Trump: Wells Fargo to be punished; fines could increase | 18 attorneys general file brief backing CFPB's English | Get ready for higher interest rates, economists warn
December 11, 2017
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A look at FDIC nominee McWilliams
Jelena McWilliams, President Donald Trump's nominee to head the Federal Deposit Insurance Corp., has experience working with the Federal Reserve and as chief counsel to former Senate banking committee Chairman Richard Shelby, R-Ala. McWilliams emigrated from the former Yugoslavia and worked her way through college selling cars and knives.
The Wall Street Journal (tiered subscription model) (12/8) 
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The CFPB Today
Trump: Wells Fargo to be punished; fines could increase
President Donald Trump has tweeted that fines against Wells Fargo are proceeding and might increase. Consumer Financial Protection Bureau acting Director Mick Mulvaney reportedly is reviewing the case.
The Wall Street Journal (tiered subscription model) (12/8),  CNNMoney (12/8) 
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18 attorneys general file brief backing CFPB's English
18 attorneys general file brief backing CFPB's English
English (Mark Wilson/Getty Images)
Seventeen states and the District of Columbia are challenging President Donald Trump's appointment of Mick Mulvaney as acting director of the Consumer Financial Protection Bureau. Attorneys general have filed a brief supporting Deputy Director Leandra English's contention that the CFPB's line of succession makes her the acting director.
The Hill (12/9) 
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Industry News
Get ready for higher interest rates, economists warn
Wall Street economists are advising investors to prepare for the sharpest increase in interest rates since 2006. Next year, interest rates are set to rise to at least 1% in advanced economies, economists say.
Bloomberg (free registration) (12/11) 
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DOJ to release HSBC from deferred-prosecution deal
A deferred-prosecution agreement between HSBC and the Department of Justice under which the bank avoided criminal charges in 2012 is expected to be dismissed after HSBC improved its system and complied with recommendations. HSBC paid $1.9 billion in fines and agreed to changes after prosecutors accused the bank of failing to notice money from drug trafficking and of violating sanctions.
The Wall Street Journal (tiered subscription model) (12/11),  Bloomberg (free registration) (12/11) 
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Bitcoin futures spike, trip circuit breakers
Contract prices shot up more than 20% hours after Cboe Global Markets opened trading of bitcoin futures, triggering circuit breakers that temporarily shut down trading to manage volatility. Dealers say they were handling bigger volumes than expected.
Bloomberg (free registration) (12/11),  Reuters (12/11),  The Guardian (London)/The Associated Press (12/10),  The Wall Street Journal (tiered subscription model) (12/11) 
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Regulatory Report
Markets await Fed's 2018 rate guidance
Markets await Fed's 2018 rate guidance
Powell (Alex Wong/Getty Images)
The Federal Reserve is widely expected to increase interest rates this week, making any forward guidance for 2018 more critical than the increase itself. Jerome Powell, who has been nominated chairman, has said the economy has space to run before heating up, indicating he would lead the Fed in a more dovish direction.
Reuters (12/11),  Business Insider (12/11),  Financial Times (tiered subscription model) (12/10) 
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Boston Fed's Montgomery to head payment task force
Kenneth Montgomery will lead the Federal Reserve's Secure Payments Task Force. Montgomery will continue to serve as first vice president and chief operating officer of the Federal Reserve Bank of Boston.
Banking Exchange (12/8) 
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Career Development
Use this plan to prepare for out-of-office time
Use this plan to prepare for out-of-office time
(Pixabay)
As you prepare to leave your office for the holidays, keep a list of any time-sensitive tasks to complete before your break. Make sure those with whom you work closely know who to contact if they need anything, and block off the first couple of hours upon your return for catching up, writes Sarah Greesonbach.
Glassdoor (12/8) 
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