Hagerty Demands Signature-Asset Sale Answers ASAP
Sen. Bill Hagerty (R-TN) yesterday sent a letter to Chair Gruenberg questioning the FDIC’s adherence to requirements in its auction process during the sale of Signature Bank’s loan portfolio, accusing the FDIC of making political choices inconsistent with its least-cost mandate.
Scott Again Calls for Gruenberg Resignation
Adding to GOP pressure on FDIC Chair Gruenberg, Senate Banking Ranking Member Scott (R-SC) yesterday sent a letter reiterating his demand that Mr. Gruenberg step down.
BTFP Demise if FHLB Opportunity
As anticipated, the BTFP window closed today.
FDIC’s Hill Wants New Blockchain, Liquidity Standards
FDIC Vice Chair Hill today said there are “significant downsides” to the agency’s current approach to blockchain, describing its message and that of the inter-agency policy (see Client Report CRYPTO32) as “don’t bother trying.”
Warren Tries to Divide Powell from Other Regulators to Conquer Capital Regs
Following her grilling of Chair Powell last week regarding his decision to intervene in setting the new capital rules, Sen. Warren (D-MA) yesterday sent a letter to Vice Chair Barr, Chair Gruenberg, and Acting Comptroller Hsu asking them if pressure from big banks has “weakened your resolve.”
GAO Wants FinCEN to Move Better, Faster
Reinforcing longstanding bank complaints about the current AML regime, GAO today published a report finding that FinCEN needs to improve transparency surrounding its progress implementing the Anti-Money Laundering Act of 2020 (see FSM Report AML132).
Biden Presses for Statutory Change Boosting FHLB Affordable-Housing Contributions
President Biden’s FY25 budget today proposes that Federal Home Loan Banks double their annual affordable-housing contribution.