankruptcy court determine who is owed what, the officials added.

Persons: Biden Organizations: Federal Deposit Insurance Corporation, FDIC, Federal Register, Bank, JPMorgan Chase

☆ Some baby boomers are burning through their retirement savings to pay for cancer treatments. Then they have to go back to work.
▼ + stars: | 2024-09-15 | by ( Juliana Kaplan | Noah Sheidlower | ) www.businessinsider.com time to read: +13 min

AdvertisementIt's a story all too familiar for some older Americans: An unexpected health crisis derails their retirement planning. With insufficient help from health insurance or Social Security, medical bills eat up any savings or income they have. Jones, who gets $2,200 a month in Social Security, has had to take on part-time work, which made her ineligible for some federal assistance. She paid for chemo out of pocket, spending her way through her retirement savings and maxing out her credit cards. Amend said it's crucial for older Americans to believe everything will be OK, noting "your mindset perpetuates what your outcome will be."

Persons: —, Kimberly Mullen, Mullen, She's, she'll, Nancy Altman, Saul Martinez, Karen Knudsen, they've, Uber, Wendy Jones, it's, she's, Jones, Teresa Ghilarducci, , Ghilarducci, Rebecca Buffum, Buffum, I'm, Andrew Whitaker, Marion, Robert Papalia, Papalia, Leonard Bianconi, Bianconi, Gallup, Monique Morrissey, haven't, Harris, Morrissey, Frank, Weeks, he's Organizations: Service, Business, Social Security, American Cancer Society, Social, Walmart, Medicare, New School for Social Research, Schwartz, for Economic, Kaiser Family Foundation, BI, Institute, Biden, American Heart Association Locations: Kentucky, North Carolina

☆ Two charged with stealing Banksy artwork 'Girl with a Balloon' from London gallery
▼ + stars: | 2024-09-13 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Patrick-Smith-Circle-Byline-Template.Jpg | Patrick Smith | ) www.nbcnews.com time to read: +2 min

LONDON — Two alleged art thieves will appear in court in London next month accused of stealing “Girl With Balloon,” a famous painting by the mysterious British street artist Banksy. Larry Fraser, 47, from east London, and James Love, 53, from Essex, were both charged with non-residential burglary and placed in police custody on Thursday. The artwork — which shows a little girl letting go of, or perhaps reaching out for, a heart-shaped balloon — was stolen from a gallery in central London on Sept. 8 at 11:00 p.m, police said. The painting was the only item stolen and police said it had been recovered and would be returned to the gallery. The latest artworks from Banksy were a series of animal paintings dotted around London last month.

Persons: Banksy, Larry Fraser, James Love Organizations: London's Metropolitan Police, force's, Wimbledon, Kingston Crown, Bank, West Bank, Banksy Locations: London, London's, Essex, Kingston, Bristol, Israel's

☆ ECB to cut 'even more aggressively' in 2025 if the economy weakens, ING Bank says
▼ + stars: | 2024-09-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailECB to cut 'even more aggressively' in 2025 if the economy weakens, ING Bank saysCarsten Brzeski, global head of macro research at ING Bank, discusses European Central Bank's interest rate cut, saying it was a "very dovish" one.

Persons: Carsten Brzeski Organizations: ECB, ING Bank

If the Fed cuts rates on September 18, bank account interest rates are likely to decline further. High-yield savings and money market accounts outearn typical checking or savings accounts even when rates decline. If the Fed decides to cut rates, savings account and CD rates will likely decline. AdvertisementEven in a declining interest rate environment, the best high-yield savings accounts offer a higher annual percentage yield than savings accounts at brick-and-mortar banks. Some of the highest-yield saving accounts include the EagleBank High-Yield Savings Account (0.01% to 5.35% APY), Western Alliance Bank High-Yield Savings Premier( 5.31% APY), and BrioDirect High-Yield Savings Account (5.30% APY).

