Financial Institutions and Markets (J)
Author: Jerry G. Sanchez
One of the key provisions of the Dodd-Frank Act rollback law signed by President Trump on May 24, 2018, hasn’t met its early promise for U.S. community banks. Recently proposed rules to implement simplified capital requirements have fallen short of the industry’s expectations when the bank deregulation law was enacted in May.
On November 21, 2018, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency jointly announced a proposed rule to simplify capital requirements for qualifying community banking organizations that opt into the community bank leverage ratio framework. The agencies are seeking public comment on a proposal that would simplify regulatory capital requirements for qualifying community banking organizations, as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155 regulatory reform bill).
The Australian Financial Complaints Authority (AFCA) is a new external dispute resolution (EDR) scheme that has been formed to deal with complaints from consumers against an AFCA member. AFCA replaces the existing EDR schemes, being the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT). Access to AFCA will be free to consumers and it has the following characteristics:
Author: Dawn N. William
After a highly publicized and controversial confirmation process, the senate voted to approve Brett Kavanaugh’s nomination to the Supreme Court this past Saturday, October 6, 2018. Kavanaugh was sworn in later that day and began hearing cases on Tuesday, October 9, 2018.
It goes without saying that Justice Kavanaugh is a conservative judge and is expected to lean to the right. It also goes without saying that Justice Kavanaugh’s appointment pushes the Supreme Court to the right with a 5-4 ratio. But what does Justice Kavanaugh’s appointment mean for the financial services industry?
Author: David B. West
There has been a growing trend among individuals and even estate planners to avoid having to go to the probate court. Even for those people who need wills, a large percentage of their assets will be transferred pursuant to beneficiary designations in account agreements at banks and credit unions, in IRA’s and other qualified retirement plans, and through life insurance policies. Add a trust, and an even wider range of assets can be transferred outside the probate courts. What this non-probate disposition of assets means, of course, is that financial institutions are called upon to help a customer determine what type of account to use and, after death of the customer, review legal documents and carry out the transfer instructions.
Author: Matthew Blakebrough
Clearbank, Monzo, Revolut, Starling and Tandem; if you haven't heard of these, you soon will as they represent 5 of the most successful digital challenger banks of 2018, all of whom have just been ranked in LinkedIn's Top UK Startups 2018.
A Great British success story?
Traditional UK retail banks have not enjoyed the easiest of times in recent years. The cost of Payment Protection Insurance has dragged on, low interest rates have continued to squeeze lending margins and the occasional data breach or online banking system crash has not helped their reputation along the way.
The latter is where the new digital challengers have a key advantage. Unlike their traditional forefathers, digital challenger banking tech is new, intuitive, and not built on top of old, in many cases outdated, computing infrastructure.
- Management of Information Systems
- Fintech-Forward: U.S. Treasury Department’s Report on Nonbank Financials, Fintech, and Innovation
- Federal Financial Regulators Clarify Supervisory Guidance Not “Force of Law”
- Supreme Court Asked to Clarify Applicability of State Laws to OCC-Chartered Entities in Lusnak v. Bank of America