The Milken Institute is working to give policymakers, media, and the academic community a deeper base of knowledge when it comes to global banking issues. The Institute’s recent launch of GlobalBanking.org offers users a new and unique way of accessing information on banking systems worldwide and their regulatory environment. The site aggregates World Bank data from 180 countries in addition to its own independent research and analysis on an open platform that is accessible to anyone.
“Never before has this kind of information been collected and presented in such an easy-to-use way,” said Staci Warden, executive director of the Milken Institute’s Center for Financial Markets. “We are confident that it will be a tremendous resource for anyone working in this area.”
The aim of GlobalBanking.org is to build a database of international banking facts and figures, increasing transparency regarding the worldwide banking environment. Key features include ease of use and the ability to incorporate data into independent research by users; interactive charts and maps; up-to-date news and expert commentary, and global banking reports. (read more…)
While its creation was lamented by some and championed by others, industry experts say the performance thus far of the Consumer Financial Protection Bureau has been a mixed-bag. The Financial Services Roundtable assembled thought leaders as part of its “How is the CFPB Doing? The Advocates’ Perspective” panel discussion in Washington, D.C. A few of the key highlights included:
- Georgetown University Law Professor Adam Levitin was the most outspoken member of the panel, saying the CFPB may yet be finding its sea legs as experienced staff complete their “regulatory tourist stints” and depart the Bureau, leaving behind an undetermined culture. Levitin said the CFPB has enjoyed the benefits of a “we had to do this” kind of approach while it has tackled rule-makings many viewed as “mandatory.” However, going forward the Bureau will be dealing with discretionary issues that may find it “swimming in deeper waters.” One unique outcome Levitin noted is the money is the “disgorgement” of funds for misdeeds, also known as money going back to consumers.
A roundup of financial news from Day One of the Milken Institute Global Conference in Beverly Hills, Calif.
Central banks still run the show: The past, present and future actions of the world’s central banks drew scrutiny during a panel about prospects for the global economy. Alan Howard, co-founder of Brevan Howard, said the increased regulatory powers of the European Central Bank will be a game-changer as will the size and targeting of the quantitative easing he expects the ECB to manage. Alexander Friedman, Global Chief Investment Officer at UBS said the untold story of last five years is how the policies of the Federal Reserve have contributed to income inequality politicians and others have taken to lamenting.
Dodd dishes on Dodd-Frank fails: Former Sen. Christopher Dodd says one of his big regrets about the architecture of the Dodd-Frank Wall Street Reform and Consumer Protection Act is that it didn’t call for self-funding of the Securities & Exchange Commission. (read more…)