Dodd-Frank critical to stability, Yellen says | FSB focuses on asset-management risks | SEC gives high priority to robo-adviser exams in 2017
January 13, 2017
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Dodd-Frank critical to stability, Yellen says
Dodd-Frank critical to stability, Yellen says
Yellen (Chip Somodevilla/Getty Images)
The Dodd-Frank Act is critical in strengthening the financial system and preventing another crisis, Federal Reserve Chair Janet Yellen said. While there is room for improvement in reducing the regulatory burden for small banks, the law should not be dismantled, she said.
The Wall Street Journal (tiered subscription model) (1/12),  Bloomberg (1/12) 
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Industry Watch
FSB focuses on asset-management risks
The Financial Stability Board has made 14 recommendations for dealing with risks associated with the asset-management sector. "The policy recommendations will better prepare asset managers and funds for future stress events," said Daniel Tarullo, chairman of a committee on supervisory and regulatory cooperation.
Reuters (1/13),  Investment Week (1/12),  Financial Times (tiered subscription model) (1/12),  The Wall Street Journal (tiered subscription model) (1/12) 
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SEC gives high priority to robo-adviser exams in 2017
The Securities and Exchange Commission has added firms providing "electronic investment advice" to its list of examination priorities for 2017. It is the first time registered investment advisers and broker-dealers offering online advice, typically called robo-advisers, have appeared on the list.
InvestmentNews (1/12),  ThinkAdvisor (1/12) 
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Financial data aggregation raises security concerns
The rise of online banking has led to an increase in financial data aggregation and questions about security as aggregators move data among bank websites using usernames and passwords, which increases hacking vulnerability. Solutions in the works include electronic tokenization used in combination with dedicated data channels.
The Hill (1/12) 
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Commentary: Let millennial employees devise new service model
Financial planning firms should ask their millennial employees to come up with a service model that uses online advice platforms and relies on fees as opposed to commissions, Bob Veres writes. "I've talked with hundreds of advisers who switched from commissions to fees, and they all, in one way or another, told me that it was like a lightbulb going off," he writes. (1/9) 
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The Latest from Capitol Hill
House passes bill that would restrict SEC's rule-making powers
The House has passed a bill that would impose new restrictions on rule making by the Securities and Exchange Commission and would require the SEC to review existing regulations every five years. The bill sets out specific requirements for the cost-benefit analysis required before regulations are adopted.
ThinkAdvisor (1/12),  Reuters (1/12),  Pensions & Investments (free access for SmartBrief readers) (1/12) 
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Report: Trump considering former Texas congressman to head CFPB
President-elect Donald Trump reportedly met this week with former Rep. Randy Neugebauer, R-Texas, who is said to be a contender for the Consumer Financial Protection Bureau's top position. While in Congress, Neugebauer initiated legislation to shift control of the agency from one director to a five-member bipartisan panel.
The Hill (1/12) 
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Technology in the Financial Industry
Financial firms stake claims in blockchain
Financial companies are scrambling to request patents on blockchain intellectual property, showing the significance of the emerging technology. However, few patents have been issued, highlighting challenges in appropriating what began as open-source software.
The Economist (tiered subscription model) (1/14) 
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I'm convinced that about half of what separates the successful entrepreneurs from the nonsuccessful ones is pure perseverance. It is so hard.
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