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Novel Activities Supervision Program

The Fed provides additional information on its program to supervise novel activities in the banks it oversees.

Novel activities include complex, technology-driven partnerships with non-banks to provide banking services to customers; & activities that involve crypto-assets, stablecoins & blockchain. Wut Mean?: * The Federal Reserve has launched the Novel Activities Supervision Program to boost oversight of new activities by banking organizations. * The focus is on activities related to
dismal-jellyfish ๐Ÿ“ฐ News

NSCC APPROVES Enhancements to the Gap Risk Measure & the VaR Charge. "should help NSCC better protect against more idiosyncratic risk scenarios in concentrated portfolios than the current methodology"

"Idiosyncratic" used 12 times... on characteristics that indicate that such ETFs are more or less prone to the effects of gap risk events, thereby providing more accurate coverage of the potential exposure arising from such positions. Wut Mean?: * NSCC handles clearing, settlement, risk management, and guarantees completion for
dismal-jellyfish ๐Ÿ“ฐ News
Household Debt and Credit 2023:Q2

New York Fed: Total Household Debt Reaches $17.06 Trillion in Q2 2023 (increased by $2.9 trillion since the end of 2019); Credit Card Debt Exceeds $1 Trillion for the first time. The Debt Time Bomb is Ticking...

Notice how Student loans is artificially suppressed? Wut mean?: 1. Credit Card Balances: A notable increase of $45 billion to a record $1.03 trillion, along with a rise in credit card account limits to $4.6 trillion. 2. Mortgages: Balances remained steady at $12.01 trillion. Mortgage originations, including
dismal-jellyfish ๐Ÿ“ˆ Macroeconomics
over $2.59 billion in penalties for unapproved methods of communication & recordkeeping.

Since December 2021 CFTC & SEC have brought 48 enforcement actions & ordered over $2.59 billion in penalties for unapproved methods of communication & recordkeeping. SEC: "we know that other SEC-regulated entities have committed similar violations".

When will they realize fines are not a deterrent? SEC Charges 11 Wall Street Firms with Widespread Recordkeeping Failures and agreed to pay combined penalties of $289 million. Wedbush Securities, Houlihan Lokey, SMBC Nikko, SG Americas, Moelis, Wells Fargo, Mizuho, BMO, BNP Paribas CFTC Alert! CFTC Orders BNP Paribas ($75m)
dismal-jellyfish ๐Ÿ—ฃ Discussion / Question