Fed official takes more cautious stance on rate hike | Trump appointees expected to be bank-friendly | Wall Street banks warn about Brexit consequences
November 15, 2017
Risk Management and Insurance
Fed official takes more cautious stance on rate hike
Patrick Harker, president of the Philadelphia Federal Reserve, says he still expects the Fed to announce an interest rate hike next month. However, he now adds a note of caution, as the stubbornly low rate of inflation may affect its intention to make further increases next year.
Reuters (11/12) 
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Trump appointees expected to be bank-friendly
Financial regulators appointed by President Donald Trump are predicted to ease rules and to be friendlier toward banks. Randal Quarles, the Federal Reserve's regulatory chief, has indicated "changing the tenor of supervision" is the biggest part of his job.
The Wall Street Journal (tiered subscription model) (11/12) 
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Millions in cryptocurrency erased in breach
Millions in cryptocurrency erased in breach
A security breach involving Parity Technologies has erased between $150 million and $350 million in cryptocurrency, owned mostly by small businesses. There is no word on whether the money is recoverable.
American Banker online (free content) (11/13) 
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Government Regulation
Senators back relaxation of regulations on smaller banks
A bipartisan agreement has been reached in the Senate that would exempt small and many regional banks from a number of rules put in place after the financial crisis. The proposed regulatory rollback would raise the threshold for being considered a systemically important financial institution from the current $50 billion in assets to $250 billion.
Reuters (11/13),  American Banker online (free content) (11/13),  The Wall Street Journal (tiered subscription model) (11/13) 
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House, Senate bills disagree on tax treatment of carried interest
House, Senate bills disagree on tax treatment of carried interest
Grassley (Alex Wong/Getty Images)
The House tax bill would restrict preferential treatment of carried interest to investments held for three or more years. The Senate bill in its present form doesn't make any changes, but Sen. Chuck Grassley, R-Iowa, a senior member of the Senate Finance Committee, has said some changes will probably be made when the committee takes up the bill.
Pensions & Investments (free access for SmartBrief readers) (11/13),  Bloomberg (free registration) (11/10),  Fox Business (11/11) 
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Banks adapt machine learning algorithms for CCAR
Banks increasingly seek to use machine learning algorithms, which are already in use to comply with the Federal Reserve's Comprehensive Capital Analysis and Review, to develop and run their own risk-testing models. However, global risk analyst Gordon Liu warns that caution should be exercised over further adoption as regulators are known to be skeptical of such models' transparency.
Risk (subscription required) (11/10) 
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News from Aon
Wish you were here? VR, AI and the new world of work
Immersive experiences can re-create almost any environment or workplace, and artificial intelligence can help find the best candidates from thousands of job applicants. With respondents to Aon's 2017 Global Risk Management Survey citing "disruptive technologies/innovation" such as virtual reality and AI as an "emerging risk" -- one predicted to be in the top 10 list of risks in just a few years -- it becomes clearer that forward-thinking about how best to use these technologies is a growing priority for business leaders. How are virtual reality and artificial intelligence helping transform our world of work? Read more
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2017 Aon Risk Maturity Index Insight report uncovers new insights on relationship of risk maturity and financial success
Aon Global Risk Consulting, the risk consulting business of Aon, in collaboration with the Wharton School of the University of Pennsylvania, has released its fifth edition of the Aon Risk Maturity Index Insight Report, or RMI. Report findings reinforce previous RMI research, which reveals a direct relationship between strong risk management practices and superior operating performance for organizations. New this year, the report uncovered a relationship between improved Directors and Officers premiums and risk maturity. Download the report.
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