A millionaire NFL player is living on a tight budget for fear of going broke
NFL players lives on $60,000 per year (Business Insider)
Detroit Lions wide receiver Ryan Broyles signed a $3.6 million contract with $1.4 million in guaranteed money, but that hasn't stopped him from budgeting just $60,000 for living expenses, according to ESPN. Broyles told the sports news network he's determined not to follow the same path as many other pro athletes who go broke despite making millions of dollars. The rest of the wide receiver's earnings goes towards investments and retirement, which he says he monitors on a daily basis.
China devalued the yuan (Business Insider)
The People's Bank of China set its yuan midpoint at 6.2298 per dollar, 1.85% weaker than Monday's close. The devaluation made for the biggest one-day drop in more than 20 years and comes as Beijing tries to combat its slowing economy. The yuan hasn't been this weak against the dollar since September 2012. Sean Callow, a senior FX strategist at Westpac, told Business Insider that the devaluation "is a welcome step towards a market-determined exchange rate."
CFA Level 3 results are out (Business Insider)
The CFA Institute has released the results of its level 3 exam. Of the 27,468 test takers, 14,663 passed, making for a 53% pass rate. This was slightly lower than last year's 54% success rate. According to Investopedia, less than 20% of test takers pass all three exams on their first attempt.
NYC's 'responsible banking' law unconstitutional (Reuters)
A federal judge has ruled New York City's 'responsible banking' law is unconstitutional. Reuters reports the law, which required banks holding the city's deposits to "document how well they meet the needs of low-income neighborhoods," was challenged by the New York Bankers Association. U.S. District Judge Katherine Polk Failla ruled the law violated federal and state statutes designed to regulate banks.
Guggenheim reaches a compliance settlement (Think Advisor)
Guggenheim Partners Investment Management has reached a $20 million settlement with the US Securities and Exchange Commission. According to Think Advisor, the unit failed to disclose "a $50 million loan that one of its senior executives received from an advisory client and for other violations." Guggenheim did not admit or deny any wrongdoing as part of the settlement.