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3/24/2017

Supporters of economic growth should back stronger regulation of the financial sector, not deregulation, said European Central Bank President Mario Draghi. "Stronger rules for the financial sector and better supervision actually belong to the growth agenda," he said in a report on the ECB's supervisory activities.

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European Central Bank
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Mario Draghi, ECB
3/24/2017

Despite the emergence of encouraging data on economic growth and pricing, there is "no reason" for the Bank of Japan to change its aggressive stimulus policies, BoJ Governor Haruhiko Kuroda said. The central bank is still a long way from reaching its 2% inflation target, he said.

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Reuters
3/24/2017

The Securities and Exchange Commission has been asked to watch for conflicts of interest in Carl Icahn's position as an adviser to the Trump administration. Icahn's wide-ranging investment portfolio and lack of clarity on his role and influence have raised concerns.

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Bloomberg
3/24/2017

The number of bitcoin-related scams promoted online has increased significantly in March, according to security firm ZeroFox. The company said it had identified bitcoin fraud on 8,742 social media posts linked to 3,618 unique URLs over a three-week period.

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social media
3/24/2017

A correlation exists between the number of referrals an advisor gains and the number of connections an advisor makes with clients via Facebook, according to research by Stephen Boswell and Kevin Nichols of The Oechsli Institute. The study shows advisors who connect with clients regularly on Facebook receive significantly more referrals than those who don't, suggesting Facebook is an important differentiator in word-of-mouth influence when used properly.

3/24/2017

Caregivers to victims of elder financial abuse incur an average cost of $36,000, a study by Allianz Life shows. This has prompted a call for protection from collateral damage for caregivers, who are set to increase in coming years.

3/24/2017

The Consumer Financial Protection Bureau's prepaid-card rule would extend error resolution and liability protection for unregistered cards, making financial institutions responsible for fraud investigation on cards without consumer information. "Here's the problem: Fraudsters are always looking for new ways to break the system, and they are quite sophisticated, so once they figure out that they can do it, it could be a big issue," said Ben Jackson, Mercator Advisory Group's director of prepaid advisory services.

3/24/2017

The US would make a big mistake by taking the Dodd-Frank Act completely off the books, but that doesn't mean the law couldn't be improved, according to a paper by Tobias Adrian and Maurice Obstfeld, chief economist for the International Monetary Fund. "There is certainly room for simplification," they wrote.

3/24/2017

Jay Clayton, President Donald Trump's nominee to be chairman of the Securities and Exchange Commission, said the Dodd-Frank Act should be looked at to see if its objectives are being achieved, but he doesn't have "specific plans for attack" against the law. The SEC should continue its work on rules mandated by Dodd-Frank that haven't yet been completed, he said.

3/24/2017

A European Central Bank official says London-based banks that want to maintain access to the EU's single market after Brexit would be well advised to move key operations to the EU, intimating that their applications may be given expedited entry. Meanwhile, a number of US investment banks with London offices reportedly are actively seeking to move those operations to Frankfurt, Germany.

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Reuters, Reuters