Regulation

The Dodd-Frank Act has a champion in Treasury Under Secretary for Domestic Finance Mary Miller. To those who would repeal or roll it back she warns that doing so could lead to another crisis.

As new banking standards come into focus, the debate rages on about whether they will strengthen the financial system or merely bury it in red tape.

Just about every major challenge facing bankers was referenced in American Banker's second Regulatory Symposium, including Basel III, the Volcker Rule, and new CFPB rules. Speakers, including the two top leaders at the FDIC, PNC's Jim Rohr, Rep. Scott Garrett and the Treasury Department's Mary Miller, weighed in with meaty remarks. Following is a list of the top stories from the conference:

Congress has punched traditional bankers in the nose, and if we do nothing in the next 50 days, they will continue this abuse with impunity.

Regulators may be about to crack down on some of the nation's biggest banks for failing to monitor possible unlawful cash transactions.

The Missouri Division of Finance closed the $282.3 million-asset Truman Bank in St. Louis on Friday. The Federal Deposit Insurance Corp. entered into an agreement with Simmons First National Bank in Pine Bluff, Ark., to buy the bank's assets and assume its $245.7 million in deposits.

A copy of prepared remarks delivered by Under Secretary for Domestic Finance Mary Miller at the American Banker Regulatory Symposium.

The FDIC is trying to help bankers prep for exams and more clearly understand the results as part of a broader effort at improving relations, Martin Gruenberg, the agency's acting Chairman, said.

When will all the details of the much-debated Volcker Rule, which bans proprietary trading by banks, be set? FDIC Acting Chairman Martin Gruenberg is aiming for yearend. "That's the intention — to try to get it done," he said.

For banks to tap into the full potential of advanced analytics, they should address some difficult challenges, including vast quantities of poorly organized data, inadequately skilled staff and risk management operations still stuck in silos.