The FASB has proposed to tighten accounting rules for repo financing transactions to prevent the kind of abuses that played a large role in the collapses of Lehman and MF Global.
PNC, BB&T, SunTrust and other banks are asking Washington for help protecting against the recent cyberattacks attributed to the Iranian government. "The outcry is particularly significant from an industry that usually seeks to keep the government at arm's length. Financial-services groups opposed a legislative effort last year to establish cybersecurity standards for key private-sector businesses."
Financial Times
An editorial says the recent regulatory orders against JPMorgan over the Whale mess and anti-money laundering deficiencies "fall short of what the public expects" (monetary penalties and "a final finding for or against guilty conduct"). And since this is a British paper, there's also some sensitivity to our government's harsh treatment (relatively speaking) of HSBC and Standard Chartered. "Compared with US authorities' stance against non-US banks," the FT says, "the OCC and the Fed's kid-gloves approach smells of protectionism."
New York Times
This story's complicated, but the gist is basically an old TV trope: "If you want to sue securities dealers for selling you radioactive mortgage bonds, AIG, you'll have to go through the New York Fed first."
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