WASHINGTON – Since the 2008 financial crisis, regulatory reform efforts have focused on strengthening the safety of the regulatory system. This time, the goal will be to make it fairer.

In keeping with President Biden’s commitment to helping minorities and low- and moderate-income people who have been hardest hit by the recession, financial regulators should emphasize racial equity while focusing on protecting consumer rights and expanding access to financial services.

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What areas or actions do you think should be a priority for Biden’s financial regulators? Join the discussion below.

That would be a break from the last time Democrats controlled the White House and Congress at the beginning of the Obama administration. Initial efforts were focused on fighting the crisis, followed by an effort to ensure it would not happen again with the passage of the Dodd-Frank Act of 2010, the most comprehensive financial legislation in a generation.

“Obama looked at how he could stabilize the financial system.

Karen Petru,

The head of Federal Financial Analysts, a regulatory consulting firm. “Biden looks at the question, ‘How do we make the banking system what it is?’ This is different.”

In practice, this would lead to stricter rules for lenders charging high interest rates on short-term loans and stricter enforcement of fair lending regulations, the government official said. Biden’s team would also push for the creation of a government-sponsored consumer credit company as an alternative to companies that produce credit reports, the official said.

Banks Brace for Tougher Rules Under Biden on Consumer Protection, Fair Lending

Rohit Chopra, commissioner of the Federal Trade Commission, has been named head of the Office of Consumer Financial Protection.

Photo:

Alex Edelman/Bloomberg News

Biden’s choice to lead the regulator underscores his desire to protect consumers from what some Democrats see as predatory behavior by financial firms.

Rohit Chopra,

currently a member of the Federal Trade Commission, is a candidate to head the Office of Consumer Financial Protection. Michael Barr, a former Treasury official who helped create the CFPB through Dodd-Frank, would be the leading candidate for the Office of the Comptroller of the Currency, which oversees national banks such as

JPMorgan Chase.

and Co. and

Bank of America Corp.

“Trump-era regulators were not blind to areas like consumer protection, but they were not high on their priority list,” he said.

Daniel Stipano,

former General Counsel in the Comptroller’s office. “Now they’re moving back to the top of the list.”

At the FTC, Mr. Chopra has repeatedly advocated for bolder enforcement measures. In 2019, he and another Democratic commissioner rejected a rule that would have

Facebook Inc.

agreed to pay $5 billion after its investigation into privacy violations by the technology giant was not tough enough.

Mr. Chopra should intensify CFPB enforcement actions, focusing on harsher fines and cracking down on repeat offenders. Actions fell sharply at the beginning of the Trump administration before rising again last year.

It could also revise a provision repealed by the Trump administration that requires so-called “payday” lenders to check borrowers’ income to make sure they can afford to repay short-term, high-interest loans. The agency should also be given more powers to focus on fair lending.

Republicans in Congress and bankers who have criticized the CFPB as an instrument of excessive government intervention fear the prospect of another return of the regulatory pendulum.

“The banking industry needs years of written rules, not election cycles.”

Richard Hunt,

President and Chief Executive Officer of the Consumer Banking Association. “The more regulators on both sides can put politics aside, develop comprehensive regulations and explain their position, the more Americans will benefit from a well-regulated banking industry.”

Consumer advocates are calling on the Biden administration to relax credit standards tightened during the pandemic, which they say have disproportionately disadvantaged minorities who generally have lower credit scores and less money for a down payment.

Mike Calhoun,

President of the Center for Responsible Lending.

The Biden administration’s emphasis on racial equity also means that banks will likely have to make more loans and investments to low- and middle-income communities under the revised rules of the Community Reinvestment Act. The OCC and other regulators may block mergers and new branch openings if banks fail to meet these requirements.

Banks are unlikely to face further regulatory easing. Under the Trump administration, some of the Dodd-Frank Act’s requirements for banks were eased by legislation that raised the key regulatory threshold above which large firms are subject to stricter rules.

The finance minister, on the other hand.

