Banking
Top stories summarized by our editors
9/13/2018

Banks and corporations are seeking clarity from regulators on which benchmarks will replace the scandal-plagued Libor. "Libor was originally created for the loans market where it was fit for purpose, but once it moved into the interbank derivatives market, lack of volume meant it was no longer sufficiently robust," says Sarah Boyce of Association of Corporate Treasurers.

Full Story:
Treasury Today
9/13/2018

A PwC survey finds adoption of the ASC 842 standard has been very slow, with only 1% of companies adopting the new lease-accounting standard, although public companies are required to apply the standard before year's end. Impact assessment and data preparation are key steps for companies under pressure to meet the standard.

Full Story:
CFO
More Summaries:
PwC, ASC
9/13/2018

Merger and acquisition activity is up in 2018, though how much of this can be attributed to US tax reform is not entirely clear. A PwC survey finds most companies invested in employees since tax reform, and deal outlook overall remains positive.

Full Story:
CFO
More Summaries:
PwC
9/13/2018

Financial messaging provider SWIFT is planning to launch a pre-validation service. The service will allow customers to quickly identify errors that can delay payment messages before those messages are sent.

Full Story:
Pymnts
More Summaries:
Swift
9/13/2018

This Bank of America Merrill Lynch podcast provides insights on the risks of using mobile devices on public WiFi networks. Open WiFi systems open devices to the risk of intrusion and data interception. Using a company-provided virtual-private network is a more secure option.

9/12/2018

When the next financial crisis hits the US, the Treasury Department and regulators will need crisis-management tools Congress gave after the 2008 crisis but later took away, write former Federal Reserve Chairman Ben Bernanke and former Treasury Secretaries Timothy Geithner and Henry Paulson Jr. "We need to make sure that future generations of financial firefighters have the emergency powers they need to prevent the next fire from becoming a conflagration," they write.

9/12/2018

A coalition of US businesses from a variety of industries is introducing a multimillion-dollar effort to oppose the Trump administration's tariffs. The group's campaign includes ad purchases, outreach to lawmakers and town hall events in swing states.

Full Story:
CNBC, Reuters
9/12/2018

The number of jobs advertised by employers and the number of workers who quit reached record highs in July, the US Labor Department said. The number of unfilled positions increased 1.7%, to 6.9 million, while the number of employees deciding to leave rose 3%, to 3.58 million.

Full Story:
The Associated Press
More Summaries:
US Labor Department
9/12/2018

Supervisory guidance such as advisories and bulletins does not have the "force and effect of law," said the Consumer Financial Protection Bureau, Federal Reserve, Federal Deposit Insurance Corp., National Credit Union Administration and Office of the Comptroller of the Currency in a joint statement. Banks would not be scrutinized if supervisory guidance were not followed, the regulators said.

Full Story:
Reuters
9/12/2018

The Office of the Comptroller of the Currency reportedly has rejected a plan by Wells Fargo to repay customers who purchased auto insurance that was not needed, saying the plan does not go far enough. Sources say the OCC wants to know more about how the plan was calculated and what remediation tasks are being performed by bank employees.

Full Story:
Reuters
More Summaries:
Wells Fargo, OCC