Could the Glass-Steagall Act—the Depression-era legislation that forced the separation of investment banking from commercial banking, among other things—be coming back? Whether reinstating the law is good idea or not, the short-term implications are decidedly negative: It would most likely mean a loss of jobs as part of a slowdown in lending from the biggest banks. (New York Times)

As we celebrate our 150th anniversary and the bicentennial of mutual savings banks, we continue to see our role not only as a community resource that helps businesses capitalize, but also, when necessary, as a catalyst for transformation. (ABA Banking Journal)

Americans understand money even less than they used to, according to the National Financial Capability Study: Just 37 percent of survey respondents demonstrated "high financial literacy" in 2015; down 5 percentage points from 2009. Barry Ritholtz says teaching consumers about finance just doesn't work—but not all hope is lost. (Bloomberg View)

Most millennials are trying to save for retirement, but female and Hispanic millennials make less money than their counterparts and are more focused on everyday finances, according to new survey results released this week by Wells Fargo. (NPR Marketplace)

Federal Reserve officials keep up with the economic literature, and it has a way of creeping into their speeches. That’s been especially true lately, as policy makers grapple with fundamental questions about economic growth. Two of the biggest debates, which are intertwined, center on what’s caused output to expand more slowly in recent years and what’s happened to the neutral policy interest rate. These major works are what Fed officials are referencing on those topics. (Bloomberg)

Improving the customer experience is worth the investment for mortgage servicers, according to the 2016 J.D. Power study of consumer satisfaction with their primary mortgage servicers. Companies that invest in improving customer experience typically see fewer complaints, more opportunities for cost reduction, lower instances of portfolio loss and increased business with current and prospective customers, the survey said. (ABA Banking Journal)

Critics say nothing has changed, but the truth is that American banks really are taking on less risk. (New York Times Magazine)

The Federal Reserve is being forced to reevaluate its most basic assumptions about the economy after trillions of dollars of stimulus and years of ultralow interest rates have failed to generate a more robust recovery. (Washington Post)

The federal banking agencies said this week that they are now urging banks to conduct voluntary diversity self-assessments. The self-assessment is based on diversity and inclusion assessment standards issued by the agencies last summer; information about submitting the assessments will be provided by regulatory agencies directly to banks "at a later date." (ABA Banking Journal)

All 52 state associations wrote to senators this week urging them to co-sponsor the TAILOR Act, which would direct financial regulators to tailor regulatory actions based on the sizes, business models, risk profiles and other differentiating characteristics of the institutions they supervise. (ABA Banking Journal)

The FDIC board has voted to propose amendments to its supervisory guidelines that would expand banks’ rights to appeal exam decisions and improve consistency with other agencies’ appeals processes. The action follows a blistering February report from the agency’s independent watchdog on the FDIC’s handling of banks making tax refund anticipation loans and also responds to comments raised by the American Bankers Association and others in the recently concluded Economic Growth and Regulatory Paperwork Reduction Act process. (ABA Banking Journal)