Persons: —, they'll, George Salinas, ™, Nate Hanft, there's, Banks, it's, I've, Hanft Organizations: Service, CFS, Manske Wealth Management, Barclays, Connexus Credit, Wealth, Western Alliance Bank, Yield Savings Locations: Salinas

☆ I moved from Dubai to the US as a British expat. It's been tough to adjust to credit scores, groceries, and guns the American way.
▼ + stars: | 2024-09-11 | by ( Claire Turrell | ) www.businessinsider.com time to read: +6 min

Read previewThis as-told-to essay is based on an interview with Karen Osman, a 45-year-old author based in New York City. We knew we'd have more stability if we moved to New York City. Three months later, we were living in New York City. Apartments in New York City are more expensive than in Dubai. New York City is a writer's paradise.

Persons: —, Karen Osman, it'd, we've, I've Organizations: Service, UAE, Business, Facebook, Social, New, American Museum of, Dubai Locations: New York City, Dubai, We'd, Dubai Marina, New York, UAE, London, Central, Europe

☆ Rate cut is taking center stage at REIT conference in NYC
▼ + stars: | 2024-09-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRate cut is taking center stage at REIT conference in NYCCNBC's Diana Olick joins 'The Exchange' to share her takeaways from the ongoing Bank of America 2024 Global Real Estate Conference in New York City.

Persons: Diana Olick Organizations: of America, Real Estate Conference Locations: New York City

Although there are no restrictions on how often you can file for bankruptcy, there are restrictions on how often you can receive a discharge. While Chapter 7 and Chapter 13 bankruptcies will have the same effect on your credit score, creditors may view a Chapter 13 bankruptcy more favorably. A Chapter 7 bankruptcy will stay on your credit report for 10 years, while a Chapter 13 bankruptcy will fall off after seven years. Frequently asked questions about how often you can file for bankruptcyCan I file a Chapter 13 bankruptcy after a Chapter 7 bankruptcy? Yes, you can file Chapter 13 after Chapter 7 bankruptcy, but you must wait at least four years after the discharge of your Chapter 7 to file Chapter 13.

Persons: Filers, you've, Adrienne Hines, Hines, Scott Glatstian, Rosenblum, Lamine Zarrad, —, Jennifer, Read Organizations: refiling, Wright Co, Rosenblum Law, Federal Trade Commission, Business, Yahoo, Finance, CBS, MSNBC, CNBC, Forbes, Black Enterprise, USA, The Johns Hopkins University Carey School of Business, Business Journalists Locations: Kademenos, Chevron, America, TheGrio, New York City

☆ 3 ways Wall Street's largest banks are leveraging AI to increase profitability
▼ + stars: | 2024-09-07 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Over the past year, Wall Street's largest names — including Goldman Sachs , Bank of America , Morgan Stanley , Wells Fargo to JPMorgan Chase — ramped up their generative artificial intelligence efforts with the aim of boosting profits. MS YTD mountain Morgan Stanley YTD AI use cases for key businesses Morgan Stanley was among the first on Wall Street to publicly embrace the technology, unveiling two AI assistants for financial advisors powered by OpenAI. Launched in September 2023, the AI @ Morgan Stanley Assistant gives advisors and their staff quick answers to questions regarding the market, investment recommendations, and various internal processes. If it does, that would be welcome news for shareholders after Morgan Stanley's wealth segment missed analysts' revenue expectations in the second quarter . However, As long as these costs don't outweigh return on investment (ROI), we're happy with Wells Fargo and Morgan Stanley's moves to innovate.

Persons: Goldman Sachs, Morgan Stanley, Wells, JPMorgan Chase — ramped, Jamie Dimon, Alexandra Mousavizadeh, OpenAI's ChatGPT, Jeff McMillan, Morgan, McMillan, It's, Morgan Stanley's, Evident's Mousavizadeh, Banks, Mousavizadeh, Tracy Kerrins, Morgan Stanley's McMillan, He's, Morgan Stanley's OpenAI, Teresa Heitsenrether, Jim Cramer's, Jim Cramer, Jim Organizations: Bank of America, JPMorgan, Citi, Microsoft, Nvidia, OpenAI, CNBC, Google, Deutsche Bank, BNP, Mistral, TD Bank Group, Big, Wall, New York Stock Exchange, Bloomberg, Getty Locations: Wells Fargo, Silicon, management's, Wells, New York

