Editor’s note: Each Monday, Talk Business & Politics provides “Money Talk,” a wrap-up of banking and financial news.
WEALTHY GIVERS BELIEVE PHILANTHROPY, VOLUNTEERING HAVE MORE IMPACT THAN VOTING, POLITICAL CONTRIBUTIONS
Most wealthy individuals believe charitable giving (45%) and volunteering (31%) have the greatest potential for positive impact on society – far more so than voting for (13%) or contributing to (1%) a political candidate who shares their ideals on topics important to them – according to the 2016 U.S. Trust Study of High Net Worth Philanthropy. Through an ongoing partnership with the Indiana University Lilly Family School of Philanthropy, the sixth in this series of biennial studies reveals a strong commitment to charitable causes among high net worth (HNW) households, and giving and volunteering levels poised to increase in future years.
Among the findings, the vast majority (91%) of HNW households donated to charity. This high rate of giving among the wealthy compares with 59% of the U.S. general population who donate to charity. Fifty percent of wealthy individuals volunteered their time and talents last year to charitable organizations they care about – twice the rate of the general population (25%). Results of this study are based on a survey of 1,435 U.S. households with a net worth of $1 million or more (excluding the value of their primary home) and/or an annual household income of $200,000 or more.
To view a detailed summary of key findings and to access the full report, visit here.
OCC NOTIFIES CONGRESS OF LOST THUMB DRIVE, UNAUTHORIZED REMOVAL OF FINANCIAL INFORMATION
The Office of the Comptroller of the Currency (OCC) notified Congress and other federal agencies on Friday (Oct. 28) of a major information security incident, as required by the Federal Information Security Modernization Act (FISMA). The incident reported by the OCC involves a former employee who downloaded a large number of files onto two removable thumb drives prior to his retirement and when contacted was unable to locate or return the thumb drives to the agency.
The downloads occurred in November 2015 and were first detected on September 1, 2016, during an OCC-initiated retrospective review of employee downloads to removable media that occurred over the last two years. The OCC began the review in August 2016 following implementation of a policy preventing employees from downloading information and data to removable media without supervisor approval. Based on a review of the incident and using information from the Treasury Office of Inspector General (OIG), the agency concluded on October 27, 2016, that the event met OMB criteria of a major incident because it involved controlled unclassified information, including privacy information; the devices containing the information are not recoverable; and the incident involved the unauthorized removal of more than 10,000 records.
OBAMA ADMINISTRATION FINALIZES NEW FEDERAL RULES TO PROTECT STUDENT LOAN BORROWERS
The U.S. Department of Education has announced final regulations to protect student borrowers against misleading and predatory practices by postsecondary institutions and clarify a process for loan forgiveness in cases of institutional misconduct.
The Department began the negotiated rulemaking process after it received an unprecedented influx of borrower defense claims following the closure of Corinthian Colleges. The Department received more than 10,000 comments on the proposed regulations published in the Federal Register on June 16. All provisions of the regulations, with the exception of those the Department intends to designate for early implementation, will take effect on July 1, 2017.
A summary of the key provisions of the final regulations is available here.