Your Daily Dose of Financial News

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After years of diplomatic and political wrangling, both at home and abroad, the US and eleven Pacific Rim nations have finalized the details of the Trans-Pacific Partnership—a potentially “precedent-setting model for global commerce and worker standards that would tie together 40 percent of the world’s economy.” The deal, aided by  the President’s fast track trade authority recently (and narrowly) approved by Congress, still faces a difficult road in Congress – NYTimes and WSJ

In cause-and-effect news not surprising to regular readers, last Friday’s tepid jobs report actually boosted markets for the day, who viewed the news as lowering the odds for a 2015 rate hike from the Fed – WSJ and Bloomberg

Given the constant focus on the US central bank, it’s no surprise that Bloomberg has named Chair Janet Yellen its top choice for Markets 50 Most Influential – Bloomberg

A Federal Reserve conference in Boston this weekend wrapped up with the takeaway that though central bankers would like to prevent a 2008-style crisis, actually doing so is an entirely different [and very elusive] matter, especially given the number of “should we” and “how can we” questions in the mix – NYTimes

Activist investor Nelson Peltz is going big—like $2.5 billion big—on GE, adding pressure on CEO Jeff Immelt during a time of big change at the company – WSJ

Law360 explores how recent cases involving bitcoin and Dodd-Frank swaps rules violations show the Commodity Futures Trading Commission putting its stamp on significant areas of the law—a major shift for the “once-sleepy” regulator – Law360

Speaking of regs, the Journal provides a primer on the latest from the SEC’s mutual fund rules – WSJ

Good news for the lenders struggling to meet this past weekend’s compliance date for a series of new mortgage disclosures. The rules required lenders to combine Truth in Lending Act and Real Estate Settlement Procedures Act forms in order to make the home buying process easier.  With many lenders struggling to implement the changes on time, the CFPB, FDIC, and OCC all issued letters essentially promising to give lenders partial credit for showing their work – Law360

Tough story in the Sunday Times on a rash of deaths among young Wall Streeters in recent years that’s pushing firms to emphasize the elusive work/life balance with restrictions meant to keep workers from burning out – NYTimes

Just last week, we looked at how big bank regs are having an indirect impact on online consumer lenders (like Lending Club), who have sprung up to fill a small-lending void. Last week, players in that industry pleaded their case in comment letters to the Treasury Department to avoid direct regulatory action—specifically, the kind of risk-retention rules that currently apply to securitizations – Law360

Breakingviews offers a video piece on the class action decisions set to impact the business world as part of the Supreme Court’s fall docket – NYTimes

No matter your political stripes, you might just need to give it up for Hillz’ (I mean Val’s) turn on SNL this weekend – NBC

 

MDR

Follow me on Twitter: @reifmd

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