☆ I was born and raised in London. Here are the 9 biggest mistakes I see tourists make.
▼ + stars: | 2024-09-06 | by ( Conor Clark | ) www.businessinsider.com time to read: +1 min

People pay to see panoramic skyline views without realizing they can find them for free. The Sky Garden, the capital's highest public garden, has two bars and two restaurants. But visitors can get a similarly fantastic view at the Sky Garden, which is right across the River Thames from The Shard. London's highest public garden offers some of the best views of the city's skyline and comes complete with an indoor garden, restaurants, and bars. Local tip: Tickets for Sky Garden are available three weeks in advance, and they're released on a weekly basis every Monday morning (excluding bank holidays).

Persons: they're Organizations: Sky Locations: London

☆ A top New York official was paid off by China with salted ducks, a job for her cousin, and millions to her husband's business: DOJ
▼ + stars: | 2024-09-04 | by ( Matthew Loh | ) www.businessinsider.com time to read: +6 min

Sun, 40, is accused of blocking Taiwanese officials' access to the New York governor's office and changing public messages from both governors to boost China's talking points, among other acts. According to the Justice Department, she also sent messages informing the Chinese consulate about Taiwan's requests to the governor's office. AdvertisementProsecutors said that during this time, Sun would use bogus invitation letters to set up meetings for Chinese officials with New York authorities. Hu has been charged by the Justice Department too, and is accused of laundering money and opening bank accounts with a relative's driver's license photo. AdvertisementA spokesperson for Hochul told Business Insider that the New York governor's office hired Sun more than 10 years ago.

Persons: —, Linda Sun, Kathy Hochul, Andrew Cuomo, Cuomo, Sun, Curtis, Chris Hu, Hu, that's, Hochul, Liu Pengyu, Jarrod Schaeffer, Sun's, Schaeffer Organizations: Service, New, Gov, Business, Justice Department, Queens, Hochul, New York Labor Department, Prosecutors, PRC, CCP, Chinese Communist Party, Sun, Ferrari Locations: China, Nanjing, York, New York, Honolulu, Jiangsu, Manhasset , New York, Washington

☆ Chase Bank says it is aware of viral 'glitch' inviting people to commit check fraud
▼ + stars: | 2024-09-03 | by ( Angela Yang | Kalhan Rosenblatt | ) www.cnbc.com time to read: +4 min

Chase Bank is urging its customers not to commit check fraud. This is not a "glitch" — it's a check fraud scheme and those who participate will be on the hook for all the money they withdrew once the check bounces. Although some on TikTok called the scheme a "glitch," Chase reminded its customers that this "glitch" is actually an invitation to commit fraud. "Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple." "Chase Bank glitch?

Persons: TikTok, Chase, that's, That's Organizations: Chase Bank, NBC News, NBC, Chase Locations: TikTok, New York

☆ American demand for international trips drives 'travel momentum' and overall spending
▼ + stars: | 2024-09-02 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Travel spending among American households continues to outpace its pre-pandemic levels, a trend underpinned by a zeal for international trips, according to new Bank of America research. "A key part of travel momentum lies within vacationing abroad," Taylor Bowley and Joe Wadford, economists at the Bank of America Institute, wrote in a note Wednesday. Overall, travel spending is down slightly from 2023, yet it remains "much higher" than 2019 — up by 10.6% per household, they wrote, citing Bank of America credit and debit card data from January to mid-August. About 17% of Americans said in June that they intended to vacation abroad during the next six months, up from roughly 14% in 2018 and 2019, according to a recent Conference Board survey. "I do expect the demand to continue," said Hayley Berg, lead economist at travel site Hopper.

