Editor's Note: This is a monthly publication on economic trends and financial policy issues. In this publication you can read "The Longbrake Letter", an analysis of economic trends and conditions written by Bill Longbrake, as well as commentary on financial regulation and policy written by members of the law firm Barnett, Sivon & Natter, P.C., a Washington, DC based law firm that specializes in financial services law.

ISSUE: #39, July 2013

The Longbrake Letter
- Bill Longbrake
In this month's letter Bill Longbrake explores the possibility that the global economy has reached an inflection point at which unresolved structural problems and imbalances, which have been papered over by government policies, will reassert themselves. Nouriel Roubini's recent discussion of the “New Abnormal” serves as a point of reference. The remainder of the letter includes discussion and analysis of recent data reports and prospects for real GDP growth, employment trends, personal income and consumption, monetary policy and fiscal policy.

To the Courts
-Bob Barnett
Disputes over key banking and financial issues are moving in the courts. Two significant ones (the Canning case and the Mt Holly case) are in the U.S. Supreme Court to be heard next term, and others on similar topics are in the lower courts.

Summary of Mortgage-Related Provisions in Basel III
-Ray Natter
The three Federal banking agencies adopted new capital rules that will make some changes relating to the treatment of home mortgages and mortgage-backed securities. This article provides a short summary of the more significant mortgage-related capital issues in the new regulation.

The CFPB Should Establish Procedures to Give Legal Certainty to Product Innovators
- Jim Sivon
The Consumer Financial Protection Bureau should adopt procedures to help market innovators resolve questions about the legality of newly emerging products and services, and ensure that consumers have continued access to product and service innovations.