MWU / School for Political Science, Public Policy & Geopolitics: Fw: Cost-cutting measures aren't the shot in the arm banks had hoped

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From: "Financial Services Roundtable SmartBrief" <fsround@smartbrief.com>

Date: Tue, 8 Jul 2014 08:18:01 -0500

To: <mainandwall@hotmail.com>

Subject: Cost-cutting measures aren't the shot in the arm banks had hoped

Financial services sector unsure on Clinton | Browser-based fraud continues to threaten banks | Secret Service arrests Russian man for allegedly hacking retailers

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July 8, 2014

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Financial services sector unsure on Clinton
As Hillary Rodham Clinton eyes a run for president in 2016, her need to handle a populist surge has left financial services groups unsure of where she will stand on industry issues. Clinton was willing to work with all stakeholders as a senator, but she left the Senate as the financial crisis reached its lows, said Francis Creighton, executive vice president of government affairs for the Financial Services Roundtable. "As an industry, we're not sure how her views have evolved over the last five years on what we do," he said. The New York Times (tiered subscription model) (7/7)

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Cybersecurity

Browser-based fraud continues to threaten banks
Recent warnings about the Bolware malware that targets a payment system in Brazil have put a spotlight on browser-based fraud and its threat to banks and their customers. The technique, relatively easy for hackers to create and difficult for banks to fight, inserts a fake bank interface into a user's browser, collecting information and giving hackers the ability to make transactions and use the victim's computer to commit other fraudulent acts. BankInfoSecurity.com (7/7)

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Secret Service arrests Russian man for allegedly hacking retailers
Reuters (7/7)
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Cost-cutting measures aren't the shot in the arm banks had hoped
Layoffs and other cost-cutting measures that banks have undertaken since the financial crisis began have failed to offset the rising expenses of higher pay packages and compliance with government regulations. This has left banks looking for further ways to cut costs and boost revenues. The Wall Street Journal (tiered subscription model) (7/7)

Commentary: Regulation makes money transfers costlier
Consumers who send money to family overseas are paying more for the service because of added regulations that have led some banks to stop offering the option altogether, writes Anne Wallace, senior director of consumer financial services for the Financial Services Roundtable and president of ITAC. The regulations are hurting the very people who are supposed to be the targets of efforts to bring more people into mainstream banking, she writes. Financial Services Roundtable/The Exchange blog (7/7)

Basel Committee might increase capital requirements for banks
Changes under consideration by the Basel Committee on Banking Supervision could require banks to raise and hold more capital than currently required. The rules could tighten the latitude banks have in assessing the risk of their assets and might restrict them from automatically designating certain assets, such as government bonds, as very-low-risk assets, sources said. The Wall Street Journal (tiered subscription model) (7/6)

Justice Dept. taking aggressive approach to financial crimes
Leslie Caldwell, the new head of the Justice Department's criminal division, says the agency will be "appropriately aggressive" in its efforts to crack down on financial crimes. Financial Times (tiered subscription model) (7/6)

U.S. accuses AmEx of anti-competitive practices
Rules that American Express imposes on merchants accepting its cards restrict competition with other card issuers, prosecutors said Monday at the beginning of an antitrust trial that could last eight weeks or longer. AmEx says the rules are necessary to fight the "duopoly" that Visa and MasterCard hold over the market. Bloomberg (7/7)

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Commentary: Fannie, Freddie languish under government mismanagement
Government mishandling of Fannie Mae and Freddie Mac's conservatorship is wreaking havoc in the mortgage market, William Isaac writes. Because of the destabilizing environment, investors are putting money elsewhere to the detriment of Fannie and Freddie, he writes. The Wall Street Journal (tiered subscription model) (7/6)

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Advisers want help handling Social Security decisions
Financial advisers need better information to answer questions from clients about claiming Social Security benefits, according to a study by Practical Perspectives and GDC Research. About 3 in 4 advisers plan to seek software or online tools, additional information about Social Security and other forms of support during the next 12 months, the study found. InvestmentNews (free registration) (7/7)

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For more information, please contact Judy Chapa, Vice President of Corporate Social Responsibility, at 202-589-2419 or judy.chapa@fsroundtable.org.