Persons: Taylor Bowley, Joe Wadford, Taylor, Wadford, Hayley Berg, Hopper Organizations: Bank of America, Bank of America Institute, Finance, Board

LendingClub recently replaced its old high-yield savings account with the LendingClub LevelUp Savings Account, which offers up to 5.30% annual percentage yield (APY). LendingClub's previous high-yield savings account, the LendingClub HighYield Savings Account, came with 5.00% APY. How to qualify for LendingClub's savings account 5.30% APYIt's pretty easy to open a savings account with LendingClub. How LendingClub's LevelUp Savings account compares to other high-yield savings accountsOther banks also offer high interest rates on savings accounts. EagleBank High-Yield Savings Account: Earn up to 5.35% APYThe EagleBank High-Yield Savings Account offers the potential to earn a slightly higher interest rate: up to 5.35% APY.

Persons: you've, you'll, LendingClub, EagleBank, Kit, Kit Pulliam, They’ve Organizations: Western Alliance Bank, Western Alliance, Yield, Kit Pulliam, Business, Tax, MSN, Vanderbilt University

☆ The explosion of online sports betting is taking a toll on how people invest
▼ + stars: | 2024-08-21 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Algerina Perna | Baltimore Sun | MCT | Getty ImagesThe explosion of online sports betting is taking a toll on personal finances, particularly among those who are financially distressed. The authors found that sports betting has exploded since the Supreme Court overturned a federal law prohibiting it in 2018. Those who participate tend to invest less and have higher debt levels. "Two to three years after betting becomes legal, there is a noticeable drop in net investment relative to states where betting is not yet legal," the report said. The higher credit card debt indicates that these households are not just shifting funds from one type of entertainment to another (for example, shifting money from betting on lotteries to betting on sports).

Persons: Algerina Perna Organizations: Baltimore Sun

☆ King Charles banknotes sell for 12 times their value as collectors scramble for early editions
▼ + stars: | 2024-08-13 | by ( Angelica Chiara Yazbeck | ) edition.cnn.com time to read: +3 min

London CNN —A record-breaking series of auctions of King Charles III banknotes has raised £914,127 ($1.2 million) for 10 UK charities, according to the Bank of England. The banknotes, auctioned by Spink & Sons over the summer, sold for 11.7 times their face value of £78,430 ($100,318), as collectors snapped up some of the first versions of the new cash to roll off the printing presses. The runaway success of the auctions highlights the value that collectors attach to banknotes with especially low serial numbers, which denote that they are among the first to be printed. “Lucky numbers” also attracted high bids, according to Spink & Sons. Two £5 notes with serial numbers ending in 88 and 888 were auctioned for £2,200 ($2,800) and £2,400 ($3,100).

Persons: King Charles III, King Charles, BOE, Queen Elizabeth II, ”, Gregory Edmund, ” Edmund, Sarah John, Winston Churchill, Queen Elizabeth, Churchill, London — Organizations: London CNN, Bank of England, Spink & Sons, Spink, CNN, WWF, Trussell, British Locations: United Kingdom, BOE, British, London

☆ On paper the stock market should be great, not on a knife's edge. But that's the opportunity
▼ + stars: | 2024-08-11 | by ( Jim Cramer | ) www.cnbc.com time to read: +13 min

For example, this season started with the banks roaring higher on great numbers, legitimately great numbers led by a phenomenal Bank of America quarter. The later just made no sense because it is pulling away from Intel on the low end and if Nvidia really does have production problems then AMD is the de facto winner. In fact, the only stock that didn't suffer from an Nvidia relation, Apple, got through earnings without too much trouble. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: —, techs, We've, Warren Buffett, Buffett, industrials Eaton, Donald Trump, we've, execs, I've, Kamala Harris, Trump, Jim Cramer's, Jim Cramer, Jim, Rob Kim Organizations: Federal Reserve, of America, Bank of America, Club, Apple, Fed, SL Green, Boston Properties, Nvidia, Arista Networks, Micron, Dell, Hewlett Packard Enterprise, Devices, Intel, AMD, Accenture, Deloitte, McKinsey, White, Jim Cramer's Charitable, CNBC Locations: Lowe's

