Weekly Topic Update (Apr 22 to Apr 28)

Fed policymakers say U.S. will see growth, not recession; make arguments for rate hike

04/20/2018

Two Federal Reserve policymakers said growth prospects in the U.S. look fairly strong, which is why the Fed is raising short-term interest rates, which will act to flatten the yield curve. In addition, they argued, the curve will likely steepen as the U.S. government runs a bigger deficit and issues more debt. New York Fed’s incoming chief John Williams, who will leave his current job as San Francisco Fed president in June, also said he expects the shrinking balance sheet will help elongate the curve by putting upward pressure on longer-term rates.

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Source: Reuters

Removal of Transferred OTS Regulations Regarding Minimum Security Procedures Amendments to FDIC Regulations

OCC, FDIC, FRS | Deposits | Lending | Commercial Lending | Mortgage Lending | Register Notice | 04/11/2018

04/18/2018

Citigroup wants executives with Bitcoin backgrounds to tackle AML issues

Finance Magnates • AML BSA CTF • Industry News

Citigroup is seeking Bitcoin professionals to strengthen its AML efforts via Linkedin’s job board. The bank is looking for a VP and a Senior VP to explore risks associated with money laundering in Bitcoin and other cryptocurrencies. It’s also seeking candidates with a Bitcoin Professional Certification. Though it isn’t mandatory, having this certification will boost potential candidates’ chances for the position. Other than Citigroup, no other firm on Linkedin’s database is seeking professionals with this certification.

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04/19/2018

State AGs want bill that would protect lawyers from debt-collection litigation rejected

Law360 (sub. req.) • Lending • Industry News

The AGs of California, New York and 18 of their counterparts voiced concerns over a bill that would shield law firms involved in debt-collection litigation from the Fair Debt Collection Practices Act. They urged Congress to reject the bill, saying the move would strip away critical safeguards.

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04/20/2018

Removal of CFPB guidance could cause auto lending uncertainty: Experts

Law360 (sub. req.) • Lending • Industry News

The senate’s move to scrap the CFPB’s guidance to prevent discriminatory markups on car lending is being called a business-friendly move to rein in the agency. However, experts say this use of the Congressional Review Act could lead to greater uncertainty and more regulation by enforcement.

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