Janet Yellen.

could reverse changes in the Trump administration that have made it harder for non-bank financial firms like Wall Street to be subject to tighter supervision.

On climate change, Ms. Yellen could work with other regulators to require banks to better assess the risks associated with the impacts of climate change.

“I think we need to seriously assess the risk that climate change poses to the financial system,” Yellen told the Senate this month.

Email Andrew Ackerman at [email protected] and Orla McCaffrey at [email protected]

Copyright ©2020 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

WASHINGTON – Since the 2008 financial crisis, regulatory reform efforts have focused on strengthening the safety of the regulatory system. This time, the goal will be to make it fairer.

In keeping with President Biden’s commitment to helping minorities and low- and moderate-income people who have been hardest hit by the recession, financial regulators should emphasize racial equity while focusing on protecting consumer rights and expanding access to financial services.

What
areas or actions do you think should be a priority for Biden’s financial regulators? Join the discussion below.

That would be a break from the last time Democrats controlled the White House and Congress at the beginning of the Obama administration. Initial efforts were focused on fighting the crisis, followed by an effort to ensure it would not happen again with the passage of the Dodd-Frank Act of 2010, the most comprehensive financial legislation in a generation.

“Obama looked at how he could stabilize the financial system.

Karen Petru,

The head of Federal Financial Analysts, a regulatory consulting firm. “Biden looks at the question, ‘How do we make the banking system what it is?’ This is different.”

In practice, this would lead to stricter rules for lenders charging high interest rates on short-term loans and stricter enforcement of fair lending regulations, the government official said. Biden’s team would also push for the creation of a government-sponsored consumer credit company as an alternative to companies that produce credit reports, the official said.

Rohit Chopra, commissioner of the Federal Trade Commission, has been named head of the Office of Consumer Financial Protection.
Photo: Rohit Chopra

Alex Edelman/Bloomberg News

Biden’s choice to lead the regulator underscores his desire to protect consumers from what some Democrats see as predatory behavior by financial firms.

Rohit Chopra,

currently a member of the Federal Trade Commission, is a candidate to head the Office of Consumer Financial Protection. Michael Barr, a former Treasury official who helped create the CFPB through Dodd-Frank, would be the leading candidate for the Office of the Comptroller of the Currency, which oversees national banks such as

JPMorgan Chase.

and Co. and

Bank of America Corp.

“Trump-era regulators were not blind to areas like consumer protection, but they were not high on their priority list,” he said.

Daniel Stipano,

former General Counsel in the Comptroller’s office. “Now they’re moving back to the top of the list.”

At the FTC, Mr. Chopra has repeatedly advocated for bolder enforcement measures. In 2019, he and another Democratic commissioner rejected a rule that would have

Facebook Inc.

agreed to pay $5 billion after its investigation into privacy violations by the technology giant was not tough enough.

Mr. Chopra should intensify CFPB enforcement actions, focusing on harsher fines and cracking down on repeat offenders. Actions fell sharply at the beginning of the Trump administration before rising again last year.

It could also revise a provision repealed by the Trump administration that requires so-called “payday” lenders to check borrowers’ income to make sure they can afford to repay short-term, high-interest loans. The agency should also be given more powers to focus on fair lending.

Republicans in Congress and bankers who have criticized the CFPB as an instrument of excessive government intervention fear the prospect of another return of the regulatory pendulum.

“The banking industry needs years of written rules, not election cycles.”

Richard Hunt,

President and Chief Executive Officer of the Consumer Banking Association. “The more regulators on both sides can put politics aside, develop comprehensive regulations and explain their position, the more Americans will benefit from a well-regulated banking industry.”

Consumer advocates are calling on the Biden administration to relax credit standards tightened during the pandemic, which they say have disproportionately disadvantaged minorities who generally have lower credit scores and less money for a down payment.

Mike Calhoun,

President of the Center for Responsible Lending.

The Biden administration’s emphasis on racial equity also means that banks will likely have to make more loans and investments to low- and middle-income communities under the revised rules of the Community Reinvestment Act. The OCC and other regulators may block mergers and new branch openings if banks fail to meet these requirements.

