All Finance News
Top stories summarized by our editors
6/23/2017

Bank of France Governor Francois Villeroy de Galhau has voiced support for the European Commission's proposal to shift oversight of euro-denominated derivatives clearing to the EU from London after Brexit. He says it would not be viable for London to continue its dominance of the activity, although he adds that further clarification of the proposal is needed.

More Summaries:
European Commission, EU
6/23/2017

Regulators should re-evaluate requirements placed on bank boards, says Treasury Secretary Steven Mnuchin, who, as head of the Financial Stability Oversight Council, can order such a review. Boards should be concerned with strategy rather than everyday management, a Treasury Department report on post-crisis regulation says.

6/23/2017

Hacking group CyberTeam took to Twitter to claim responsibility for a distributed-denial-of-service attack that took Skype offline, saying that the attack was "all for fun." In a tweet, the group suggested that it would attack digital gaming platform Steam next.

More Summaries:
DDoS attack, Twitter
6/23/2017

British Prime Minister Theresa May has told a European Council summit the 3 million EU citizens residing in the UK can stay after Brexit, a move German Chancellor Angela Merkel calls a good start. However, the offer depends on EU states giving the same protection to UK citizens, May says.

6/23/2017

A judge on Brazil's Federal Supreme Court has sent to the highest-ranking prosecutor the results of an investigation into accusations that President Michel Temer accepted bribes. The allegations were made in testimony from members of the family that owns meatpacker JBS, in which they said they paid Temer $4.6 million to win government contracts, obtain free loans from a state-run development bank and resolve tax disputes.

Full Story:
Reuters
6/23/2017

Podcasts can be useful for advisors to differentiate themselves from competitors, as well as to market services, educate clients and strengthen reputation, writes estate planner and author Craig Hersch. He offers tips for producing an effective podcast series.

Full Story:
WealthManagement
6/23/2017

CBA is one of 22 organizations recommending replacing the single director of the Consumer Financial Protection Bureau with a five-person bipartisan committee. The organizations have presented the recommendation in a letter to members of the House and Senate appropriations committees.

6/23/2017

Officials from the Federal Reserve and the Federal Deposit Insurance Corp. have asked Congress to ease the regulatory burden on small banks. Fed Governor Jerome Powell says a $50 billion asset threshold established by the Dodd-Frank Act should increase so the Volcker rule applies only to the biggest banks, but he has not specified a number.

Full Story:
CNNMoney
6/23/2017

Regulators have told lawmakers they might ease the burden on financial institutions by requiring living wills every two years instead of annually. Federal Reserve Governor Jerome Powell and Federal Deposit Insurance Corp. Chairman Martin Gruenberg said they might make the content of living wills less demanding for all but the biggest and most complex banks.

6/23/2017

The Alternative Reference Rates Committee, which is made up of major international banks, chose a Treasurys-backed repurchase agreement rate as an alternative to the London Interbank Offered Rate. "I am confident the new reference rate chosen today by the Alternative Reference Rates Committee is based on a deep and actively traded market and will be highly robust," said Jerome Powell of the Federal Reserve.