BROWSE BY TOPIC
Stories of Interest
- SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
- SEC Charges Former Bitcoin Exchange and Its Founder With Fraud
- JPMorgan Chase to Replace NYC Headquarters with 70-Story Skyscraper
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Federal Agencies are Obstacles to Trump’s Plans for Overhauling Wall Street Rules
by Howard Haykin
Donald Trump has huuuge plans for overhauling Wall Street bank regulations. But to execute his agenda, senior officials have to be installed in key regulatory posts. And that ‘ain’t gonna happen’ any time soon, Let’s survey the field.
FEDERAL RESERVE. Donald Trump has yet to name his choice for the Fed’s top bank regulator – thought to be Randal Quarles, a veteran of the George W. Bush administration. Yet, before he can assume that position, Quarles must be vetted by the FBI and the Office of Government Ethics, and then confirmed by the Senate. Likely start date – Fall 2017.
OFFICE OF THE COMPTROLLER OF THE CURRENCY. The OCC is currently being run by Keith Noreika. Joseph Otting was nominated earlier this month for the top spot, but his confirmation hearings are likely to be contentious – owing to his time as an executive at OneWest Bank and that firm’s foreclosure practices.
COMMODITY FUTURES TRADING COMMISSION. Christopher Giancarlo, the acting chairman of the CFTC, is awaiting full confirmation before he can take on the role full-time.
FEDERAL DEPOSIT INSURANCE CORPORATION. Martin Gruenberg, an Obama appointee, intends to serve his full term, which expires in November. In the meantime, Treasury's plans to ease some of the restrictions around banks' trading, living wills and their adherence to international banking accords could face resistance from him, given his role in drafting many existing rules.
CONSUMER FINANCIAL PROTECTION BUREAU. Richard Cordray, Obama-appointed director, also intends to serve his full term, which runs until summer 2018. The CFPB, created in the wake of the financial crisis, receives its funding through the Federal Reserve and Trump can only fire Cordray "for cause," an almost impossible standard to meet. Cordray’s cooperation is needed to implement many of the Treasury’s recommendations for overhauling mortgage rules – and that is unlikely..