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Monday Express: Treasury Secretary phoned top US banks execs about liquidity

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Monday Express: Treasury Secretary phoned top US banks execs about liquidity

* Treasury Secretary Steven Mnuchin held individual calls with the CEOs of the six largest U.S. banks over the weekend following recent volatility in stock markets. Mnuchin put out a statement on Twitter that these banks have "ample liquidity" for lending to consumers, businesses and other market operations.

* Mnuchin also tweeted that while President Donald Trump does not approve of the Federal Reserve's monetary policy, Trump does not plan to fire Federal Reserve Chairman Jerome Powell.

* Federal regulatory agencies have jointly proposed a rule that would exclude certain community banks from the restrictions of the Volcker Rule.

* Corporate and investment banks in London are subject to relatively higher taxes than those operating in other global financial centers like Frankfurt, New York, Dubai and Singapore, a new study commissioned by industry body U.K. Finance showed.

* Wealthfront Advisers and Hedgeable have settled charges with the U.S. Securities and Exchange Commission to resolve allegations that the robo-advisers made false statements and misleading advertisements about investment products.

* A loan loss accounting that method that will soon become effective in the banking industry will not impact the Federal Reserve Board's existing framework for modeling loan allowances in the big-bank stress tests it conducts through 2021.

* UBS' $68 million settlement with 39 U.S. states and the District of Columbia is the latest in a string of agreements state regulators have recently reached with banks over alleged manipulation of the London interbank offered rate.

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