☆ How to Avoid Online Scams and What to Do if You Become a Victim
▼ + stars: | 2024-08-10 | by ( Tara Siegel Bernard | ) www.nytimes.com time to read: 1 min

Cybercrime is on the rise, but even the best antivirus software can’t thwart scammers who target the human psyche. Some of the most damaging and costly scams involve what’s known as “social engineering.” That’s when fraudsters use time-tested techniques of deception and emotional manipulation, tricking people into divulging personal or financial information, or even granting remote access to their computers. This is what happened to Barry Heitin, a 76-year-old retired lawyer who lost roughly $740,000 to sophisticated swindlers impersonating bank and government officials. People of all ages and socioeconomic levels are potential targets, but older Americans are particularly vulnerable. They’re more likely to have amassed savings, and they’re perceived to be more isolated or perhaps less computer savvy.

Persons: scammers, Barry Heitin

☆ How JPMorgan's crackdown on private-equity recruiting could play out for junior bankers, PE firms, and more
▼ + stars: | 2024-08-09 | by ( Emmalyse Brownstein | Reed Alexander | ) www.businessinsider.com time to read: +9 min

JPMorgan's message has become the talk of Wall Street as everyone from recruiters to junior bankers tries to figure out what it might mean for them. Here are 4 ways JPMorgan's missive could impact Wall Street, from private-equity recruiting to junior bankers who fear of losing their jobs and more. But JPMorgan's warning that coming forward could get one fired leaves junior bankers in a damned-if-you-do-damned-if-you-don't scenario. Advertisement"I think probably the biggest impact is going to be on current bankers and prospective bankers," he said. Do you work on Wall Street?

Persons: —, Chase, it's, JPMorgan, It's, Anthony Keizner, who's, Keizner, Goldman Sachs, Morgan Stanley, I'd, Emmalyse, Reed Alexander Organizations: Service, Business, JPMorgan, Wall, Search, Bankers, BI, Citigroup, Bank of America, Deutsche Bank, Barclays Locations: Instagram, New York

☆ Banks are restricting employees from donating to the Harris-Walz campaign. Here's why.
▼ + stars: | 2024-08-08 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Financial-services firms risk the wrath of the Securities and Exchange Commission if their employees make campaign contributions to state or local officials such as Walz. Donating to the campaign would violate the regulator's "pay-to-play" rule, which keeps firms from trying to sway politicians for favors such as managing their state's pension fund. Those employees are also required to get permission to donate to the Harris-Walz campaign. It is possible to sidestep the pay-to-play rule by donating to PACs or Super PACs that aren't directly tied to the relevant candidate. "The Pay-to-Play Rule, although well-intentioned, imposes unique, unquantifiable costs on individuals by impeding their ability to participate in the political process."

Persons: —, Joe Biden, Kamala Harris, Tim Walz, Walz, Harris, Donald Trump's, Wells, Mike Pence, Pershing, Patricia Crouse, Crouse, aren't, Hester Peirce Organizations: Service, Street, for Responsive, Democrat, Minnesota Gov, Financial, Securities and Exchange Commission, Business, Citigroup, Citi, JPMorgan, Bank of America, Trump, Pershing, SEC, University of New Locations: Wells Fargo, Indiana, Massachusetts, Tallahassee , Florida, University of New Haven

Two credit unions are offering CDs with at least 9% APY, which is much higher than normal. There are currently not one, but two credit unions offering CDs with at least 9% annual percentage rate, or APY: California Coast Credit Union and Express Credit Union. Since both of these financial institutions are credit unions, you'll need to be eligible for membership to open any accounts with them. You'll also be able to become a member of Express Credit Union if an immediate family member is already a member of that credit union. California Coast Credit Union offers the California Coast Credit Union Celebration Certificate, which lasts for five months and gives 9.50% APY.

