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FSOC rebuked over characterisation of non-bank mortgage companies

In a rebuke of the Financial Stability Oversight Council’s (FSOC) characterisation of non-bank mortgage companies as a threat to financial stability, consultant Christopher Whalen wrote that their riskiness is overstated. 

CECL to have limited impact on US banks

The large listed US banks will see a limited impact on their loan loss reserves from the new Current Expected Credit Losses (CECL) accounting standard, according to an analysis of banks' third quarter 2019 preliminary estimates by Moody's Investors Service.

Commissioner says SEC struggling with tech trends

Rapidly evolving trends such as digital assets and robo-advisers are emerging as key challenges to regulators, said Robert Jackson, a commissioner at the Securities and Exchange Commision (SEC).

US financial firms warned by regulators to beef up cyber defences

US financial institutions have been warned of an increased risk of cyber attacks by US federal regulators who are calling on firms to increase their cyber security controls.

New York retains crown as world’s top financial centre

New York not only remains the world’s top financial centre, but has extended its lead over London as the UK struggles with leaving the EU and Asian centres make greater in-roads, according to a report by consultants Duff & Phelps.

Fed finalises rule for determining when a company controls a bank

The Federal Reserve Board has finalised a rule to simplify and increase the transparency of its rules for determining control of a banking organisation making the process more predictable.

CFTC proposes position limits on commodity futures contracts to stem price manipulation

The Commodity Futures Trading Commission (CFTC) proposes placing position limits on 25 commodity futures contracts such as crude oil and gold to curb the ability of market participants to manipulate prices.

US regulators proposing easing Volcker Rule restrictions on venture capital funds

As part of an overhaul of the Volcker Rule, US banks could once again take stakes in venture capital funds, US federal regulators said.

US stress tests to include scenario on corporate debt problems

The harshest scenario in the 2020 US Comprehensive Capital Analysis and Review (CCAR) and stress tests will include a severe global recession, stressed corporate debt and commercial real estate markets, and leveraged loan pressures. 

Mnuchin dismisses CLO fears, but frets about mortgage origination

During a Congressional hearing, US Treasury secretary Steven Mnuchin expressed concern for financial stability over the rapid growth of non-bank mortgage originators, but was more relaxed about the rise in CLOs. By Justin Pugsley.