Regulation

Time to think strategically about Basel capital calculations

As part of the ongoing Basel reforms, the Bank for International Settlements is busy rewriting the rules that govern how much capital banks must maintain in order to mitigate different types of risk. So far the Standardized Approach for Measuring Counterparty Credit Risk Exposures and the Fundamental Review of the Trading Book have garnered the most attention. However, these are just two components of a much larger package of changes to the Basel capital requirements, which banks need to think about holistically and start factoring into their technology programs now

Webinar: Coping with Consumer Complaints and CFPB Expectations (Dec. 2, 2015)

Deciphering how the CFPB handles consumer complaints—and ultimately decides to take action against a company—can be difficult. During a recent Webinar, Tristram Wolf, a Ballard Spahr associate and former CFPB attorney policy writer and investigator, joined colleagues in offering an inside look at the complaint process and tips for staying out of the CFPB’s crosshairs.

House Committee Applauds Mobile Payments Innovation (Dec. 2, 2015)

In a Congressional hearing yesterday, lawmakers examined the role mobile payments technologies are playing in disrupting traditional payments, paying particular attention to how mobile has increased payments security and enabled small businesses and underbanked consumers to access electronic payments.

Trade repositories fall short warns CPMI-IOSCO study

Just under two-thirds of the world’s top nations in capital markets have now adopted international best practices, according to a new report on financial market infrastructures, but more work is needed on trade repositories.

ERPB Approves Instant Payments Plan (Nov. 29, 2015)

Instant payments are a step closer to becoming a reality in Europe, now that the European Payments Council (EPC) has submitted and received approval on its proposal for the design of a pan-European instant credit transfer framework.

Losing the risk management war

It’s no secret that past risk management practices and regulatory frameworks failed with respect to the global financial crisis. There were a number of reasons behind this, ranging from an overreliance on quantitative analysis to poor risk governance and frameworks, not to mention a lack of understanding around concentrated risk build-up such as leverage, convexity […]

A lesson in effective stress testing

Integrated stress testing is the preferred tool from a supervisory perspective. And that’s on a global basis. It may not be new, but it is featuring increasingly higher on the regulatory agenda and so understanding the technological opportunities is all important. A key building block for effective and integrated stress testing is an integrated balance sheet strategy

Market infrastructures must work with tech firms to combat cyber-threats

Financial market infrastructures must work with the “broader ecosystem” to improve the resilience of the international financial system in the face of “inevitable” cyber-attacks. The latest guidance document from the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions – Guidance on cyber resilience for financial market infrastructures – looks to […]

San Francisco Suit Seeks Billions from Amex over Anti-Steering Rules (Nov. 25, 2015)

Following a federal court’s ruling earlier this year that American Express violated anti-trust laws by prohibiting merchants from encouraging customers to use alternate payment methods, San Francisco’s City Attorney has filed a lawsuit against the payments network, seeking billions in penalties and damages as part of a statewide consumer action.

In Wake of Paris Attacks, France Eyes Stricter Prepaid Rules (Nov. 24, 2015)

French officials are calling for tighter regulation of prepaid products in the European Union, claiming that prepaid cards were in preparation for the terrorist attacks in Paris earlier this month. The proposal to tighten prepaid regulation is part of a broader initiative to combat terrorist financing.

Philly Fed Study Measures Consumers’ Reaction to Breach

A new study from the Federal Reserve Bank of Philadelphia finds, not surprisingly, that consumers affected by a data breach are much more likely to opt for fraud protection, while those consumers who are unaffected or only hear news about breaches are less likely to use fraud prevention services.

One in five UK bank accounts hit by cybercrime

One in five UK consumers (21%) have had personal details stolen and their bank accounts used to buy goods and services as a result of a cyber security breach, according to new research from business advisory firm Deloitte.

Correspondent banking faces ‘existential crisis’ warns PwC

De-risking, motivated by short-term risk-reward calculations, should not be allowed to kill off one of the cornerstones of the global financial system. Rather than abandon correspondent banking relationships, banks should be thinking about investing in and automating their risk controls, according to a new whitepaper by PwC.

CFPB Pushes Back Prepaid Final Rule Release

The CFPB announced in a Nov. 20 blog post that it has updated its regulatory agenda, including the schedule for its final rule on prepaid accounts, which now is expected to be released in March 2016. Several lawmakers have expressed concern over the CFPB’s broad proposed rulemaking on prepaid, noting that consumers, including those that rely on overdraft and government benefits, may be harmed if the rules go too far.

FDIC Issues Revised Brokered Deposit FAQs Affecting Prepaid (Nov. 16, 2015)

The FDIC last week issued a revised financial institution letter soliciting public opinion on a proposed update to its series of FAQs related to identifying, accepting and reporting brokered deposits. The revised guidance, which has a 45-day comment period that ends Dec. 28, has far-reaching implications for the prepaid industry.

Data at heart of efforts to rebuild trust — but don’t expect miracles

Trust – or more often, the lack of it – has become a recurring theme in financial services over the last few years. But if financial institutions really wanted to rebuild trust, they might start by looking at some of the safety improvements made by other industries such as the aviation industry, many of which rely on data, according to speakers at the Mondo Visione exchange forum in London.

EC admits MiFID II delay is ‘necessary’

The European Commission has acknowledged that further delay to MiFID II may be ‘necessary’, following a letter from ESMA which said it would not be possible to implement the legislation in time. The delay follows an earlier setback in May and means the new rules could be delayed until January 2018.

One bank challenger less in London

Regulatory ‘sandbox’ will boost innovation says FCA

UK regulator the Financial Conduct Authority is planning to launch a ‘regulatory sandbox’ that will allow businesses to test out new products and services without ‘incurring the normal regulatory consequences’. The move is part of the FCA’s year-old Project Innovate, which aims to boost competition and growth in financial services.

Addressing technology debt in the wake of regulation

Recent years have seen unprecedented changes to the technical infrastructure of financial institutions. Many of these changes have been driven by regulatory mandates drawn up in response to the financial crisis of 2007/8. As the Global Systematically Important Banks battle to comply with the January 2016 deadline of the Basel III Directive BCBS239, it is […]

Viewpoint: Virtual Currency State Roundup

Legislators and regulators are grappling with how to apply existing money transmitter laws to an emerging industry. Read about the challenges and latest developments across the U.S.

FSB targets ‘too big to fail’ dilemma

Global regulatory body the Financial Stability Board has released two guidance papers which aim to solve the “too big to fail” scenario and prevent a re-run of the financial crisis by promoting the resolvability of systemically important financial institutions.

Senate OKs Cybersecurity Bill Encouraging Info Sharing (Oct. 28, 2015)

The Senate has approved a cybersecurity bill that would make it easier for the private sector and governmental agencies to share information about potential cyberthreats. The Cybersecurity Information Sharing Act passed yesterday by a vote of 74-21, after several failed attempts to advance the bill. The House passed a companion bill earlier this year, which means a combined bill soon will be headed for President Obama’s desk.

Why pending rate rises fuel the need for collateral optimisation

Eight years on from the global financial crisis, and banks continue to face a growing number of challenges. Many have ceased or significantly reduced proprietary trading, with the resulting reduction in both risk and reward. This period has also seen lower risk appetite among many investors and continuing global competition which has put pressure on profit margins,

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