We previously analyzed how Dodd-Frank and how the new regulations have impacted large banks as well as midsize and small banks. This time, we will look at how the law meant to address one issue (avoid a financial meltdown similar to 2008) might have created other challenges for banks – the most important one that of regulatory reporting:
Regulatory Pain Points For Small And Medium Sized BanksHEXANIKA
Community and mid-sized banks are facing added regulatory burden post the implementation of the Dodd-Frank Act. This pressure has caused one in four local banks to close down since 2008. Let us review the key pain points that are the reason for small and medium sized banks to feel the regulatory pressure.
FATCA: why is it so difficult even after so many years?HEXANIKA
Under this law, all non-U.S. Foreign Financial Institutions (FFI’s) are required to search their records for U.S. persons and to report the assets and identities of such persons to the U.S. Department of the Treasury. Read the detailed report here:
The Volcker Rule: Its Implications and AftereffectsHEXANIKA
The Volcker Rule is named after Paul A. Volcker, chairman of the Federal Reserve during the 1980s and an elder statesman of the financial world. He acted as an advisor for President Obama in 2008 and was instrumental in the passing and creation of the Rule. It aims to prevent large banks from engaging in speculative trading activity with the idea that important banks support the economy by lending to consumers and businesses. We briefly explain the Volcker Rule, the challenges it brings to banks and how they can be addressed:
Mortgage Banking: A Holistic Approach to Managing Compliance RiskCognizant
With regulatory compliance requirements rapidly on the rise, we offer a full-spectrum approach for mortgage banks for compliance risk management, combining regulatory analysis, identifying competing regulations, instituting operational process controls, effective data quality and document management strategies.
Regulatory Pain Points For Small And Medium Sized BanksHEXANIKA
Community and mid-sized banks are facing added regulatory burden post the implementation of the Dodd-Frank Act. This pressure has caused one in four local banks to close down since 2008. Let us review the key pain points that are the reason for small and medium sized banks to feel the regulatory pressure.
FATCA: why is it so difficult even after so many years?HEXANIKA
Under this law, all non-U.S. Foreign Financial Institutions (FFI’s) are required to search their records for U.S. persons and to report the assets and identities of such persons to the U.S. Department of the Treasury. Read the detailed report here:
The Volcker Rule: Its Implications and AftereffectsHEXANIKA
The Volcker Rule is named after Paul A. Volcker, chairman of the Federal Reserve during the 1980s and an elder statesman of the financial world. He acted as an advisor for President Obama in 2008 and was instrumental in the passing and creation of the Rule. It aims to prevent large banks from engaging in speculative trading activity with the idea that important banks support the economy by lending to consumers and businesses. We briefly explain the Volcker Rule, the challenges it brings to banks and how they can be addressed:
Mortgage Banking: A Holistic Approach to Managing Compliance RiskCognizant
With regulatory compliance requirements rapidly on the rise, we offer a full-spectrum approach for mortgage banks for compliance risk management, combining regulatory analysis, identifying competing regulations, instituting operational process controls, effective data quality and document management strategies.
TIP on Tax: New rules may ease burden for small shareholders in tech acquisit...Grant Thornton LLP
This is the fourth installment of TIP on Tax, a series from Grant Thornton LLP’s Technology Industry Practice (TIP). The series introduces key tax issues for dynamic technology companies. In our first article, we explored strategies for managing net operating losses (NOLs) generated in the startup phase. More at: http://gt-us.co/TIPonTax
Commercial Bank Powerpoint Presentation SlidesSlideTeam
"You can download this product from SlideTeam.net"
With our content-ready 44 slides Commercial Bank PowerPoint Presentation Slides, you can easily showcase different topics related to commercial banking. This will save you money, time and business resources as you will not require to make the PPT from scratch. You can take advantage of these financial institution's PPT slides to understand various topics such as banking organizational hierarchy with designations, banking structure, major trends in banking Industry, key growth drivers banking industry, various services provided by banks to its customers, etc. Here we have comprehensively covered each and every aspect of community banking. Download our readymade cash management PowerPoint presentation slideshow to easily sail through the tough task of planning everything on your own. What are you waiting for just click download and increase the extent of your accomplishments by using our financial bank PowerPoint presentation deck? Give their aspirations a fresh boost. Our Commercial Bank Powerpoint Presentation Slides will convince them to go one better. https://bit.ly/3pUOQjh
Commercial Bank PowerPoint Presentations Slides SlideTeam
Presenting this set of slides with name - Commercial Bank Powerpoint Presentation Slides. This complete deck is oriented to make sure you do not lag in your presentations. Our creatively crafted slides come with apt research and planning. This exclusive deck with fourty four slides is here to help you to strategize, plan, analyse, or segment the topic with clear understanding and apprehension. Utilize ready to use presentation slides on Commercial Bank Powerpoint Presentation Slides with all sorts of editable templates, charts and graphs, overviews, analysis templates. It is usable for marking important decisions and covering critical issues. Display and present all possible kinds of underlying nuances, progress factors for an all inclusive presentation for the teams. This presentation deck can be used by all professionals, managers, individuals, internal external teams involved in any company organization.
