US Treasury Officials Considering Banking Regulations Revamp

The US Treasury department is preparing to release a report on Monday that will propose a revamp of banking regulations, according to The Wall Street Journal. The financial newspaper also highlights that Trump administration officials will recommend limiting the powers of the Consumer Financial Protection Bureau (CFPB).

A broad range of banking rules are being reviewed and reassessed. There are no immediate plans to curtail the Volcker rule, which prevents financial institutions from using their own funds to place bets on the market. The paper is said to be reviewing the possibility of limiting the action to banks that have less than $10 billion in assets.

The report is following up on an executive order signed by President Trump in February, which directed different agencies to find ways to reduce regulatory burdens on business.

The proposals in the report are not going as deep as the legislation which the US House of Representatives passed last week. The Republicans pledged last week to overhaul financial Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term in a brisk fashion, seeking an end to the major hurdles that face financial institutions.

The US Treasury is also criticizing the CFPB for its oversight of financial institutions. The correct legislative framework does not allow the White House to replace the director of the bureau. Any changes to the operation will need to be ratified by congress.

The Community Reinvestment Act is also likely to get a review, The Wall Street Journal reports. The law is aimed at ensuring that banks address local credit needs. Leveraged loans will also get a review. The US Treasury is expected to release the document later on Monday. Full details to follow.