Why Leave Financial Literacy to Luck?
People are accustomed to seeing a lot of green on St. Patrick’s Day. This year, Nevada legislators will be talking about a different kind of green; money. SB 220 will be heard on the Senate Floor at 3:30 on Tuesday March 17, 2015.
SB 220 seeks to expand financial literacy training in Nevada classrooms. Drafted by two youth legislators, Evan Gong and Kyle Walker, the bill has gained support from multiple Senators, agencies and associations. If passed financial literacy would be moved from social studies to math and require age appropriate curriculum be taught in grades 6-12. Their own experience and that of their fellow students with the current provided teaching inspired Gong and Walker. Their research included a report out of UNR, which guided the requests incorporated into the bill. It addresses modern-day financial concerns such understanding interest rates and loans, including student loans as well as managing credit and preventing identity theft.
Senators Heller, Stabenow Introduce Legislation to Eliminate Unfair Tax Bills
Bipartisan Legislation Will Ensure Mortgage Forgiveness Is Not Taxed as Income
WASHINGTON, DC – U.S. Senators Dean Heller (R-NV) and Debbie Stabenow (D-MI) introduced bipartisan legislation to ensure, when homeowners work with their banks to reduce their mortgage payments, those homeowners will not be hit with a huge tax bill. Without this legislation, homeowners will be required to pay additional taxes when they receive mortgage principal forgiveness on their homes or sell their homes in what are commonly called “short sales.”
USAA Rolling Out Biometric Logon to Accounts in Q1
Becomes first U.S. financial institution to help protect member security through facial and voice recognition on a mobile app
SAN ANTONIO, Texas, - USAA members residing in the states will soon be able to log into their accounts through mobile devices using biometric recognition. This will make USAA the first U.S. financial institution to offer facial and voice recognition on a mobile app as added protection against fraud and identity theft. USAA members are expected to have access to biometric logon capabilities in early 2015.
City National Corporation Announces Definitive Agreement to be Acquired by Royal Bank of Canada
Agreement Seeks to Create Strong Combination of U.S. Private and Business Banking and Wealth Management Capabilities
Russell Goldsmith to Remain City National's Chairman and CEO and Will Lead RBC's U.S. Wealth Management Unit
City National Shares Valued at Approximately $93.80 Per Share in Cash and Stock
LOS ANGELES -- City National Corporation (NYSE:CYN) and Royal Bank of Canada (TSX:RY) (NYSE:RY) today announced a definitive agreement by which Royal Bank of Canada will acquire all outstanding shares of City National Corp. Total consideration is valued at approximately $5.4 billion at announcement, or approximately $93.80 per City National share, comprised of a mix of cash and common stock, based on RBC's closing stock price on January 21, 2015. The agreement has been approved by the boards of both companies.
In the United States, RBC already has a top-10 investment bank and the 8th largest wealth management firm. RBC has 8,000 employees in the U.S., including more than 3,000 in New York.
"We're very enthused about merging with RBC," said City National Chairman and CEO Russell Goldsmith. "This combination is a compelling opportunity. It will deliver significant value to City National shareholders along with the opportunity to participate in the growth of RBC. It will promote both continuity and growth, enabling our outstanding team of colleagues to maintain and even strengthen City National's value proposition. It also will enhance what we can do for our clients and the communities we serve. My colleagues and I look forward to joining forces with this company that has tremendous financial strength, considerable resources and capabilities, and values that are very similar to those of City National."
Nevada Bankers Association Member Arvind Menon, Meadows Bank, added to FDIC Advisory Committee on Community Banking
FDIC Announces New Members for the Advisory Committee on Community Banking
February 11, 2015
The Federal Deposit Insurance Corporation (FDIC) today announced the selection of seven new members for its Advisory Committee on Community Banking, which has been providing advice and recommendations to the FDIC on a broad range of community bank policy and regulatory matters since it was established in 2009. The Advisory Committee members represent a cross-section of community bankers from around the country.
"We are fortunate to have such talented and dedicated community bank leaders join our Advisory Committee, which has been a valuable resource for the FDIC over the last few years," said FDIC Chairman Martin Gruenberg. "The Advisory Committee has proven to be an important source of information and input for the FDIC on the many significant issues facing community banks."
STATEMENT OF THE FEDERAL HOUSING FINANCE AGENCY ON CERTAIN SUPER PRIORITY LIENS
FOR IMMEDIATE RELEASE
Today, the Federal Housing Finance Agency (FHFA) is alerting homeowners, financial institutions, and state authorities of the agency’s concerns with state-level actions that threaten the first-lien status of single-family loans owned or guaranteed by Fannie Mae and Freddie Mac. In particular, FHFA is concerned about state actions to create super-priority liens in two instances: 1) through certain energy retrofit financing programs structured as tax assessments and 2) through granting priority rights in foreclosure proceedings for homeowner associations. In issuing this statement, FHFA is acting in furtherance of its statutory obligations as regulator and conservator of Fannie Mae and Freddie Mac.