The SEC’s been floating an idea that would require mutual funds “to increase their liquidity cushions to accommodate investors looking to leave in a hurry,” but the industry’s pushing back—hard—despite the recent Third Avenue Management failed fund debacle that’s only increased the SEC’s desire to act – NYTimes

The ECB is expected to act today to address deflation and continued economic stagnancy in the EU—likely through more QE – NYTimes and WSJ

We discussed the “Greenspan put” last week.  Now it’s time to prepare for the “Yellen call” – WSJ

Embattled pharma company Valeant is adding 3 new members to its Board of Directors, including a representative from major stakeholder Bill Ackman’s Pershing Square Capital Mgmt – NYTimes

8 years out from the financial crisis and 6 years removed from the first of what would total nearly $110 billion in fines the big banks paid to the feds related to the housing crisis, the Journal has reviewed the terms of more than 30 settlements to track down where the money’s actually ended up – WSJ

Moody’s has agreed to pay $130 million to settle claims by Calpers over “allegedly inflated ratings on residential-mortgage bond deals.” The deal tracks closely to the $125 agreement between Calpers and S&P last year over similar allegations – Bloomberg and Law360

Breakingviews suggests that America’s FinTech industry has far outpaced the country’s regulators, who are largely hamstrung by the patchwork of 50 different state standards for the firms that “fall under the categories of money transmitters or consumer lenders.” It argues that  a “modern, federal agency” is required to oversee this burgeoning industry – NYTimes

The big banks are very late to the mobile payment game, but they’re hoping that a secret weapon (speed) can help them play catch up – Marketplace

Not that you’d know it—by nearly any measure or news report about Wall Street these days—but the post-crisis bull market quietly celebrated its 7th birthday today.  Wheeeee – WSJ

Can Germany sell spezi—a mix of cola and citrus soda that “resembles diluted cough syrup or rusty water” in appearance—to the wider world?  Or is it just the Hasselhoff of beverages – WSJ