2015 banking outlook: The future is bright, but change your password Grant Thornton LLP
Organic growth will remain elusive, but banks can boost performance by focusing on honing operational efficiencies and shoring up risk management.
Learn more - http://gt-us.co/1uaqYal
Compendio sistematizado de regulaciones USA relevantes en materia de fraude corporativo, corrupción, compliance y eventual riesgo penal internacional (también, en varias de ellas, para empresas chilenas, o sus dueños y ejecutivos)
Industry and firm profile- MBA course papergirish0984
The objective of this document is to study a particular industry and a firm within that industry. This document describes the Financial Services Industry and JP Morgan bank.
High regulatory costs for small and mid sized banksHEXANIKA
Anecdotal evidence from bankers suggests that the cost of complying usually increases with new rules and regulations when large statutory changes are made to financial laws and rules of any country or region[1]. This burden increases significantly when such changes are made especially after a financial crisis. New regulations stemming from the financial crisis has cost the six largest U.S. banks $70.2 billion as of the end of last year[2]. Between the end of 2007 and the end of 2015, regulatory fines rose by more than 100% – or $35.5 billion- according to data from policy-analysis firm Federal Financial Analytics Inc. As per Federal Financial Analytics, the reporting costs come from a mix of requirements that are specific to these banks, e.g. particular capital surcharges that apply to banks with assets over $50 billion but impose the largest cost on the six biggest banks due to their size or risk
As of January 1, 2018, lenders subject to the reporting requirements of the Home Mortgage Disclosure Act were required to begin reporting specific new information in accordance with the Consumer Financial Protection Bureau’s final rule issued in October 2015. Find out what you need to know in the areas of data collection, compliance tool and assistance, ethnicity and race data, Regulation B, privacy issues, and best practices
Doing business in China – Recent anti-corruption and briberyGrant Thornton LLP
China enforcement agencies have recently made headlines in their crackdown on corruption within the several industries. As a result of these high-profile investigations, multinationals are refreshing their current anti-corruption compliance and oversight programs to address China’s bribery laws.
TIP on Tax: New rules may ease burden for small shareholders in tech acquisit...Grant Thornton LLP
This is the fourth installment of TIP on Tax, a series from Grant Thornton LLP’s Technology Industry Practice (TIP). The series introduces key tax issues for dynamic technology companies. In our first article, we explored strategies for managing net operating losses (NOLs) generated in the startup phase. More at: http://gt-us.co/TIPonTax
Commercial Bank Powerpoint Presentation SlidesSlideTeam
"You can download this product from SlideTeam.net"
With our content-ready 44 slides Commercial Bank PowerPoint Presentation Slides, you can easily showcase different topics related to commercial banking. This will save you money, time and business resources as you will not require to make the PPT from scratch. You can take advantage of these financial institution's PPT slides to understand various topics such as banking organizational hierarchy with designations, banking structure, major trends in banking Industry, key growth drivers banking industry, various services provided by banks to its customers, etc. Here we have comprehensively covered each and every aspect of community banking. Download our readymade cash management PowerPoint presentation slideshow to easily sail through the tough task of planning everything on your own. What are you waiting for just click download and increase the extent of your accomplishments by using our financial bank PowerPoint presentation deck? Give their aspirations a fresh boost. Our Commercial Bank Powerpoint Presentation Slides will convince them to go one better. https://bit.ly/3pUOQjh
Commercial Bank PowerPoint Presentations Slides SlideTeam
Presenting this set of slides with name - Commercial Bank Powerpoint Presentation Slides. This complete deck is oriented to make sure you do not lag in your presentations. Our creatively crafted slides come with apt research and planning. This exclusive deck with fourty four slides is here to help you to strategize, plan, analyse, or segment the topic with clear understanding and apprehension. Utilize ready to use presentation slides on Commercial Bank Powerpoint Presentation Slides with all sorts of editable templates, charts and graphs, overviews, analysis templates. It is usable for marking important decisions and covering critical issues. Display and present all possible kinds of underlying nuances, progress factors for an all inclusive presentation for the teams. This presentation deck can be used by all professionals, managers, individuals, internal external teams involved in any company organization.
