U.S. sues over defaults on billions in securitized mortgages; investors were deceived about risk of securities, DOJ says; two individuals named; summary of the
complaint (Dec 22)
Since Chair Mary Jo White announced she was leaving the SEC in January, registered investment advisers have speculated whether this signals a change in SEC enforcement trends (Dec 20)
After the financial crisis, regulators were worried about too much risk being concentrated in too few hands; they are still concerned, but the hands
have changed (Dec 16)
Court battle to amend CLO rule
Judge denies industry group's motion
(Dec 22) A trade association lost its court battle to amend a new rule on collateralized loan obligations, ending hopes for a last-minute reprieve just days before the regulation takes effect. A federal judge in Washington denied a motion by the Loan Syndications and Trading Association to rollback a rule that kicks in on Dec. 24 and requires CLO managers - among the biggest buyers of leveraged loans - to retain a 5 percent stake in the structured products they create. The LSTA will consider appealing the decision.
Financial rules face possible ax
Vulnerable as GOP eyes obscure law
(Dec 20) Several financial rules that could be scuttled early next year under an obscure 1996 law that could be used as a tool in the deregulatory agenda of the new power structure. But President-elect Donald Trump and Republican lawmakers will have to decide among dozens of potential targets before the clock runs out under the Congressional Review Act (CRA). Some rules that might be vulnerable: the CFPB's prepaid card rule, the Fed's TLAC requirement, the SEC's security-based swaps rule changes, the CFTC's amended existing swaps reporting regulations, and the CFTC's approved final aggregation regulations. But while the CRA may be useful in stemming the last minute rush to regulate, the CRA offers only a temporary solution.
This was the year of Brexit, Trump, economic slowdown in China and unrest around the world
. And while a long election season in the U.S. often dominated news cycles, there were also big changes in business, economics and technology. Here are the year's most important stories, explained in charts, maps, diagrams, illustrations, animations and data stories.
