The conclusion reached by the Division of Economic and Risk Analysis - that there is no clear link between the Volcker Rule and decreased liquidity - contrasts sharply with the recent , which concluded that the rule's "implementation has hindered marketmaking functions necessary to ensure a healthy level of market liquidity." Similarly, a September 2016 found that the Volcker Rule has had a "deleterious effect" on corporate bond liquidity. According to that study, dealers that are subject…

Agree or disagree with the policies of Mr. Cordray, it is just impossible to figure out how the CFPB fits within the structure of the government as established by the U.S. Constitution. The government has three branches: the Legislative (Article 1), the Executive (Article 2) and the Judicial (Article 3). Where does the CFPB fit into that structure? It seems troubling that the CFPB is not responsible to any of the branches. That is not a good way to run a railroad or a government. On that…

Maybe he didn't "disregard" his wife's instruction. Maybe he just forgot what she said.

Without a means of enforcement, will this notice change conduct? Although the MSRB cautions underwriters that they may be at greater risk of missing required disclosure if they rely on an issuer-selected counsel, it is not clear that this risk is urgent enough to discourage the practice (if it were, the notice would likely not be necessary).