2015 banking outlook: The future is bright, but change your password Grant Thornton LLP
Organic growth will remain elusive, but banks can boost performance by focusing on honing operational efficiencies and shoring up risk management.
Learn more - http://gt-us.co/1uaqYal
Compendio sistematizado de regulaciones USA relevantes en materia de fraude corporativo, corrupción, compliance y eventual riesgo penal internacional (también, en varias de ellas, para empresas chilenas, o sus dueños y ejecutivos)
Industry and firm profile- MBA course papergirish0984
The objective of this document is to study a particular industry and a firm within that industry. This document describes the Financial Services Industry and JP Morgan bank.
High regulatory costs for small and mid sized banksHEXANIKA
Anecdotal evidence from bankers suggests that the cost of complying usually increases with new rules and regulations when large statutory changes are made to financial laws and rules of any country or region[1]. This burden increases significantly when such changes are made especially after a financial crisis. New regulations stemming from the financial crisis has cost the six largest U.S. banks $70.2 billion as of the end of last year[2]. Between the end of 2007 and the end of 2015, regulatory fines rose by more than 100% – or $35.5 billion- according to data from policy-analysis firm Federal Financial Analytics Inc. As per Federal Financial Analytics, the reporting costs come from a mix of requirements that are specific to these banks, e.g. particular capital surcharges that apply to banks with assets over $50 billion but impose the largest cost on the six biggest banks due to their size or risk
As of January 1, 2018, lenders subject to the reporting requirements of the Home Mortgage Disclosure Act were required to begin reporting specific new information in accordance with the Consumer Financial Protection Bureau’s final rule issued in October 2015. Find out what you need to know in the areas of data collection, compliance tool and assistance, ethnicity and race data, Regulation B, privacy issues, and best practices
Doing business in China – Recent anti-corruption and briberyGrant Thornton LLP
China enforcement agencies have recently made headlines in their crackdown on corruption within the several industries. As a result of these high-profile investigations, multinationals are refreshing their current anti-corruption compliance and oversight programs to address China’s bribery laws.
#RegReporting is a tough nut to crack! In his recent blog, Prakash Jalihal writes on why the process has become so complicated and explains how HEXANIKA can streamline Regulatory Reporting for banks using #BigData technology:
The Dodd-Frank Wall Street Reform and Consumer
Protection Act was signed into law in 2010 and ushered
in an overhaul of the US financial regulatory system so
sweeping that many of the regulations needed to fully
implement the law are still evolving in 2012. Enacted in
response to a financial crisis described as the “worst since
the Great Depression,” this massive piece of legislation
contains 16 titles, comprises 2,319 pages in its original
form, and calls for regulators from 22 separate federal
agencies to conduct dozens of new studies and create
hundreds of new rules.
This Substance of the Standard was prepared by MHM’s
Professional Standards Group to provide a timely update
of the regulations issued through March 31, 2012 — and
those that are expected in the months to come — so you
can prepare for the challenges that lie ahead.
Grant Thornton Banking Regulation: unravelling the regulatory spaghetti - mar...theitchik
Several years after the economic meltdown, banks are still struggling to navigate the waves of regulation designed to avoid further crises.
The necessity to re-regulate an industry that lacked transparency was indisputable; however, what started as a global action plan soon became a puzzle of diverging national agendas.
The Guide, written by SEC whistleblower experts Lisa J. Banks and Michael A. Filoromo provides a comprehensive and up-to-date explanation of the law and valuable practice tips for SEC whistleblowers and their counsel, and also explains the legal protections that SEC whistleblowers have against retaliation. This ninth edition of the guide includes a breakdown of rulings by the U.S. Court of Appeals and U.S. Department of Labor's Administrative Review Board that rejected appeals efforts in the United States and retaliation protections extraterritorially, and efforts in Congress to reverse SCOTUS' Digital Realty decision. Also, the Guide covers recent whistleblower awards, including the first award to a whistleblower who reported a violation internally, prompting the company to proactively report the issue to the SEC.
