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FOMC 2017 includes 1st-time voters; SEC finds no violations at Emergent Capital


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FOMC 2017 includes 1st-time voters; SEC finds no violations at Emergent Capital

Just a few days to his retirement, BankUnited Inc. Chairman, President and CEO John Kanas is considering working for the government. Kanas told The Wall Street Journal he has been in talks with Donald Trump's transition team — but not for any specific post. American Banker notes Kanas had previously said he wanted to branch out of banking.

With the Federal Open Market Committee projecting three rate hikes next year, the WSJ and the Financial Times look at the four Federal Reserve Bank presidents who get to vote on the matter. Patrick Harker of the Philadelphia Fed, Minneapolis' Neel Kashkari and Robert Kaplan of Dallas will be voting for the first time. The fourth man to watch is Chicago Fed Head Charles Evans. Kashkari and Evans have dovish leanings; Harker seems a hawk; and Kaplan calls himself a centrist.

New York's Department of Financial Services has postponed the implementation of its new cybersecurity rules. Instead of January 2017, a covered firm must now have a chief information security officer, audit trails and other protections in place by March 1. The WSJ notes another change: Firms that have been hacked have 72 hours to report from the time they realize a breach occurred — instead of from the actual time of attack.

And, after being subpoenaed for documents dating back to 2007, Emergent Capital Inc. can breathe a sigh of relief. The SEC's staff will recommend no enforcement action against the specialty lender, in relation to the probe into possible federal securities law violations in Emergent's premium finance business and corresponding financial reporting.

In other parts of the world

Asia-Pacific: China suspends banks for illegal FX deals; Hannover Re to set up Indian branch

Europe: African bond sale haunts European banks; US to sanction Russia on election hacks

Middle East & Africa: Mozambique bond sale under SEC scanner; Bahrain regulator seals Future Bank fate

The day ahead

Early morning futures indicators pointed to a mixed opening for the U.S. market.

In Asia, the Hang Seng rose 0.17% to 21,790.91, and the Nikkei 225 was down 1.32% to 19,145.14.

In Europe as of midday, the FTSE 100 was down 0.09% to 7,099.65, and the Euronext 100 fell 0.11% to 931.49.

On the macro front

The international trade in goods report, the jobless claims report, the EIA natural gas report, the EIA petroleum status report, the Fed balance sheet and the money supply report are due out today.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.