Acting Comptroller of the Currency Keith Noreika is asking the Consumer Financial Protection Bureau to delay a rule that would prohibit most arbitration clauses in bank contracts. Noreika says he wants time to determine whether the rule would put banks at risk.
Markets are pricing a 48.8% chance the Federal Reserve will increase interest rates again this year as retail and inflation data disappoint. The central bank appears to be moving toward a downgrade in economic-growth forecasts, with the Federal Reserve Banks of New York and Atlanta paving the road.
Treasury officials have met with industry representatives as part of a review of the Financial Stability Oversight Council's methodology for designating systemically important financial institutions. Industry representatives called for elimination of the SIFI label and instead recommended flagging of risky activity.
Data from Hedge Fund Research show returns increased almost 4% in the first six months of 2017, led by the HFRI Equity Hedge (Total) Index, which returned 6.25%. June was the eighth straight month of improvement, said HFR President Kenneth Heinz.
The average economic losses from a worldwide cyberattack could reach as high as $53 billion, according to a report by Lloyd's of London and Cyence. Actual losses of such an attack could total as much as $121 billion, with underinsured organizations facing as much as $45 billion in losses that aren't covered, the report says.
The Federal Reserve is reviewing the supplementary leverage ratio to determine whether the rule imposes "unintended consequences" on derivatives clearing, Chair Janet Yellen told the House Financial Services Committee. Although banks aren't yet required to comply with the leverage ratio, some financial institutions have adopted it, asset managers say.
Aon plans to announce second-quarter and full-year 2017 results on Friday, Aug. 4, in a news release to be issued before the market opens. Greg Case, president and CEO, will host a conference call at 7:30 a.m. Central time on Aug 4. Read more.
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You are what you do. If you do boring, stupid, monotonous work, chances are you'll end up boring, stupid, and monotonous.
Bob Black, writer
About Aon Financial Institutions
The Aon Financial Institutions Practice develops risk transfer and consulting solutions for a wide range of businesses including banks, insurance companies, asset managers and diversified investment and finance firms. Our experts draw on deep experience in developing products involving management and professional liability, property and casualty, cyber, operational and enterprise risk management, environmental liability, employee benefits, and transactional solutions. These solutions help clients build a tailored risk management program that empowers results for their organizations.
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.