Week InReview

PLEASE JOIN US
Next Wednesday, Jun 21st
for the INVESTORS
Market Practices Council
Roundtable & Reception
One Financial Center
5th Floor
Boston, Massachusetts
1 pm EDT
Reception at 4:20 pm

Register & see complete agenda  here.
Fri Jun 16, 2017
Let's recap
In case you missed it . . .
Mnuchin says 80 percent of proposals don't need legislation; regulators can act alone on Volcker Rule, stress test changes (Jun 14)

Trump's Wall Street game plan needs players
The Trump administration has said the bulk of its plan for overhauling bank regulation can be done via executive order and through regulators. But Trump is months away from installing top officials at key regulatory posts to carry out his agenda. (Jun 14)

Bank rules need a trim rather than a buzz cut
US Treasury secretary Steven Mnuchin's report badly overstates its case (Jun 13)

Does anyone remember how to make a subprime mortgage?
Brokers willing to learn the lost art of making risky mortgages are in demand again (Jun 12)

FINRA to release more guidance on bad brokers
At Georgetown event, CEO Cook says the self-regulator will give firms a better understanding of expectations on identifying high-risk brokers (Jun 12)
The Cyber Cafe
Cybersecurity news every Friday
Treasury calls on financial regulators to coordinate cybersecurity oversight
In testimony before a House Appropriations subcommittee Monday, Treasury Secretary Steve Mnuchin said the Financial Stability Oversight Council should step in to sort out cybersecurity responsibilities.

One year out, companies seek trust in U.S. cyberthreat sharing program
The decision to rely on the public-private sector cyberthreat sharing program may come down to whether companies have sufficient trust in the government's efforts and the pay-off -- whether they in turn can glean enough valuable cybersecurity data from the initiative.

Stay out of security breach headlines: 3 things that must be addressed in your cloud agreement
If done correctly and with the proper level of insight, there are ways to mitigate the risks associated with such breaches.
- CIO
Managing regulatory overlap
Treasury seeks increased role
(Jun 13) -- The Treasury Department has called for legislation to boost its oversight capabilities in order to prevent regulatory duplication. The Financial Stability Oversight Council (FSOC) would play a larger role in the coordination and direction of regulatory and supervisory policies and would have  the ability to assign a lead regulator when agency directives clash.  The Treasury secretary chairs FSOC and directs its agenda. Treasury also recommended bringing the independent Office of Financial Research (OFR) under Treasury's control, with a director appointed by the Secretary, without a fixed term and subject to removal at will, and that  the budget of OFR come under the control of the Treasury appropriation and budget process.
Less ABS reporting
Treasury proposes, watchdog group warns
(Jun 13) -- The Treasury Department's Jun. 12 report urges the Securities and Exchange Commission to rein in issuer disclosure requirements for bonds supported by mortgages and other asset-backed securities, saying the disclosure rule discouraged creation of new publicly available securitizations. Treasury recommends the SEC reduce the number of reporting fields required in its rules on ABS disclosure and registration. Reg AB II requires 270 reporting fields per mortgage. Dennis Kelleher, president and CEO of watchdog group Better Markets, urged the SEC to reject "self-serving claims by some in the industry" and not change the rule without a "robust, data-driven analysis."
New OFR website
Aims to better inform stakeholders
(Jun 14) -- The Office of Financial Research launched a redesigned public website with a revised  home page, inside page template, and pages containing their research and data papers, such as briefs and working papers.

The updated design highlights some of the OFR work most valuable to stakeholders, makes information easier to access, and offers a more interactive user experience. Changes include:
  • Highlight of the Legal Entity Identifier, or LEI, on the home page with an interactive map displaying the number of LEIs issued per country. Below the map are links to register for an LEI, find an LEI, and get more information about LEIs.
  • Graphics linking to the OFR's monitors and interactive charts.
  • An updated main navigation bar at the top of each page.
  • Easy access to the latest Annual Report to Congress and Financial Stability Report.
  • A highlights section featuring important news, events, and publications.
  • Reorganized publications pages that give each research and data paper its own landing page.
Binge reading disorder
Hand-curated, chosen with love
It's probably not OK to send naked pictures on LinkedIn
Tinder is for dating. Facebook is for friends. LinkedIn is for ... well, it depends whom you ask. 

Bulls, Bears & Charlatans
"The reason that 'guru' is such a popular word is because 'charlatan' is so hard to spell." - William Bernstein