Trump rollback could encourage bank M&A | Analysis: Tarullo's departure from Fed marks end of an era | CFPB: Structural change wouldn't hinder mission
April 4, 2017
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Trump rollback could encourage bank M&A
Regulatory rollback expected under the Trump administration could encourage mergers and acquisitions among banks. Industry watchers generally expect mergers that expand banks' geographical footprint, but one Wall Street executive says such deals are unlikely among pure investment banks or among commercial banks and investment banks.
The New York Times (free-article access for SmartBrief readers) (3/31) 
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Analysis: Tarullo's departure from Fed marks end of an era
Analysis: Tarullo's departure means end of an era
Tarullo (Chip Somodevilla/Getty Images)
Daniel Tarullo's plan to leave the Federal Reserve on Wednesday has bank executives relieved and financial reform advocates concerned. "Dan Tarullo is the single most influential non-chair governor in the Fed's history," said historian Peter Conti-Brown.
The Boston Globe (tiered subscription model) (3/31),  Financial Times (tiered subscription model) (3/31) 
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CFPB: Structural change wouldn't hinder mission
The Consumer Financial Protection Bureau says it can continue to perform duties as intended even if its structure must change. A federal appeals court had requested a potential remedy in the event the CFPB's singular directorship is ruled unconstitutional.
The Wall Street Journal (tiered subscription model) (4/2) 
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Inflation passes 2% Fed target for first time since 2012
Consumer inflation surpassed the Federal Reserve's target of 2% annually in February, the first time in nearly five years it has done so, the Commerce Department says. The growth, which reflects lower unemployment and a decrease in excess capacity, is a healthy economic signal.
The Wall Street Journal (tiered subscription model) (3/31) 
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Williams: Economy can take at least 3 rate hikes in 2017
John Williams, president of the Federal Reserve Bank of San Francisco, is arguing for three or more interest-rate increases this year, citing a nearly full economic recovery. "With an economy at full employment, inflation nearing the Fed's 2% goal and the expansion now in its eighth year, the data have spoken and the message is clear: We've largely attained the hard-sought recovery we've been after for the past nine years," Williams said.
Reuters (3/29) 
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Cybersecurity
5 data backup gaps and how to fix them
Human error, equipment failure and theft are just a few ways your organization could be at risk of data loss. Consider addressing these five data backup gaps as part of your organization's cybersecurity risk management program.
AICPA Insights (3/31) 
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Commentary: States, federal government can partner on fintech rules
State regulators overall oppose the Office of the Comptroller of the Currency's draft rules for nondepository financial-technology firms to become national banks. Brian Knight, a senior research fellow at George Mason University, looks at arguments against the charter and suggests state regulators work with the federal government or ask Congress for streamlined regulation.
AmericanBanker.com (free content) (3/29) 
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Bank Fraud Briefing
Seattle bank broken in fraud case
Foundation Bank of Seattle was among the biggest victims of a complex fraud scheme by an area man sentenced to five years in prison in the case. The bank loaned millions to Maziar Rezakhani, who was illegally shipping Apple products to the Middle East.
KOMO-TV/KOMO-AM (Seattle) (3/27) 
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Regulatory Roundup
Toomey: GOP should use reconciliation on Dodd-Frank
Sen. Pat Toomey, R-Pa., is calling for revision of the Dodd-Frank Act through reconciliation, a budget process that requires a simple majority. Republicans can't rely on Democrats to approve legislation that would ease banking regulation or curb the authority of the Consumer Financial Protection Bureau, Toomey says.
Bloomberg (3/30) 
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Firms' responses vary to credit-report change
Reaction is mixed on how omission of information about tax liens and civil judgments from credit reports, set to start in July, will affect lenders' vetting of borrowers. Some think the information is necessary for an accurate financial picture, while others, particularly prime lenders, think the change will have little effect.
AmericanBanker.com (free content) (3/30) 
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Labor Dept. gives OMB proposal to delay fiduciary rule
The US Labor Department has sent the final version of its proposal to postpone the effective date of its fiduciary rule to the Office of Management and Budget for review. If the office approves, the plan will be published in the Federal Register and will delay applicability of the fiduciary rule for 60 days.
WealthManagement.com (U.S.) (3/29),  ThinkAdvisor (free registration) (3/29),  InvestmentNews (tiered subscription model) (3/29) 
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People pay for what they do, and, still more, for what they have allowed themselves to become. And they pay for it very simply: by the lives they lead.
James Baldwin,
writer
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