SMITH BRAIN TRUST – For Wells Fargo, the Fed’s surprisingly stringent sanctions last week undoubtedly come as a bit of a blow. For the rest of the banking industry, more of a warning.
Dr. Clifford Rossi is an Executive-in-Residence and Professor of the Practice at the Robert H. Smith School of Business, University of Maryland. Prior to entering academia, Rossi had nearly 25 years' experience in banking and government, having held senior executive roles in risk management at several of the largest financial services companies. His most recent position was Managing Director and Chief Risk Officer for Citigroup's Consumer Lending Group where he was responsible for overseeing the risk of a $300+B global portfolio of mortgage, home equity, student loans and auto loans with 700 employees under his direction. While there he was intimately involved in Citi's TARP and stress test activities. He also served as Chief Credit Officer at Washington Mutual (WaMu) and as Managing Director and Chief Risk Officer at Countrywide Bank.
Mortgage-finance Giants Face Mounting Pressure
SMITH BRAIN TRUST – Could these be the end of days for Fannie Mae and Freddie Mac?
Shares of the two mortgage-finance giants have been under pressure in recent weeks, amid word that some lawmakers in Washington are looking to close the chapter on conservatorship for the two government-sponsored enterprises (GSEs).
Influence of Risk Officers Grows in Aftermath of Financial Crisis
Borrowing Environment to Remain Favorable
The massive Equifax data breach has pulled the lid off the credit repository industry and now is drawing fresh scrutiny on the scarcely regulated firms that hold sway over the financial lives of millions of people. The Smith School's Clifford Rossi explains how the breach could transform the industry. Read more...
The end is near for Libor, the scandal-plagued financial benchmark formerly dubbed "the world's most important number." British regulators say they will phase out Libor, the London interbank offered rate, by the end of 2021, replacing it with a more transparent set of metrics that are more closely aligned with loan transactions. The shift is tectonic – Libor is said to underpin hundreds of trillions of dollars in loans and derivatives worldwide. Among them: mortgages, automobile loans, and student debt. The Smith School's Clifford Rossi discusses what Libor's demise means for global finance. Read more...
The Enterprise Risk Management (ERM) Advanced Professional Development Program is considered the premier training program for professionals in the growing and ever-evolving field of enterprise risk management.
The University of Maryland’s Robert H. Smith School of Business is excited to announce some favorite books in the 14th Annual Top-10 Summer Reading List for Business Leaders for 2017, as recommended by faculty members.
The risk landscape for banks has changed since last year. For starters, Congress and the Trump Administration have started discussions on a regulatory overhaul. And, meanwhile, interest rates are on the rise, and the Federal Reserve is shifting its focus toward maintaining economic gains made in the past few years. All this should further compel banks to embrace enterprise risk management – a relatively nascent strategy that seeks to to identify, assess and prepare for any potential dangers to an organization's operations and objectives as both a day-to-day routine and long-term strategic planning process, says the Smith School's Clifford Rossi. He discusses six big risks facing banks this year. Read more...
The latest potential threat to real estate in America may be found at the local shopping center, as mall landlords grapple with a crush of vacancies and, faced with the prospect of restructuring their debt, decide to walk away instead. Mall owners are facing “a confluence of headwinds,” says Smith School professor Clifford Rossi, starting with the problem of “too many malls in America.” Read more...