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GAO: Room for improvement in FSOC process
trueThe Financial Stability Oversight Council process for designating systemically important non-bank financial institutions, or SIFIs, could have more accountability and transparency, said a report issued Thursday by the Government Accountability Office.
Senators call on Treasury to help smaller employers offer retirement plans
trueThe Treasury Department could promote more retirement programs among small employers by making it easier for them to join multiple-employer plans, several members of the Senate Finance Committee said in a letter to Secretary Jacob Lew.
Fed minutes show caution over foreign markets
trueSome members of the Federal Open Market Committee remain concerned about slower-than-expected economic growth in the coming months if foreign economies continue to struggle, said minutes from their late Oct. 28-29 meeting released Wednesday.
SEC to require backup operational plans for large-volume trading venues
trueThe SEC on Wednesday approved requiring large-volume equity exchanges, alternative trading systems and dark pools to submit to the agency backup operational plans in case those venues' technological systems break down.
FSOC process necessary, Dodd says
trueThe Financial Stability Oversight Council's mission to identify systemically important non-bank financial institutions is necessary, former Sen. Christopher J. Dodd said Tuesday at an event marking the fourth anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Federal retirement benefits likely target for GOP
trueFederal employees are bracing for more bad news about their retirement benefits as Republicans prepare to control both chambers of Congress.
Defense Department urged to shift to hybrid retirement plan
trueThe Department of Defense could save billions of dollars and expand benefits coverage if it adopted a hybrid retirement plan, according to a Rand Corp. study.
Credit Suisse gets temporary asset manager exemption from DOL
trueThe Department of Labor is deferring a final decision on Credit Suisse’s bid for permission to continue providing asset management services to retirement plans, after its banking entity pleaded guilty to helping U.S. citizens avoid taxes overseas.
18 banks sign ISDA rules to delay swaps termination rights
trueNew rules that will delay swaps termination rights and collateral demands were signed by 18 major banks, the International Swaps and Derivatives Association announced Wednesday.
Regulators levy $4.4 billion in fines on banks for forex manipulation
trueCitibank, HSBC, J.P. Morgan Chase, Royal Bank of Scotland and UBS received a combined $3.4 billion in penalties from U.S., U.K. and Swiss regulators for manipulating foreign exchange benchmark rates to benefit certain traders from 2008 to 2013.
First fines in forex probe expected Wednesday
trueU.S., U.K. and Swiss authorities are preparing to levy the first penalties over foreign-exchange manipulation against at least six banks on Wednesday.
Justice Department, SEC probe State Street over political contributions
trueThe Justice Department and Securities and Exchange Commission are investigating State Street Corp. concerning the custody bank's solicitation of business from public pension funds, including “at least one instance” when one of its consultants made political contributions during and after a public ...
Book pushes changes to forestall retirement crisis
trueThe U.S. retirement system needs an upgrade, says a new book recommending changes in defined contribution plans, tax policy, legislation, and Social Security.
Critics strike back at tick-size pilot program
trueThe inclusion of a trade-at provision in the SEC's proposed small-cap tick-size pilot program is proving controversial, with debate centering on whether it unfairly targets dark pools and makes the overall pilot too complex.
GOP Congress might revisit tax incentives for retirement plans
trueAs Republicans prepare to take control of the 114th Congress in 2015, their agenda could change the tax incentives for retirement plan sponsors and participants. Money managers could also see changes if the new Congress revisits much-criticized financial regulation.