Persons: —, you'd, you'll, You'll, isn't, that's, it's, you've, We've Organizations: Service, California Coast Credit Union, Express Credit Union, Express, California Coast Credit, Express Credit, Fed Locations: California, San Diego , Orange, Los Angeles, Ventura, Imperial, San Bernardino, Riverside, Washington

☆ Apple shares drop 7% after Warren Buffett's Berkshire Hathaway slashes stake by half
▼ + stars: | 2024-08-05 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024. Warren Buffett sent shockwaves through the investing world over the weekend by slashing his big Apple stake by half, causing the tech stock to crater on Monday amid the intensifying global sell-off. Berkshire Hathaway disclosed in its earnings filing that its Apple holding was valued at $84.2 billion at the end of the second quarter, indicating that the Oracle of Omaha dumped a little more than 49% of the tech stake. Global stock markets are on the brink of a major correction, triggered by concerns of an economic slowdown. Buffett also started selling his second biggest holding Bank of America in July.

Persons: Warren Buffett, shockwaves, Berkshire Hathaway, Buffett Organizations: Berkshire, Apple, Oracle, Global, of America Locations: Omaha , Nebraska, Omaha

☆ Why Wells Fargo is the most attractive bank stock as the sell-off continues
▼ + stars: | 2024-08-05 | by ( Morgan Chittum | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Warren Buffett's Berkshire Hathaway, Buffett, Jim, We're, Wells, Jim Cramer's Organizations: CNBC, Dow Jones Industrial, Big Tech, Apple Locations: Wells Fargo, Wells

☆ Warren Buffett's decision to sell stocks and raise record cash before sell-off sends wake-up call
▼ + stars: | 2024-08-05 | by ( Yun Li | ) www.cnbc.com time to read: +5 min

The selling activity picked up significantly last quarter though with Berkshire offloading more than $75 billion in stocks in the period and raising the conglomerate's cash pile to a record $277 billion. Many Buffett followers view the accelerated sale of his top holdings as a pessimistic call on markets and the economy. Buffett was selling stocks last quarter when the S & P 500 rose to an all-time high in anticipation that the U.S. would skirt a recession while squashing inflation. When Buffett trimmed the Apple stake by 13% in the first quarter, he hinted at the Berkshire annual meeting in May that it was for tax reasons. But the magnitude of this selling last quarter suggests it could be more than just a tax-saving strategy.

Persons: Warren Buffett, Berkshire Hathaway, Buffett, James Shanahan, Edward Jones, Barbara Goodstein, You've, Shanahan, Ted Weschler, Todd Combs, Tim Cook's, It's, Warren, Jim Reid, Deutsche Organizations: Apple, Berkshire, America, Oracle, Dow Jones, Nikkei, U.S Locations: Berkshire, Omaha, U.S

While most of TIAA’s clients are current or retired workers at nonprofit organizations, TIAA also offers individual retirement accounts to investors online. They didn’t own enough in-house TIAA products, according to the complaint and a recording of Parkin’s presentation. But in two asset classes, the tool’s recommendations are limited to TIAA products, according to the complaint and internal documents. Morningstar selects asset classes and investments for the TIAA tool from those chosen by a retirement plan fiduciary, it said. Paras Griffin / Getty Images fileThe recent push to increase client usage of TIAA’s advice tool appears to be succeeding.

Persons: Ted Fitzpatrick, Fitzpatrick, TIAA, “, ” Fitzpatrick, ’, Chris Tobe, Craig Parkin, Rajotte, ”, Yale, Craig Warga, TIAA hasn’t, Ted Siedle, “ TIAA, ” Siedle, TIAA’s Parkin, Parkin, Thasunda Brown Duckett, “ Thasunda, ” Parkin, ” TIAA, Adriana Macias, Morningstar, Duckett, Rowe Price, TIAA’s, Paras Griffin, it’s, Steers, ‘ Organizations: SEC, New, Cornell University, University of North Carolina System, TIAA, Vanguard, Fidelity, Systems, Yale, Yale University, Bloomberg, Getty, Brown University and Harvard, NBC News, NBC, Morningstar Investment Management, of, Morningstar, “ Morningstar Investment Management, Bank of New York Mellon, Equitable Holdings, Cohen, Steers, & $ Locations: Milwaukee, TIAA, New York, New Haven, Conn, Chicago, Atlanta

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