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New head of FDIC plans to review financial health rating system

“Jelena McWilliams, who became FDIC chair this month, said she wants the regulator to be more transparent about how it rates banks’ financial health using the so-called CAMELS rating system” reports businessinsider.com. Like other bank regulators, the FDIC uses the CAMELS system to measure a bank’s overall financial condition.The Clearing House and other groups have complained that the system, as applied by the FDIC, is opaque because banks are not able to contest their rating.McWilliams said she soon intends to open the CAMELS system and other regulations to public comment…

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Scant abortion-related ER visits suggest there’s no medical basis for restrictive laws, study says

“The regulations have led to the shuttering of many clinics where abortion services were provided” writes Melissa Healy for latimes.com. Between 2011 and 2014, the total number of facilities providing abortion services in the United States declined 3%, from 1,720 to 1,671, according to the Guttmacher Institute, which tracks trends in reproductive health. The toll on clinics — smaller facilities that have been most directly affected by the stricter regulations — was greater, with 6% shutting down in the same period. Source: latimes.com Share This:

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Markets News 

The EU Is Emerging as the New Sheriff for Global Financial Markets

“As the U.S. rolls back regulations enacted after the 2008 crisis, the EU is emerging as the new sheriff for international markets” writes Silla Brush Viren for bloomberg.com. The EU is proposing that clearinghouses—financial middlemen—in the region undergo inspections by European supervisors and be required to respond to the European Central Bank in emergencies.New EU guidelines give authorities in Brussels greater sway over regulations made by watchdogs in other countries. Source: bloomberg.com Share This:

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Corporate Treasurers Complain About Card Network Security Fees

“Corporate treasurers at the Money 20/20 conference recently voiced concerns over a lack of competition in the payment card market, urging competition authorities to look at how key players dominate the space” reports pymnts.com. Reports in Euromoney on Friday (June 8) said corporate treasurers attending the Money/2020 conference, most of them U.S.-based, expressed frustration at merchant processing fees charged by industry leaders including Mastercard and Visa. “Who is going to stop accepting Visa and Mastercard?” said Kohl’s Department Stores senior vice-president Troy Carrothers during the event. “Antitrust authorities need to…

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Where states stand on legal sports gambling

“OTHER STATES: States that have considered legalizing sports books include California, Kentucky, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Michigan, Missouri, Oklahoma, Rhode Island and South Carolina” reports foxsports.com. WASHINGTON (AP) With Delaware expanding legal sports gambling on Tuesday, a look at where states stand three weeks after the U.S. Supreme Court ruled states could adopt their own laws to allow betting on sports: DELAWARE: Became the first state outside Nevada to offer betting on individual games when sports books opened Tuesday at the state’s casinos.NEW YORK: Lawmakers continue to…

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according to Reuters

“Additionally, the review flagged a plan to allow for virtual power plants by fiscal 2021” writes Reuters Editorial for reuters.com. Virtual power plants connect several small energy-generating and energy-storage systems, allowing them to collectively work like a large conventional power plant, which could help energy grid operators save money.The strategy, presented at a meeting chaired by Prime Minister Shinzo Abe, also includes plans to allow the development of virtual power plants by the fiscal year ending March 2022.TOKYO (Reuters) – A self-driving car service could be on Tokyo’s public roads…

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EPA Scientific Advisory Board votes to review auto emission decision

“But scientists and former EPA officials have worried it will hamstring the agency’s ability to protect public health by putting vital data off limits” reports autoblog.com. The board of scientists that advises the Environmental Protection Agency, including members recently appointed by Administrator Scott Pruitt, voted unanimously to review the agency’s proposal to limit the kinds of scientific research it can use in crafting regulations.Under the EPA’s April proposal to “end secret science,” the agency will no longer be able to rely on scientific research that is underpinned by confidential public…

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Sen. Ron Johnson warned the Food and Drug Administration not to interfere with a new law that lets terminally ill patients try experimental treatments.

“Ron Johnson warned the Food and Drug Administration not to interfere with a new law that lets terminally ill patients try experimental treatments” reports washingtonexaminer.com. The new law would create a pathway for terminally ill patients to bypass the compassionate use program and apply to get such experimental treatments. However, neither compassionate use nor the new law require drugmakers to provide the drug. Source: washingtonexaminer.com Share This:

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Why you’re getting flooded with privacy notifications in your email

“The changes you’re seeing in corporate privacy policies is one example. [As Europe’s data law takes effect, watchdogs go after tech companies] What does GDPR say companies have to do?” writes Brian Fung Covers for washingtonpost.com. Websites around the world are having to update their policies because of a new set of privacy protections being put in place by the European Union.Some companies have chosen to go blank in Europe instead of having to comply with the expansive privacy regulations, including websites such as Unroll.me and Klout.The regulations were written to benefit European…

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