Accurate, Focused Research on Law, Technology and Knowledge Discovery Since 2002

Category Archives: Financial System

Comparing Bank and Federal Reserve Stress Test Results

Beverly Hirtle, Anna Kovner, and Eric McKay, New York Fed: “Stress tests have become an important method of assessing whether financial institutions have enough capital to operate in bad economic conditions. Under the provisions of the Dodd-Frank Act, both the Federal Reserve and large U.S. bank holding companies (BHCs) are required to do annual stress tests and toContinue Reading

Report: Dodd-Frank Act Does Not End Too Big to Fail But Perpetuates It as Official Policy

“House Financial Services Committee Chairman Jeb Hensarling (R-TX) and Oversight and Investigations Subcommittee Chairman Patrick McHenry (R-NC) today released a committee staff report [prepared by the Republican Staff of the Committee on Financial Services] that concludes the Dodd-Frank Act did not end “too big to fail” as the law’s supporters claim, but actually had theContinue Reading

Growing Deficits Over the Long Term Would Cause Federal Debt to Exceed 100 Percent of GDP by 2039

“Last week CBO released its latest report on the long-term budget outlook. (For a quick overview of the report, take a look at The 2014 Long-Term Budget Outlook in 26 Slides.) Previous blog posts have highlighted the projected imbalance in federal spending and revenues over the next 25 years. Today’s post explains how projected shortfalls would accumulateContinue Reading

New GAO Reports – African Growth Opportunity, Consumer Finance, State Department

AFRICAN GROWTH AND OPPORTUNITY ACT: Observations on Competitiveness and Diversification of U.S. Imports from Beneficiary Countries, GAO-14-722R:  Published: Jul 21, 2014. Publicly Released: Jul 21, 2014. CONSUMER FINANCE: Credit Cards Designed for Medical Services Not Covered by Insurance, GAO-14-570: Published: Jun 19, 2014. Publicly Released: Jul 21, 2014. STATE DEPARTMENT: Implementation of Grants Policies Needs Better Oversight, GAO-14-635: Published: Jul 21, 2014. PubliclyContinue Reading

New GAO Reports – Bureau of the Fiscal Service, Tax Policy

Management Report: Improvements Are Needed in the Bureau of the Fiscal Service’s Information Systems Controls, GAO-14-693R: Published: Jul 18, 2014. Publicly Released: Jul 18, 2014: “During GAO’s audit of the Schedules of Federal Debt Managed by the Department of the Treasury’s (Treasury) Bureau of the Fiscal Service (Fiscal Service) for the fiscal years ended September 30, 2013,Continue Reading

New poll on anniversary of Dodd Frank finds majority of Americans identify Wall Street with risk

“On the 4th anniversary of the passage of the Dodd-Frank law and nearly 6 years since the financial collapse of 2008, American voters still distrust Wall Street and big banks and strongly support tough financial regulation of them, according to a new national survey of likely 2014 voters. The result is a strong majority of voters supporting stricter regulations of theContinue Reading

Almost 17 percent of outstanding past-due balance of student loans is held by those over 50

Becky Yerak and Kristin Samuelson, Chicago Tribune reporters: “A report released Wednesday by Barclays notes that 15.5 percent of outstanding student loan debt is owed by people 50 and older, including 4.2 percent held by people 60 and older. Those are staggering amounts given that outstanding student loan debt has surpassed $1 trillion, exceeding theContinue Reading

2014 Financial literacy annual report – CFPB

“Empowering people to take more control over their economic lives is essential to our mission. That’s why we’ve made financial education a critical component of our work. Our financial education strategy focuses on providing information and tools to help consumers navigate financial choices, and integrating financial capability training into other programs and services where consumersContinue Reading

Mapping and Sizing the U.S. Repo Market

Mapping and Sizing the U.S. Repo Market - Adam Copeland, Isaac Davis, Eric LeSueur, and Antoine Martin “The U.S. repurchase agreement (repo) market is a large financial market where participants effectively provide collateralized loans to one another. This market played a central role in the recent financial crisis; for example, both Bear Stearns and Lehman Brothers experienced problems borrowingContinue Reading

Agencies Finalize Technical Correction of Risk-Based Capital Rules

“The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) on Wednesday announced the finalization of a technical correction to the definition of “eligible guarantee” in the agencies’ risk-based capital rules. In April, the agencies proposed a rule to correct the definition of eligible guarantee byContinue Reading

Report – Elite Russian hackers breached Nasdq and inserted a digital bomb

BloombergBusinessWeek – Mike Riley: “In October 2010, a Federal Bureau of Investigation system monitoring U.S. Internet traffic picked up an alert. The signal was coming from Nasdaq. It looked like malware had snuck into the company’s central servers. There were indications that the intruder was not a kid somewhere, but the intelligence agency of another country.Continue Reading

New GAO Reports – FDIC Information Security, Missile Defense, National Nuclear Security Administration

INFORMATION SECURITY: FDIC Made Progress in Securing Key Financial Systems, but Weaknesses Remain, GAO-14-674: Published: Jul 17, 2014. Publicly Released: Jul 17, 2014. MISSILE DEFENSE: DOD’s Report Provides Limited Insight on Improvements to Homeland Missile Defense and Acquisition Plans, GAO-14-626R: Published: Jul 17, 2014. Publicly Released: Jul 17, 2014. NATIONAL NUCLEAR SECURITY ADMINISTRATION: Agency Expanded Use of Some Federal Oversight Reforms, butContinue Reading