Trump supporter Moore reportedly considered for Fed seat | Fed kept growth from reaching 4% last year, Trump says | Kraninger moves to expand CFPB advisory panels' stature
March 22, 2019
Financial Services SmartBrief
News for financial services executives
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Trump supporter Moore reportedly considered for Fed seat
Stephen Moore, a fellow at the Heritage Foundation who helped President Donald Trump write his tax plan and who worked on his campaign, is being considered for a Federal Reserve seat, sources said.
Reuters (3/22),  Bloomberg (tiered subscription model) (3/21) 
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Iowa: A Capitol for Capital
Iowa's regulatory environment directly benefits the bottom line. The state is home to one of the highest concentrations of finance and insurance professionals in the nation, accounting for 6% of the state's workforce.
Industry Watch
Fed kept growth from reaching 4% last year, Trump says
The US economy would have grown more than 4% last year if the Federal Reserve hadn't raised interest rates and scaled back bond holdings, President Donald Trump said. US GDP grew 2.9% on an annualized basis in 2018.
The Associated Press (3/21),  Politico (3/21),  Fox Business (3/22) 
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Kraninger moves to expand CFPB advisory panels' stature
The terms for members of four Consumer Financial Protection Bureau advisory boards have been extended from one to two years, and the boards will meet three times a year instead of two. CFPB Director Kathy Kraninger made the announcement Thursday, reversing decisions by former acting Director Mick Mulvaney.
The Hill (3/21) 
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Judge dismisses FDIC lawsuit against banks
A lawsuit filed by the Federal Deposit Insurance Corp. against Citibank, Bank of New York Mellon and U.S. Bank over the mortgage-backed bonds of a failed Texas bank has been dismissed by a federal judge. The judge said the FDIC had no legal standing to sue, because the agency, which took over the bank in 2009, had sold the bonds.
Reuters (3/21) 
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Chief compliance officers gain prominence in risk function
The pace of regulatory change and recent actions against banks have emphasized the role of chief compliance officer for many organizations. "CCOs must grapple with the legal challenges of securing company information on employees' personal devices or viewing information on employees' personal accounts," says Wilmer Hale partner Ronald Machen.
Financier Worldwide magazine (4/2019) 
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Sloan has directors' full support, Wells Fargo board chair says
Reports that Wells Fargo CEO Tim Sloan is about to be replaced are false, said board chair Betsy Duke, adding that Sloan has the unanimous support of the board. A New York Post article said the board had discussed the CEO position with former Goldman Sachs Chief Financial Officer Harvey Schwartz.
American Banker online (free content)/Bloomberg (3/21) 
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EU postpones Brexit with conditions
EU officials have rejected British Prime Minister Theresa May's request to delay Brexit until June 30 but have extended the departure date to April 12 from March 29 and have established deadlines governing what must happen next. European Council President Donald Tusk says the agreement leaves the UK with the options of a no-deal Brexit, Brexit with a transition deal, a lengthy extension or revocation of the decision to exit the EU.
The Guardian (London) (3/22),  Politico (3/22),  BBC (3/21) 
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Mobile Device Usage is a Threat to Data Security
74% of global IT leaders reported a data breach due to a mobile security issue. Discover how cybersecurity is shifting to meet the needs of a mobile world, and why it's critical to not fall behind. Learn how to protect your organization from mobile threats in The Convergence of InfoSec & Mobile.
The Latest from Capitol Hill
Bill seeks to penalize banks that shun gun-makers
Banks would be penalized for refusing to do business with gun manufacturers for reasons outside traditional underwriting under a bill introduced by Sen. Kevin Cramer, R-N.D., and Sen. John Kennedy, R-La. The Freedom Financing Act is in response to recent decisions by banks to limit business with the firearms industry.
Politico (3/21) 
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Retirement Security
Early retirement not so fanciful for millennials
Early retirement may appear out of reach for millennials when considering school debt and other factors. But it might still be possible if they're willing to make some adjustments and sacrifices, Pavithra Mohan writes.
Fast Company online (3/21) 
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Technology in the Financial Industry
Column: Technology can transform back-office banking functions
Morgan Stanley Research is watching "an operational revolution" among European banks that is driven by technology. Real-time payments, mobile banking and digitization could transform banking for consumers and in the back office but will require updates to core systems, Bruce Hamilton writes.
Morgan Stanley (3/2019) 
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I had a running compiler and nobody would touch it because, they carefully told me, computers could only do arithmetic; they could not do programs.
Rear Adm. Grace Murray Hopper,
developer of the first compiler for a computer programming language

March is Women's History Month

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