Banks are unlikely to face further regulatory easing. Under the Trump administration, some of the Dodd-Frank Act’s requirements for banks were eased by legislation that raised the key regulatory threshold above which large firms are subject to stricter rules.

The finance minister, on the other hand.

Janet Yellen.

could reverse changes in the Trump administration that have made it harder for non-bank financial firms like Wall Street to be subject to tighter supervision.

On climate change, Ms. Yellen could work with other regulators to require banks to better assess the risks associated with the impacts of climate change.

“I think we need to seriously assess the risk that climate change poses to the financial system,” Yellen told the Senate this month.

Email Andrew Ackerman at [email protected] and Orla McCaffrey at [email protected]

Copyright ©2020 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8Biatlon
is the ultimate test of physical and mental endurance. At the Olympics, participants often collapse from exhaustion after crossing the finish line. This demanding winter sport combines cross-country skiing stamina, concentration and marksmanship. “Biathletes have the unique ability to ski at high intensity, increasing their heart rate, then control their breathing to shoot a small target at 50 meters and repeat this for several laps.” – According to Ambrose Serrano, strength and conditioning coach on the U.S. Olympic Biathlon Team in Lake Placid, N.Y. “It takes muscle endurance to sustain a movement for a long time without becoming fatigued.

Lower-body development and strength is essential in biathlon because skiing requires a triple stretch of the hips, knees and ankles,” says Serrano, 33. “A triple stretch allows for a more efficient transfer of power to the skis for better traction,” he says. Polishing requires a strong upper body, and gliding through the snow on a single ski requires balance and stability. To tie all the movements together, an athlete needs a strong, stable core,” he notes.

Serrano uses circuit training, a series of exercises with short breaks between sets, to strengthen his athletes’ muscle endurance. “The exercises are done with more effort to increase the heart rate, but mixed with exercises that require precision and concentration,” he says. “The combination of a focused balance of intense effort mimics the demands of biathlon.”

To turn the six exercises below into a schedule, perform each exercise as many repetitions as possible within a given time period. At the end of the time, rest and move on to the next exercise. Continue working, rest, rest the six exercises before taking a longer break. Perform a total of two to five cycles. Mr. Serrano suggests starting with 30 seconds of work and 30 seconds of rest and then moving to one minute of work and one minute of rest. As the work time increases relative to the rest time (e.g., 45 seconds of work, 30 seconds of rest), the difficulty of the program increases.

Enter the Wall Street Journal fitness contest.

Illustration:

John Krause.

Try this six-week training program designed by an NBA performance coach and suitable for all levels of performance. It can be done almost anywhere and is delivered to your email inbox.

Education

Skating jumpsWhy
: This explosive, plyometric exercise helps develop strength, says Serrano
.
It also requires a three-way stretch of the hips, knees and ankles, which is important for effective movement mechanics, especially in a sport like biathlon. “Because it is a one-legged movement, there is an additional need for balance and coordination, and this can help correct imbalances from one leg to the other,” he says. “This movement can also help reduce long-term injuries because it promotes healthy joints and tendons.

How: Stand on one leg with your hips and knees slightly bent. Perform a dynamic sideways jump motion across your hips, knees and ankles. Catch the impact of the jump with the other foot, land gently and hold for a few seconds. Then jump with the other foot in the opposite direction and land gently. Continue to follow this pattern, keeping your back flat and your chest high. Swing your arms in a coordinated fashion with each jump. Aim for maximum height and distance.

Option: instead of maintaining the landing position, move as quickly as possible to the next jump. This requires more coordination, time and the ability to perceive force and change direction faster.

Mr. Serrano takes the skating leap.
Pulse SquatWhy
: This strength-based movement for the lower body helps develop the hamstrings, glutes, quadriceps and trunk
. “The pulse action of this exercise requires constant activation, stimulation and contraction of the muscles of the lower body,” Serrano explains. “It helps develop strength and endurance.”

