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Francine McKenna

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  • MarketWatch
    7 articles

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  • New accounting rule aims to solve problem highlighted by GE’s multi-billion-dollar insurance loss
    16 Aug 2018—MarketWatch
    Bloomberg General Electric’s $6.2 billion hit to income in January to catch up on losses on long-term care insurance contracts highlights the problem accounting standard-setters now say will be solved with some new rules, set to take full effect in 2021. The Financial Accounting Standards Board introduced a big change on Wednesday in how U.S. insurers must update for economic events that should change their assumptions on long-term insurance contracts. FASB says new rules will now require...
  • Fed to propose changes to crisis-era rule that limited bank risky trading
    29 May 2018—MarketWatch
    Bloomberg The Federal Reserve on Wednesday will propose changes to the Volcker Rule, the regulation that is supposed to prevent banks from ever again making big bets using customer deposits. It was that risky activity that led to multibillion-dollar bailouts of several big U.S. banks during the financial crisis. The Fed’s proposal is the latest in a steady stream of efforts by the Trump administration to roll back reforms made by the Dodd-Frank Act of 2010, the law enacted after the financial...
  • House set to approve bank deregulation legislation
    21 May 2018—MarketWatch
    Bloomberg Major banks — outside of money-center giants — are set to gain a measure of relief when the House of Representatives votes Tuesday on a deregulation bill. The bill, the Economic Growth, Regulatory Relief and Consumer Protection Act, not only will make the regulatory burden lighter but will help set the stage for agencies to act further, analysts say. Those breaks include essentially eliminating the possibility of designation as a systemically important financial institution by...
  • Trump still owes lenders including Deutsche Bank as much as $480 million
    16 May 2018—MarketWatch
    Getty Images President Donald Trump’s latest financial disclosure form reports liabilities to banks and financial services firms of between $356.15 million and $480.35 million, including up to $175 million to Deutsche Bank U.S. and $150 million to Ladder Capital, a listed real estate investment trust. Robert Mueller, the special counsel heading the federal inquiry probing alleged Russian interference in the 2016 U.S. presidential race, subpoenaed records regarding Trump’s loans in December...
  • Mulvaney: CFPB doesn’t have to run a ‘Yelp’ for bank customers
    24 Apr 2018—MarketWatch
    Consumer Financial Protection Bureau acting director Mick Mulvaney told a large crowd of bankers gathered in Washington that he doesn’t have to run a “Yelp for financial services, sponsored by the federal government.” Mulvaney’s remark, delivered to the American Bankers Association, got lots of chuckles and then huge applause when he added that, in particular, he doesn’t see anything in the Dodd-Frank law that created the CFPB that requires “the Bureau,” as he prefers to call the agency, to...

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