This editorial discusses Post-Credit Crisis reforms & how to enforce non-compliance. Integrity in Finance can become a habit, but only through consistent, repetitive good choices coupled with the fear of punitive action resulting from broken rules....
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POINT-COUNTERPOINT: THE REPEAL OF DODD-FRANK SECTION 716 Section 716, the "push out" rule, of the Dodd-Frank Act of 2010 was repealed as part of (read as: buried deep into) the budget bill late last year. There seems to be confusion as to what the repeal means....
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WHAT’S THE DIFFERENCE BETWEEN FINANCIAL SERVICE COMPANIES? When I consider the FSOC’s SIFI Designation for non-banks, I'm reminded of two things – the difference between banks & insurance companies, and the joke: “Do you know the difference between an elephant and a dozen eggs?” “No, what’s the difference?” "Well,...
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SIFI DESIGNATION FOR NON-BANK FINANCIAL COMPANIES The Financial Stability Oversight Council (FSOC) approves the non-bank financial institutions viewed as Significantly Important Financial institutions (SIFIs). SIFI Designation requires all eight regulators: OCC, FDIC, CFPB, FHFA, FRB, NCUA, CFTC & SEC, one independent member with insurance expertise, and...
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Davis Polk’s Dodd-Frank Progress Report Those insightful, intelligent people at Davis Polk continue to put out some of the most concise and readable information on Dodd-Frank. 4th Anniversary Progress Report Enjoy the 4-Year Anniversary Edition of Polk’s Dodd-Frank Progress Report....
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6 KEY BANKS SIGNED UP FOR GLOBAL KYC REGISTRY Swift, the global messaging system, has entered into a memorandum of understanding with six key banks (Bank of America Merrill Lynch, Citibank, Commerzbank, JPMorgan, Societe Generale & Standard Chartered) to develop Swift’s KYC (Know Your Customer) Registry. The KYC Registry...
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