How: Begin standing with your feet shoulder-width apart. Your toes may point forward or slightly outward. Keep your chest straight and your weight in the middle of your feet for balance, as you will bend your hips and lower your belly button between your knees to perform the squat. Squat with your thighs slightly parallel to the floor, and return just above the parallel point. Do this movement repeatedly and in a pulsating motion over a distance of no more than a few inches.

Variation: Do the exercise by holding the weighted object in front of your chest and squeezing it with your hands as if you were holding a cup.

Share your ideasHow
can you incorporate some or all of your biathlon training into your training program? Join the discussion below.

Touching toes with one legWhy: To
improve balance and coordination and gain strength in the legs, hamstrings and lower back muscles. “Improving balance, coordination and strength in these areas will improve posture and reduce the risk of injury,” says Serrano.

How? Stand on your right foot. With your left hand, grasp the center of your right leg and extend your left leg back, keeping a straight line from the shoulders to the heel. This will create a “T” shape. Keep your chest open and your back flat throughout the movement. Slowly stand up straight and switch sides.

Option: stand on an unstable surface, such as a pillow, instead of the floor to create an additional challenge. This requires extra stability at the ankle, knee and hip to stay balanced,” says Serrano.

Mr. Serrano demonstrates the reach of a toe.
Foot pumps.
Why: “Pumps are a great, complete exercise that is good for the pecs, deltoids, triceps and abs,” says Mr. Serrano. It’s a more dynamic version of the board, but it requires basic stability to function properly, he says. Switching to push walking helps develop strength and stability in the shoulder joint and tenses the muscles of the trunk and lower back. “It helps improve posture and prevent injuries to the lower back and shoulders,” he says.

How: Start in the plank position with your arms extended and your hands slightly wider than your shoulders. Keep your back flat and don’t let your hips sag. Bend your elbows and lower your chest until it almost touches the ground. After a short pause, straighten your elbows and press your arms to the floor to reach the starting position. Raise your right arm and leg forward a few inches and do a push-up. Change the position to the left side and repeat.

Option: if push-ups are difficult, do push-ups from your knees and crawl forward. For an extra challenge, hold a weight in each hand.

Mr. Serrano demonstrates the push-up movement on foot.
TRX RowsWhy
: The rowing and pulling movement complements the pushing movement, says Mr. Serrano. Rowing works the muscles of the upper back, forearms and trunk, helping to improve posture and trunk strength, he says. Training a stable, contracting core throughout the movement protects the lower back.

How: If you have TRX straps, the handles should hang just above the hips. You can replace the sheet by tying a knot in the middle of the sheet so that both ends are the same length. Place the knot firmly on the top of the door and close the door by securing the knot on the opposite side. Grasp the ends of the strip or sheet. Stretch your torso and support your flat back by leaning back and making a 45-degree angle with your body and the ground. Keep your arms shoulder-width apart. Tighten your shoulder blades by bending your elbows to bring your chest closer to your arms. Bring your body back to the starting position.

Option: for more difficult tasks, move your feet closer to the anchor point to reduce the angle of your upper body to the ground. The more your body is parallel to the ground, the harder it will be to fight gravity,” explains Serrano.

Mr. Serrano uses a sheet instead of a TRX band to do the row.
Three Ways to KickWhy
: This exercise challenges balance and coordination while increasing
the
strength of the abductors, including the
midriff and minors. “Strengthening the abductor muscles helps improve posture and prevents the knees from sinking inward,” says Serrano.

How: Stand on your right foot, knee slightly bent. Extend the left leg out to the side and tap the ground with your foot, then return to the water with your foot in the middle. Extend the leg behind you at a 45-degree angle and tap the ground with your foot, then return to the water with your foot in the middle. Extend your left leg behind you and tap the ground with your foot, then return to the center. Switch sides and repeat the three movements.

Option: Challenge your balance by performing this exercise while standing on an unstable surface, such as a pillow or balance cushion. Challenge your abductor muscles by tying a resistance band around your ankles or under your knees.

Which course would you like to know more about? Let us know at [email protected]

Copyright ©2020 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

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