FCA plans financial relief for customers amid COVID-19 pandemic
UK regulator wants a freeze on loan and credit card debt.
Regulation
Atloona Bank partners with CSI in the face of cybersecurity risks and tighter regulations
CSI will become the bank’s new managed services provider.
FCA reveals financial strife of urban and rural life
It’s mainly obvious, but explained in depth.
CFPB Overdraft Disclosure Protoypes Could Foreshadow Regs
The CFPB has released a new overdraft study, along with four prototypes of “Know Before You Owe” disclosures, which the bureau is testing, possibly ahead of regulating checking account overdrafts.
Congressional Republicans Look to Dismantle CFPB’s Arbitration Rule
It didn’t take long for Congressional Republicans to pounce on the CFPB’s final rule on arbitration agreements, which the agency released on July 10. House Financial Services Committee Chairman Jeb Hensarling said he would support use of the Congressional Review Act to dismantle the rule, while Sen. Tom Cotton (Ark.) already has drafted a CRA resolution and is working with Senate Banking Committee Chairman Mike Crapo (Idaho) to introduce it “soon.”
FCA green lights cloud technologies
We are constantly connected to the cloud (iPhone, DropBox, Google Drive just to name a few) and yet, in financial services, the adoption has been tremendously slow. In part, this is due to a lack of guidance from regulators, especially where cloud-based regulation technology is concerned. But finally there is forward progress.
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.
CFTC praises global regulatory harmonisation – just don’t expect uniformity
Global regulators are struggling to find the balance between recognising each other’s existence and learning to harmonise and coordinate their activities, and protecting domestic national economic stability. But people who can’t accept that there will be some differences in regulation between Asia, Europe and the US are not realistic, according to Timothy Massad, chairman of the Commodity Futures Trading Commission.
Trade Reporting: over the first hurdle
The deadline for trade reporting mandated by the European Market Infrastructure Regulation is 12 February, and many institutions are working hard to meet it. In this webinar, Banking Technology and the DTCC will be discussing how the industry managed the transition and what challenges remain.
BATS trading errors highlight perils of technology arms race
US exchange operator BATS Global Markets’ revelation earlier this week that it may have accidentally breached best execution regulation on thousands of client transactions over a four-year period has been criticised by senior buy-side traders, who have expressed disappointment at the failure of exchanges to serve long-term investors.
FIA hires derivatives regulation expert
The Futures Industry Association has appointed Allison Lurton as senior vice president and deputy general counsel, starting from 14 January.
FOA appoints new head of regulation
The Futures and Options Association has appointed former Financial Services Authority policy leader Natasha Stromberg as head of regulation, with core responsibility for working groups on energy, power, emissions, metals and other commodities-related areas.
