House GOP Takes on New Merger Guidelines
The House Small Business Committee today sent a GOP letter to the FTC and Justice Department strongly protesting new merger guidelines (see FSM Report MERGER13) on grounds that they sharply curtail needed small-business capital.
House Hikes Iran Sanctions
Working through a series of sanctions bills in the wake of recent geopolitical developments, the House yesterday voted 294-105 to advance H.R. 5921, a bill introduced by Rep. Huizenga (R-MI) that prohibits Treasury from authorizing transactions by U.S. financial institutions in connection with Iranian imports or exports other than food, medicine, and other humanitarian assistance.
House Passes Bill Targeting China-Iran Petroleum Trade
Continuing its response to recent geopolitical events, the House yesterday voted by a 383-11 margin to pass H.R. 5923, a bill from Reps. Lawler (R-NY) and Gottheimer (D-NJ) that would require the President to periodically determine if any Chinese financial institutions have purchased petroleum or petroleum products from Iran, stating that U.S. financial institutions also may not open or maintain certain accounts with Chinese institutions that have done so.
Warren Again Targets OCC Merger Decisions
Continuing recent attacks on the OCC’s approach to mergers, Sens. Warren (D-MA) and Blumenthal (D-CT) yesterday sent a letter to Acting Comptroller Hsu sharply criticizing the agency’s decision first to allow NYCB to acquire Flagstar bank and then do the same shortly thereafter for Signature.
OCC Toughens LCR, NSFR via New Reporting Requirements
The OCC today sought public comment as required by law for changes to the reporting required of large banks under both the LCR and NSFR.
Basel Takes Go-Slow Approach to Climate-Risk Standards
Perhaps reflecting U.S. opposition to new Basel climate standards, the Basel Committee today released only a climate-risk discussion paper for comment, not new standards heightening those in its 2022 release (see FSM Report CLIMATE14).
CFPB Strengthens Its Nonbank Enforcement Toolkit
Building on its 2022 standards expressly extending its supervisory reach to nonbanks (see FSM Report CONSUMER41), the CFPB today issued final rules on which it also seeks comment that operationalize how the Bureau will target nonbanks.
CFPB Funding Again Comes Under GOP Attack
The HFSC Financial Institutions Subcommittee hearing today considered CFPB funding, a topic that elicited calls again from Subcommittee Chair Barr (R-KY) and other Republicans for the Supreme Court to rule that the current arrangement is unconstitutional.