The House bill that aims to change the Volcker rule is not guaranteed to pass, but changes are coming anyway as the Trump administration continues to ease banking regulation, writes Victoria Finkle. The bill gives the Federal Reserve primary authority to oversee the Volcker rule and exempts banks with under $10 billion in assets from the proprietary trading ban.
Eric Rosengren, president of the Federal Reserve Bank of Boston, says the Fed may need to introduce more rate rises in addition to its current plan for three this year and three more in 2019. Rosengren argues that inflation will heat up faster than anticipated.
Randal Quarles, vice chairman for supervision at the Federal Reserve, was scheduled to go before the House Financial Services Committee Tuesday and the Senate banking committee Thursday to request greater industry input regarding stress tests. Quarles will also suggest alleviating liquidity requirements for large nonglobal banks and allowing more tailored rules.
The New Jersey Department of Banking and Insurance is warning banks, mortgage lenders and others about hackers who target real estate transactions. The hackers often change wiring instructions to divert mortgage funds from the recipient to themselves.
President Donald Trump plans to nominate Richard Clarida, a Columbia University professor and a PIMCO adviser, as vice chairman of the Federal Reserve. Trump plans to nominate Kansas Bank Commissioner Michelle Bowman as a Fed governor, complying with a 2014 law that sets aside one seat for a community banker.
SunTrust Banks is debuting a platform that lets borrowers apply for a mortgage online in half the time necessary for a traditional application, officials say. The SmartGUIDE Mortgage Application also lets consumers chat with a loan officer during the process.
An increasingly connected world has brought new business opportunities, increased efficiency and consumer convenience. But it has also increased risk. 2017 saw many organizations suffer significant financial damage as a result of cyberattacks. As these attacks affect all areas of operation, cybersecurity is no longer simply an IT issue. How should the C-suite be preparing for cyberthreats? Read more.
Political violence risks are rising globally because of geopolitical tensions, a weakening of liberal democratic governance and the repercussive effects of chronic conflicts around the globe. For the third successive year, more country risk ratings have increased (17) than decreased (six). Aon's Risk Maps provide comprehensive insights into some of the most challenging risks facing firms operating worldwide, acting as an invaluable barometer for those seeking to understand and respond to the risks they face internationally. How do these findings affect your firm? Learn more.
True happiness consists not in the multitude of friends, but in the worth and choice.
Ben Jonson, playwright and poet
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