SEC rules on cyberincident reporting are in the offing

Analysis: Banks face uncertain times in Washington | Consumer spending boosted by rising US dollar | Banks lift pandemic-era protocols Created for {EMAIL} | [Web Version]( September 7, 2022 [SIGN UP]( ⋅ [SHARE]( [] Risk Management and Insurance [] [Analysis: Banks face uncertain times in Washington]( The scale of support for the Republican Party in the midterms will determine whether the banking sector continues to enjoy a relatively benign legislative environment, argues Washington insider Ian Katz. Items in the legislative inbox that now face an uncertain outlook are access to the banking system for the legal cannabis market, the overhaul of credit card charges, and reform of bank overdraft fees. Full Story: [American Banker]( (9/2) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] [Consumer spending boosted by rising US dollar]( The Bank for International Settlements' Real Effective Exchange Rate for the dollar shows that the currency continues to strongly outperform all other major currencies, which is bolstering US consumers' spending power, despite inflation and rising prices. Steve Englander, Standard Chartered's global head of foreign exchange research and North America macro strategy, notes that the combination of currency strength and cheaper US imports presents other economies with "a double whammy of higher import prices and tighter liquidity conditions." Full Story: [The Wall Street Journal]( (9/5) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] - [Banks lift pandemic-era protocols]( Reuters (9/2) [] - [Consumer sentiment down despite economic outlook]( The Wall Street Journal (9/4) [] Cybersecurity [] [SEC rules on cyberincident reporting are in the offing]( Proposals have been made, but the Securities and Exchange Commission still hasn't formally issued rules on how publicly traded companies must handle cybersecurity incidents. Industry concern is growing, given that the SEC fined UBS, JPMorgan Chase and online service TradeStation this summer for customer identification program shortcomings. Full Story: [SC Media]( (9/4) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] - [Why "identity sprawl" continues to be a problem]( BetaNews (9/5) [] Government Regulation [] [Fed struggles to define neutral interest rate]( The Federal Reserve faces a challenge in determining a neutral interest rate in this environment, with 39% of economists surveyed by Bloomberg agreeing with the Fed the rate should be 2.5%. "There certainly seems to be a slight shift in where the Fed thinks the current 'restrictive' threshold would be," Bloomberg Chief US Economist Anna Wong says. Full Story: [BNN Bloomberg (Canada)]( (9/6) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] - [Experts warn on cost of Biden's $1T student loan plans]( The Wall Street Journal (9/5) [] Innovation [] [Citi to test ways to offer loans without credit scores]( Citigroup is planning a pair of pilot programs next year aimed at reaching underserved communities. The initiatives include offering a credit card to individuals with no credit scores through the bank's participation in the Office of the Comptroller of the Currency's Project REACh, and simplifying access to credit for small businesses run by minorities, women and veterans. Full Story: [The Wall Street Journal]( (9/3) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] [] The greatest pleasure is obtained by improving. [Ben Hogan](, professional golfer [LinkedIn]( [Twitter]( [Facebook]( [Email]( LEARN MORE ABOUT Aon Financial Institutions: [Aon Home Page]( | [Aon Financial Institutions]( [Thought Leadership]( | [Media Room]( About Aon Financial Institutions The Aon Financial Institutions Practice develops risk transfer and consulting solutions for a wide range of businesses including banks, insurance companies, asset managers and diversified investment and finance firms. 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