Banking
Top stories summarized by our editors
12/5/2019

Tech Republic looks at the 10 most significant cyberattacks of the past decade, including those targeting Equifax, Capital One and Sony Pictures. "For me, the largest hacks of the decade are not just the ones that were the biggest, but the ones that were game-changers in how we approach security," said Etay Maor, chief security officer at the cybersecurity firm IntSights.

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TechRepublic
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Tech Republic, Sony
12/5/2019

Sen. Elizabeth Warren, D-Mass., is expected to introduce a bill that would require more testing for banks that want to merge and approval of mergers from the Consumer Financial Protection Bureau. Rep. Jesús García, D-Ill., will introduce similar legislation in the House of Representatives.

12/5/2019

France and other countries should suspend taxation of internet companies until an international agreement is signed, Treasury Secretary Steven Mnuchin says in a letter to Organisation for Economic Co-operation and Development Secretary-General Angel Gurria.

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Agence France-Presse
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Steven Mnuchin
12/5/2019

The New Jersey Society of CPAs said the majority of their group opposes Gov. Phil Murphy's public bank proposal. Taxpayers should not have to subsidize the bank and the government should focus on other issues.

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Patch
12/5/2019

About 5% of the BMO Harris' Chicago-area employees are expected to be laid off in a cost-cutting move by the bank. The restructuring changes were discussed in the bank's earnings call.

12/5/2019

The Office of the Comptroller of the Currency says Wells Fargo has a backlog of human resources complaints it needs to address. Bank officials say new CEO Charles Scharf is making "significant changes," including hiring former CBA Board Member Scott Powell as chief operating officer to focus on "regulatory priorities."

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Wells Fargo, Scott Powell
12/5/2019

Democrats expressed concerns about deregulation while Republicans grilled Randal Quarles over changes to the stress capital buffer during a hearing of the House Financial Services Committee. Quarles, the vice chairman of supervision for the Federal Reserve, said changes to the 2010 Dodd-Frank Act are natural and "no rule can be truly evergreen."

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The Hill
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Randal Quarles
12/5/2019

The switch from the London interbank offered rate (LIBOR) to the new secured overnight financing rate (SOFR) could lead to lending problems for regional banks. Some banks may have to offer low rates even though their borrowing costs are increasing.

12/5/2019

The Federal Reserve is taking a close look at bank liquidity requirements after the central bank had to intervene in the repo market for the first time since the 2008 financial crisis. Part of the problem is rules about liquidity management enacted after the financial crisis, regulators said.

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Morning Consult
12/5/2019

The latest Treasury KPIs Report by Nordea finds that most treasuries have not implemented key performance indicators when it comes to tracking digitization programs, indicating a certain amount of stagnation across the industry. At the same time, the use of KPIs overall by treasuries is on the rise.

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Treasury