Banking and Financial Institutions- The Latest Updates.pptxM1NXT
From the dynamic world of banking to the cutting-edge trends in dealer finance and factoring, the financial industry is experiencing a whirlwind of changes that are shaping its present and future. In this blog, we delve into the intricate web of factors influencing financial institutions, exploring the latest updates, regulatory changes, and emerging opportunities that are redefining the way we perceive and interact with finance.
Visit: https://m1nxt.blogspot.com/2023/11/banking-and-financial-institutions.html
Finatix - The Finance Club of IIM Raipur presents
"Atharva - The Annual Finance Magazine 2018" which is the 4th edition of this kind.
The 4th edition is published with theme "Global FInancial Risks".
Magazine has cover story by Ms.Surbhi Agarwal, Director, HSBC (HK) followed by interview with Ms.Lakshmi Iyer, CIO, Kotak Mahindra AMC.
Apart from this, a national level competition - "Atharva - The Article Writing Competition" - is organized every year by Finatix and top 5 articles selected are printed in this magazine.
This magazine also contains insights of the year 2018 in brief.
Similar to Dodd-Frank's Impact on Regulatory Reporting (20)
Traditionally, data integration has meant compromise. No matter how rapidly data architects and developers could complete a project before its deadline, speed would always come at the expense of quality. On the other hand, if they focused on delivering a quality project, it would generally drag on for months thus exceeding its deadline. Finally, if the teams concentrated on both quality and rapid delivery, the costs would invariably exceed the budget. Regardless of which path you chose, the end result would be less than desirable. This led some experts to revisit the scope of data integration. This write up shall focus on the same issue.
How Big Data helps banks know their customers betterHEXANIKA
Enterprises today mine customer data to ensure maximum success by targeting their products and solutions to the right audience. Let us have a look at how Big Data and Customer Analytics are helping businesses use their customer data for maximum benefits.
On April 14, 2016, the FCA (Financial Conduct Authority), one of the prime regulators in the United Kingdom, announced that it was preparing to launch a ‘Regulatory Sandbox’. It has started accepting applications from May 9, 2016 and successful applicants will be able to directly deploy their products in this sandbox for testing purposes. Quick to follow in their heels are regulators from Singapore and Australia, who are contemplating setting up a sandbox environment of their own.
So what is a sandbox and
Automation is fast becoming a strategic business imperative for banks seeking to innovate whether through internal channels, acquisition or partnership. Implementing integrated automation solutions will enable banks to streamline the very tasks that are holding them back – removing manual intervention and ensuring that simple tasks are handled with speed and agility without error.
The financial industry has seen a sort of technological renaissance in the past couple of years. But this has also lead to a complex scenario where the problem has to be addressed from a global perspective; otherwise there arises the risk of running into an operational and technological chaos.
Some of the advantages of software automation are:
Understanding SAR (Suspicious Activity Reporting)HEXANIKA
To successfully identify the parties involved in any suspicious activity or money laundering/fraud processes, timely identification and reporting of the same is crucial. The Financial Crimes Enforcement Network (‘FinCEN’) has instituted various changes and updates to the requirements to enhance the process.
We will take a look at SAR requirements and challenges for financial institutions and focus on the solutions that can be enacted to stay compliant.
The process of data warehousing is undergoing rapidtransformation, giving rise to various new terminologies, especially due to theshift from the traditional ETL to the new ELT. Forsomeone new to the process, these additional terminologies and abbreviationsmight seem overwhelming, some may even ask, “Why does it matter if the L comesbefore the T?”
The answer lies in the infrastructure and the setup. Here iswhat the fuss is all about, the sequencing of the words and more importantly,why you should be shifting from ETL to ELT.
The story of how data became big starts many years before the current buzz around big data.The history of Big Data as a term may be brief – but many of the foundations it is built on were laid many years ago. Now, let’s look at a detailed account of the major milestones in the history of sizing data volumes in the evolution of the idea of “big data” and observations pertaining to data or information explosion:
The Solvency II Directive, along with the Omnibus II Directive that amended it became a law on March 31, 2015. On April 1, 2015 the approval processes began, and after years of delay and negotiations, the Europe-wide capital regime for insurance companies came into effect on January 1, 2016. Insurers will have to comply with new rules and capital requirements of Solvency II across the EU.
