U.S. regulators on Tuesday told banks to review cyber-security protections against fraudulent money transfers in the wake of revelations that a hacking group used such messages to steal $81 million from the Bangladesh central bank. The notice from the Fed and other financial regulators came two weeks after the FBI privately urged banks to look for signs of possible cyber attacks. (Reuters)

In observance of American Housing Month, the ABA Foundation issued six questions that millennials should consider when deciding whether to rent or buy a home. ABA recommended that millennials take into account their current savings, existing debt, credit score, location of the property, how long they expect to stay in the property and all other associated costs before making a housing decision. (ABA Banking Journal)

The CFPB is proposing new regulations to protect consumers from predatory lending practices that the CFPB's top regulator calls "debt traps." Under the proposed rule, so-called "payday," "auto-title" and other short-term lenders would be required to determine that people they loan money to can make the payments and fees when they come due and still meet basic living expenses and major financial obligations. (NPR)

There are two personal-finance chestnuts in nearly every article about saving money: Putting money away (instead of spending it) is difficult, and people should generally save more than they already do. But despite these truisms, one subset of Americans seem to be doing pretty well at saving: the super wealthy. (The Atlantic)

Only a bank can serve as the financial bedrock for vibrant communities, U.S. Bancorp Chairman and CEO Richard Davis wrote in a Wall Street Journal essay this week. "A strong bank fortifies the overall health of our communities," he wrote. "It’s a symbiotic relationship that has always been built on trust." (ABA Banking Journal)

For those of you may not have thought much about how technology might affect Wall Street, a new report from a fintech-focused San Francisco-based investment-banking firm may be invaluable. The report shows how fintech is altering the landscape for money management, including industry trends, interviews and more. (Bloomberg View)

More and more banks are refusing to do business with money transmitters, including businesses like mom-and-pop convenience stores, closing or freezing their accounts over concerns about money laundering and extra regulatory scrutiny. Bank of America and JPMorgan Chase scrapped their own low-cost remittance services two years ago. And last year, Citigroup agreed to pay $140 million to regulators for failing to safeguard against money laundering. (New York Times)

A new bill introduced by House Financial Services Committee Chairman Jeb Hensarling (R-Texas) would fundamentally remake the financial regulation landscape, and eradicate major pieces of President Obama's Wall Street reform law. Congressional Republicans have considered dozens of smaller bills tweaking the sweeping 2010 law, but Hensarling's latest proposal marks the broadest, most ambitious effort yet. (The Hill)

In testimony before a House Small Business Committee panel today, banking industry leaders offered examples of the harmful effects of excessive regulation on America’s hometown banks, including those serving rural communities. "Regulation shapes the way banks do business," said Roger Beverage, president and CEO of the Oklahoma Bankers Association, who testified on ABA’s behalf. (ABA Banking Journal)

Earlier this week, ABA urged members of Congress to block the Department of Labor’s final overtime rule from taking effect. The rule — which increased the salary level used to determine whether employees are exempt from overtime pay under the Fair Labor Standards Act from $23,660 to $47,476 — is set to take effect on Dec. 1. (ABA Banking Journal)

The Federal Reserve, mindful of unexpectedly weak job growth last month, has abandoned hope of raising interest rates at its next meeting in June, but Fed officials say they are still thinking seriously about raising rates in July or September. (New York Times)