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Category Archives: Financial System

Post Recession College Graduate Savings Increased

Josh Zumbrun – WSJ: “In 2002, savings rates for people of all education levels was hovering between 1% and 3%. Your education didn’t have much to say about how you saved money. In early 2003, college graduates even briefly had negative savings rates, while everyone else was dutifully setting some cash aside. What a difference aContinue Reading

How the SEC Helps Speedy Traders

Jackson, Robert J. and Mitts, Joshua, How the SEC Helps Speedy Traders (November 6, 2014). Available for download at at SSRN: or “We show that the Securities and Exchange Commission’s system for disseminating market-moving information in securities filings gives some investors an advantage over others. We describe two systems — the SEC’s fileContinue Reading

Basel capital framework national discretions

“The Basel standards include a number of national discretions that allow countries to adapt the international standards to reflect differences in the structure and development of financial systems. However, the use of national discretions can also impair comparability across jurisdictions and has been found to be a driver of variability in risk-weighted assets. The CommitteeContinue Reading

OCC Fines Three Banks $950 Million for FX Trading Improprieties

News release: “The Office of the Comptroller of the Currency (OCC) today assessed $950 million in fines against three national banks for unsafe or unsound practices related to their foreign exchange (FX) trading businesses. The fines against Bank of America, N.A.; Citibank, N.A.; and JPMorgan Chase Bank, N.A., follow multiagency examinations and investigations of the banks’Continue Reading

Pew – Banking practices at financial institutions serving the military

“An earlier version of “Checks and Balances, Stars and Stripes,” a report on checking account practices of banks and credit unions on military installations, included several incorrect or incomplete statements and data points regarding transaction ordering. We take accuracy very seriously. The original report and accompanying news release, published on October 28, were revised andContinue Reading

New GAO Reports – Defense Contract Audit Agency, IRS Financial Audit, Spent Nuclear Fuel Management, Federal Real Property

DEFENSE CONTRACT AUDIT AGENCY: Additional Guidance Needed Regarding DCAA’s Use of Companies’ Internal Audit Reports, GAO-15-44: Published: Nov 12, 2014. Publicly Released: Nov 12, 2014. FINANCIAL AUDIT: IRS’s Fiscal Years 2014 and 2013 Financial Statements, GAO-15-173: Published: Nov 12, 2014. Publicly Released: Nov 12, 2014. SPENT NUCLEAR FUEL MANAGEMENT: Outreach Needed to Help Gain Public Acceptance for Federal Activities That Address Liability, GAO-15-141: Published:Continue Reading

Home Depot Reports Findings in Payment Data Breach Investigation

News release: “The Home Depot®, the world’s largest home improvement retailer, today disclosed additional findings related to the recent breach of its payment data systems. The findings are the result of weeks of investigation by The Home Depot, in cooperation with law enforcement and the company’s third-party IT security experts. Additional Investigation Details Disclosed – InContinue Reading

Cyber resilience in financial market infrastructures

Bank for International Settlements: “Given the critical role that financial market infrastructures (FMIs) play in promoting the stability of the financial system, the Committee on Payments and Market Infrastructures (CPMI) has sought to understand the current cyber risks faced by FMIs and their level of readiness to effectively deal with worst case scenarios. The reportContinue Reading

Employment-Based Retirement Plan Participation

Employment-Based Retirement Plan Participation: Geographic Differences and Trends, 2013. October 2014 . Issue Brief #405 Employee Benefit Research Institute, 2014 “The percentage of workers participating in an employment-based retirement plan rose in 2013, increasing for the first time since 2010 among all workers and private-sector workers. The retirement plan participation level depends on the type of worker beingContinue Reading

How CBO Analyzes the Effects of Changes in Federal Fiscal Policies on the Economy

“Analyzing the effects on the overall economy of changes in federal fiscal policies—that is, policies governing taxes and spending—requires complex modeling and a significant amount of time. CBO undertakes such analyses in certain reports and for some major pieces of legislation; some of those analyses include the feedback effects of changes in the economy onContinue Reading

New GAO Reports – Compounded Drugs, Bureau of Fiscal Service Audit

COMPOUNDED DRUGS: Payment Practices Vary across Public Programs and Private Insurers, and Medicare Part B Policy Should Be Clarified, GAO-15-85: Published: Oct 10, 2014. Publicly Released: Nov 10, 2014. FINANCIAL AUDIT: Bureau of the Fiscal Service’s Fiscal Years 2014 and 2013 Schedules of Federal Debt, GAO-15-157: Published: Nov 10, 2014. Publicly Released: Nov 10, 2014.

The global financial cycle and how to tame it

The global financial cycle and how to tame it – Panel remarks by Hervé Hannoun, Deputy General Manager of the BIS, at the International Symposium of the Banque de France “Central banking: the way forward?”, Paris, 7 November 2014 “My four comments today will cover national and global financial cycles; the excess elasticity of the international monetaryContinue Reading