Here is a short summary of what Solvency II is and how it’ll impact financial services institutions in the US (most of which are deemed to have fully or partly equivalent rules) along with EU.
A Review of BCBS 239: Helping banks stay compliantHEXANIKA
Although the challenge to comply with BCBS 239 is vital, the scope is immense. Now that the Jan 2016 deadline for the G-SIBs is up, the rule is expected to extend to other financial institutions and banks. The principles will also apply to all key internal risk management models including market, credit, and counterparty risk. Establishing the principle guidelines and putting core capabilities in place has its merits.
The clarity that effective risk data aggregation provides will help banks streamline their businesses, and can allow banks to make better judgments through more accurate risk analysis. Aggregated information across all channels will enable to provide comprehensive support and services to existing customers. The robust data framework also helps banks supervise and anticipate future problems, giving them a clear view for data analysis.
It can lead to gains in efficiency, reduce probability of losses and enhance strategic decision making, ultimate benefiting a bank’s profitability.
Regulatory impact on small and midsize banksHEXANIKA
Recent CCAR and Dodd-Frank Stress Tests have concluded that banks are severely under the lurch due to regulatory compliance issues, small and midsize banks being the most affected. We explain the impact in brief.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
The new type of smart, sustainable entrepreneurship and the next day | Europe...
Dodd-Frank's Impact on Regulatory Reporting
1. Dodd-Frank’s Impact on
Regulatory Reporting
Author: Shankar Aiyar
Banks are under the scrutiny of various regulatory bodies to keep a check on their activities,
especially the banks conducting risky operations that could result in a meltdown, as was the
case in 2008. However, since the enactment of the Dodd-Frank Act, they are now under a
lot of stress to effectively achieve and maintain regulatory compliance. The regulatory
environment today is more dynamic and challenging than ever before, and banks hampered
by their existing legacy systems are finding it tough to cope with the changes.
We previously analyzed how Dodd-Frank and how the new regulations have impacted large
banks as well as midsize and small banks. This time, we will look at how the law meant to
address one issue (avoid a financial meltdown similar to 2008) might have created other
challenges for banks - the most important one that of regulatory reporting:
What is Dodd-Frank?
Post the 2008 Financial Crisis, the Obama administration passed ‘The Dodd-Frank Wall
Street Reform and Consumer Protection Act’, with the main motive to lower risk in various
parts of the US financial system. The Act aims to prevent another financial crisis by creating
new financial regulatory processes that enforce transparency and accountability while
implementing rules for consumer protection.1
The Act is named after US Senator Christopher J. Dodd and US Representative Barney Franks
due to their significant involvement in the creation and passing of the act. It was introduced
1
TechTarget SearchFinancialSecurity: Dodd-Frank Act
2. on March 15, 2010 and presented to the Senate on May 20. It was subsequently revised and
approved by the House on June 20. On July 21, 2010, President Obama signed the Dodd-
Frank Act into law.
What regulatory changes did the Act institute?
Through the Dodd-Frank Act, banks are now required to increase their capital cushion
(minimum liquidity holdings each financial institution is expected to hold). The Act
eliminates loopholes for hedge funds, derivatives and mortgage brokers, while the Volker
Rule (passed on Dec 10, 2013) bans Wall Street banks from owning hedge funds or using
investors’ funds to trade derivatives for their own profit.2
Other than creating additional regulations for banks to comply with, the Dodd-Frank Act
established new government agencies such as: 3
2
USA Economy: About News
3
Investopedia: Dodd Frank Wall Street Reform and Consumer Protection Act
3. Financial Stability Oversight Council (FSOC)
o Monitors performance of companies deemed “too big to fail” so they
don’t pose a threat to the economy due to their size
o Oversees non-bank financial firms like hedge funds
Orderly Liquidation Authority
o Provides money to assist with liquidation of financial companies (those
identified as financially weak)
o Can split up large banks so they don’t become “too big to fail”
o Liquidates or restructures firms that are financially weak
Federal Insurance Office (FIO)
o Identifies and monitors insurance companies that pose a systematic risk
Consumer Financial Protection Bureau (CFPB)
o Prevents risky mortgage lending
o Implements improved clarity of mortgage paperwork for customers
o Has reduced incentives for expensive loans, to prevent mortgage brokers
from pushing home buyers into higher loans
o Has instituted an act that requires loan terms to be presented in a new,
easy-to-understand format (applies to credit card companies and
consumer lenders too)
In addition, Dodd-Frank set up a Council chaired by the Treasury Secretary, having nine
members: Fed, SEC, CFTC, OCC, FDIC, FHFA and CFPA. Existing regulators and laws were
made more stringent, giving the Government Accountability Office (GAO) the right to audit
the Fed’s emergency loans during the financial crisis.4
Why are new regulations challenging for banks?
