FedFin Assessment: One CS Consequence – LISCC Reinstatement For All Large Foreign GSIBs

In the wake of CS’s distress, we draw client attention to a 2021 exchange sure to factor heavily in the political response.

Brown Presses For In-Depth SVB, Signature Review

As anticipated (see Client Report RESOLVE49), Senate Banking Chairman Brown (D-OH) today called on all the banking agencies and Treasury quickly to undertake a review of SVB and Signatures failures.

Warren Heaps Still More Blame On Powell

In another letter today, Sen. Warren (D-MA) once again lambasted Chair Powell for what she claimed was his direct contribution to the collapse of Signature Bank and SVB as well as a “a culture of corruption” at the Fed.

Senate GOP Blames Fed, California re SVB

Senate Banking Republicans today tweeted a series of comments citing articles going back to last year identifying SVB risk and suggesting strongly that the Fed and California state supervisors are at fault for missing clear warning signs.

Bipartisan Senators Push Better Beneficial-Ownership Data Access

Senate Budget Committee Chairman Whitehouse (D-RI) was joined by Sens. Wyden (D-OR), Warren (D-MA), Grassley (R-IA), and Rubio (R-FL) late yesterday in submitting a comment letter to FinCEN taking serious issue with its proposed implementation of the Corporate Transparency Act (CTA) (see FSM Report AML135).

Senate Finance Hearing Deepens SVB Divide

At a heated Senate Finance hearing with Treasury Secretary Yellen, Members were quick to deviate from the hearing’s budget-focused agenda to address who should bear the blame for SVB’s collapse.

Hagerty Presses Demands re SVB-Resolution Review

Building on his prior comments, Senate Banking Member Hagerty (R-TN) today sent a letter to the FDIC’s IG urging him to investigate the agency’s compliance with the least-cost resolution statute in its resolution of SVB.

First Republic Pulled From Frying Pan

After days of frantic negotiations, Treasury and the banking agencies have announced that a banking consortium deposited $30 billion in First Republic Bank.

Community Bank Deposit-Insurance Campaign Notches First Bill Introduction

Responding to demands from community banks, Sens. Hawley (R-MO) and Braun (R-IN) introduced legislation that bars banks from passing on the cost of special assessments to consumers and prevents the FDIC from levying special assessments on community banks to protect uninsured depositors, as it recently did with SVB and Signature Bank.