Regulatory reporting is the timely and accurate submission of raw or summary data required
by regulators to evaluate a bank’s operations and overall status, helping regulators
determine whether the financial institution is in compliance with all applicable regulatory
provisions.
4
Source: USA Economy; About News
4. The introduction of new regulations and regulators mean banks and financial institutions are
now being compelled to develop more robust processes and systems, owing to increased
requirements of reporting, calculations, reconciliations, audits, etc. To add to their pressures,
regulatory requirements differ across regions, adding more regulatory bodies to supervise a
bank’s activities as they expand to more geographies. In addition, The Basel Committee on
Banking Supervision’s regulations for effective risk data aggregation and risk reporting,
known as BCBS 239 and other regulations such as Basel III, are challenging banks to come
up with tighter reporting systems.
Other than generating information that can be used to create reports, banks need to look
into the accuracy of the reports and their timeliness. Banks need to disclose accurate
information on a periodic basis, for data inaccuracy and delay can mean huge fines. In a
recent case (April 2015), Bank of America’s Merrill Lynch was fined $20 million by Financial
Conduct Authority for inaccurate reporting of transactions.
The result is that banks are spending a lot to meet growing compliance demands and
allocating more resources to address the increased regulatory requirements. 40% of bankers
cited a need for dedicated resources, 1/5 of banks have made a significant increase in
spending and 1/10 will be spending on consultancy and advisory to meet regulatory
demands5
. An example of this regulatory challenge is the news of Citigroup increasing its
employees to nearly 30,000 dedicated to work on regulatory and compliance issues.
Shailesh Karia, Ex CIO and MD Deutshe Bank states, “55%+ of IT spend is planned for
regulatory changes in 2016 (up from 2015)”. With over 30+ years of experience working
with global Investment Banks and Consultancy, Mr. Karia adds, “The top 5 regulatory
priorities for banks in 2015-2016 are: EMIR (regulated and implemented by the European
Securities and Markets Authority), CRD IV, FATCA (tax), Dodd Frank and MIFID II.”
The seismic shift to adopting new regulations and new technologies has led to an even
more dynamic regulatory environment which most banks are struggling to cope with. This
5
SAS: Two Biggest Regulatory Compliance Challenges
5. has led financial institutions to look for fresh and innovative approaches and solutions like
those offered by RegTech firms.
Hexanika, a RegTech Compliance Solution Provider
Hexanika is a RegTech big data software company, which has developed the revolutionary
software platform SmartJoin™ and software product called SmartReg™ for financial
institutions to address data sourcing and reporting challenges for regulatory compliance.
SmartJoin™ improves data quality while the automated nature of SmartReg™ keeps
regulatory reporting in harmony with the dynamic regulatory requirements and keeps pace
with new developments and latest regulatory updates, thereby catering to market needs
efficiently.
Hexanika's product strategy centers on providing Smart Solutions towards Big Data
Analytics, Real-time Reporting, Risk Management, and Business and Technology
Transformation challenges that help financial organizations thrive and succeed in changing
business environment. Our deep banking regulatory knowledge will help banks address
issues related to data integration and consolidation, while also helping them create accurate
reports on a timely basis in an easy-to-do manner.
Contributors: Shailesh Karia and Vedvrat Shikarpur
Related Articles:
How can banks keep up with changes in Regulatory Reporting: http://hexanika.com/how-
can-banks-keep-up-with-changes-in-regulatory-reporting/
Regulatory Impact on Large Banks: http://hexanika.com/regulatory-impact-on-large-banks/
Regtech is the new Fintech: http://hexanika.com/regtech-is-the-new-fintech/
6. Contact Us
USA
249 East 48 Street,
New York, NY 10017
Tel: +1 646.733.6636
INDIA
Krupa Bungalow 1187/10,
Shivaji Nagar, Pune 411005
Tel: +91 9850686861
Email: info@hexanika.com
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